Hung Yen attracts more than $1.5 billion in H1

July 11, 2024 | 16:34
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Synchronous infrastructure, open investment environment, and transparent administration are the factors enhancing Hung Yen’s appeal in the eyes of domestic and foreign investors.

At the announcement ceremony of Hung Yen’s provincial planning for 2021-2030 on July 7, the province hailed more than $760 million of foreign investment capital flow and VND10 trillion ($416 million) of domestic investment capital in the first half (H1) of this year.

Hung Yen attracts more than $1.5 billion in H1
Minister of Planning and Investment Nguyen Chi Dung (right) handed over the decision approving the investment policy to a new investor

In H1, Hung Yen also reported more than $300 million in supplemental foreign direct investment capital volume.

Among the projects awarded certificates this time, there are two urban construction investment projects: the project on building Central Park and Dong Khoai Chau new urban area with total registered capital approximating $130 million and another on building Minh Hai-Phan Dinh Phung urban area construction investment project, with a total registered capital equivalent to $133 million.

At the event, Pham Thieu Hoa- chairman of Vinhomes JSC, the developer of Dai An urban area project and Dream City ecological urban area project in the province, had positive assessments about the province.

“Hung Yen is investing heavily in infrastructure, with the largest number of projects and scale ever. During the development process, the province has paid special attention to attracting investors to urban infrastructure development to solve the housing problem for people, experts, and workers as well as develop high-class entertainment and shopping destinations to improve the quality of life. We felt secure pumping capital in the province,” said Hoa.

Hung Yen's investment environment has significantly improved in recent times. Preferential policies to attract domestic and foreign investment capital have helped the province entice large investment capital sources, creating motivation to promote economic growth.

Hung Yen attracts more than $1.5 billion in H1
Domestic and foreign investors exchange information on the sidelines of the conference

Hung Yen is currently home to 578 foreign-invested projects, with a total registered capital surpassing $7.5 billion.

Countries taking the lead in the number of projects and investment volume are Japan with 176 projects valued $3.8 billion in the registered capital, accounting for around 50 per cent of total FDI committed capital value in the province; South Korea with 154 projects worth more than $900 million, accounting for nearly 12 per cent; and China with 151 projects valued $1.1 billion, accounting for 15.5 per cent of total committed volume.

Eminent FDI projects registered to invest in Hung Yen in the year to date have mainly come from Singapore, Taiwan, and Japan.

This includes Hung Yen Alpha Logistics Park JSC Project (Singapore) with total registered capital of more than $114 million; RFID label production project on using radio waves to read and collect information stored on tags attached to objects with a total capital of more than $67 million; an investment project to build modern factories, warehouses, offices and auxiliary works with high-quality standards for rent by Singaporean investors valued at $77 million; and a food production and processing project of Japanese-owned Acecook Vietnam JSC valued at $87.7 million, to name but a few.

According to Vu Quoc Nghi, head of Hung Yen Industrial Park Management Board, the above results are clear evidence of the efforts of the provincial leaders in investment promotion, the drastic direction in strongly improving the business investment environment, and enhancing the province's competitiveness as well as the confidence of investors when coming to Hung Yen.

Looking back over the past few years, it shows that Hung Yen has always striven to improve the quality of the business investment environment to suit the general development trend of the country.

The province's position on the national Provincial Competitiveness Index (PCI) ranking has been improved. That also affirms the confidence of the business community and investors when choosing Hung Yen as a destination.

In 2023, the province's PCI index ranking was 12 out of 63 localities, up two places and up 1.18 points compared to 2022; the Provincial Green Index ranked 4 out of 63 localities, up 10 places and 8.82 points compared to 2022; the province's Public Administration Reform Index ranked 26 out of 63 localities; the Satisfaction Index of Public Administrative Services ranked 7 out of 63; and the Public Administration Performance Index ranked 12 out of 63 localities.

Hung Yen attracts more than $1.5 billion in H1
Secondary investors are building a factory in Industrial Park No. 5

Nguyen Tuan, director of Yen My Industrial Park Investment JSC – the developer of Industrial Park No. 5 in Hung Yen, also had positive assessments of the locality.

“Traffic conditions were very limited previously, yet in recent years, the traffic infrastructure has become increasingly complete, helping to entice investment in local industry development. Significant new roads are the Hanoi-Hai Phong expressway, Ring Road 4 - Hanoi capital region, inter-provincial Hanoi-Hung Yen route, and the road connecting Hanoi-Hai Phong expressway with Cau Gie-Ninh Binh expressway, to name but a few,” said Tuan.

“Besides this, administrative procedures related to project investment, construction and operation are simplified and resolved quickly, creating a favourable business environment and connecting businesses with vocational training schools in training, and recruiting skilled labour.”

According to Tran Quoc Van, Chairman of Hung Yen People's Committee, ther province is committed to creating an open, transparent, friendly and favourable business and investment environment for all economic sectors to participate in business development in the province.

“At the same time, Hung Yen creates strong driving forces to attract investment, develop businesses, promote production and business activities, contributing to spurring socioeconomic development in 2021-2025 and the following years,” said Van.

According to Hung Yen’s provincial planning for 2021-2030, with a vision towards 2050, the province will be home to 35 industrial parks, covering ​​12,048ha in total.

Specifically, in the period to 2030, Thai Nguyen aims to develop 30 new IPs, with a total area surpassing ​​9,180 ha, with an expansion plan of four IPs, with a total area of ​​405ha. After 2030, five new IPs are planned for development, with a total area of ​​2,460ha.

Vietnam attracts over 39,100 FDI projects with registered capital of nearly 469 billion USD so far Vietnam attracts over 39,100 FDI projects with registered capital of nearly 469 billion USD so far

Vietnam had attracted 39,140 foreign direct investment (FDI) projects with total registered capital of over 468.91 billion USD by the end of 2023, reported the Foreign Investment Agency under the Ministry of Planning and Investment (MPI).

Daesang Duc Viet opens Hung Yen Factory No. 2 Daesang Duc Viet opens Hung Yen Factory No. 2

Daesang Duc Viet JSC held an opening ceremony for Hung Yen Factory No. 2 on May 13, marking a new milestone in its production expansion.

Hung Yen prioritises Taiwanese semiconductor enterprises to invest in IP No. 5 Hung Yen prioritises Taiwanese semiconductor enterprises to invest in IP No. 5

A business delegation from the Taiwan Electrical and Electronic Manufacturers' Association (China) on May 22 came to the northern province of Hung Yen to seek investment opportunities.

By Quynh Nga

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