Hung Yen focused on attracting high-tech FDI

On November 21, during a working session with the Central Economic Commission, local leaders reviewed the implementation of Resolution No. 50-NQ/TW issued by the Politburo in 2019, which focuses on enhancing foreign investment quality and efficiency by 2030.

Nguyen Huu Nghia, Secretary of Hung Yen Party Committee, highlighted that before 2019, the province struggled to attract significant investment due to limited infrastructure and low efficiency.

The Central Economic Commission's delegation having a working session with Hung Yen Party Committee. Photo: Quynh Nga

“Since Resolution 50 was issued, Hung Yen has pursued a clear strategy to develop industrial parks (IPs) and attract foreign direct investment (FDI) into high-tech sectors, including semiconductors, electronics, telecommunications, and pharmaceuticals,” Nghia said.

Hung Yen’s shift in focus has yielded remarkable results. The province now hosts 12 IPs spanning over 3,100 hectares, of which ten are operational, offering modern infrastructure and attracting a range of investment projects. The occupancy rate of these IPs stands at 56.6 per cent.

Between 2019 and October 2024, Hung Yen attracted over 220 new projects, with a total registered capital of approximately $2.4 billion. As of October, the province accommodated 2,320 active projects, including 592 foreign-invested projects valued at $7.73 billion and 1,728 domestic projects worth $14.38 billion.

Production at Hoa Phat Hung Yen Steel Co., Ltd. (Yen My district). Photo Pham Dang

Hung Yen has become a preferred destination for investors from 22 countries and territories. Japan leads with 176 projects worth $3.82 billion, accounting for 50 per cent of total FDI capital. China follows with 155 projects valued at $1.19 billion, or 15.6 per cent, while South Korea also has 155 projects, contributing $811 million, or 10.6 per cent of the total. Other investors hail from the US, UK, Germany, and beyond.

Notable multinational corporations such as Hyundai, Canon, Toto, Dorco, and Inax have established operations in the province, creating jobs for 75,000 workers and contributing approximately $125 million annually to the local budget.

Hung Yen has prioritized improving its investment promotion strategies to attract quality projects using modern and environmentally friendly technologies. The province has channeled resources into developing transportation, telecommunications, and energy infrastructure while also focusing on high-quality workforce training and social housing for workers and foreign experts.

To strengthen its competitive edge, Hung Yen has implemented policies to align with global economic integration frameworks. These include plans under Decision No. 121/QD-TTg to implement the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and plans for the EU-Vietnam Free Trade Agreement (EVFTA) and Resolution No. 93/NQ-CP on enhancing international economic integration.

In its provincial planning for 2021-2030, with a vision toward 2050, Hung Yen aims to develop a synchronous, modern industrial ecosystem. This includes fostering high-tech, environmentally friendly industries and creating specialised IPs such as eco-industrial zones and urban-industrial-service complexes.

By the end of October 2024, the province’s IPs housed 612 projects, including 345 FDI projects with a total investment of $6.7 billion and 267 domestic direct investment (DDI) projects valued at $8.9 billion. These projects have generated jobs for 82,500 workers and contributed $116.5 million to the local budget in the first 10 months of 2024 alone.

Industrial Park No. 5, managed by Yen My Industrial Park Investment JSC, exemplifies Hung Yen’s high-tech focus. Covering nearly 200 hectares, the park has attracted 12 projects, including ten FDI ventures with a combined capital of $200 million. The majority of these projects support global electronics manufacturers, aligning with the province’s development strategy.

Secondary investors implementing projects at Industrial Park No. 5, Hung Yen province. Photo: Quynh Nga

Nguyen Tuan, director of Yen My Industrial Park Investment JSC said, “The projects in Industrial Park No. 5 are primarily electronics-focused, catering to major international corporations and aligning with Hung Yen’s investment goals.”

Looking ahead, Hung Yen’s master plan aims to transform the province into a modern industrial hub by 2030. With a focus on sustainability, the province seeks to become one of Vietnam’s leading economic powerhouses, prioritising industrial growth that balances development with environmental responsibility.

Hung Yen’s clear vision, robust infrastructure development, and strategic alignment with national policies are laying the groundwork for it to become a magnet for high-tech, environmentally friendly investments in the years to come.

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