According to reports from Hung Yen’s Department of Industry and Trade, the province’s industrial production index rose 6.46 per cent in the first six months (H1) of this year compared to last year, with manufacturing being the pioneer with a 7.8 per cent hike.
In H1, Hung Yen received 42 new investment projects, 25 of which involved foreign direct investment with a total registered capital reaching $410 million; 36 other projects had adjusted investment with supplemental capital value touching $131.2 million.
The majority of new projects were large-scale and attuned to the development direction the province is heading in.
|Transportation facilities are one of Hung Yen’s advantages in attracting investments |
At the Red River Delta Development Committee Conference early this year, Tran Quoc Van, chairman of Hung Yen People’s Committee said, “We are focusing on attracting investment that fits our planning - large-scale and high-tech projects, supporting industries and information technology. Internally, we place emphasis on developing transportation facilities and real estate planning.”
Currently, many operating projects in Hung Yen fit into this trend focusing on electronics, IT, and manufacturing sectors, namely Nitto VN Co Ltd.’s LCD film manufacturing projects valued at $132 million; Kyocera Vietnam’s projects capitalised at $384.8 million; and SMD’s surface component projects, to name but a few.
Hung Yen enjoys an advantageous location for socioeconomic development, especially in promoting industrialisation.
In 2022 and 2023, the province has kicked-off a raft of major road projects such as Ring Road IV’s second phase, connecting Hanoi - Haiphong expressway with Cau Gie - Ninh Binh expressway, heritage site connecting road network, among others.
To further entice investment in high-tech and supporting industries, until 2050, Hung Yen will keep focusing on transportation facilities to improve its connection with neighbouring regions, including several economic zones and smart residential areas.
With a thoughtful investment plan, along with its large reserve of real estate, Hung Yen holds an ideal position to draw more investment to accelerate industrialisation, as transportation facilities are the catalyst of industrial development.
|Modern manufacturing technologies at Daikin VN Co., Ltd. |
Hung Yen currently has 17 industrial zones (IZs), nine of which are located along the Hanoi-Haiphong expressway with a total area amounting to 4,395 hectares.
Eleven of these IZs have become operational with a total investment value approximating $9 billion, accommodating 437 projects inclusive of 249 FDI and 188 domestic projects. These projects have created 78,300 jobs, and generated $5.5 billion in revenue, with $3.1 billion in export value, contributing $117 million to the provincial budget.
Until 2030, Hung Yen is planning to develop 30 IZs, covering 9,540ha, and by 2050 it is supposed to have 35 IZs with a total area of 12,000ha.
According to chairman Tran Quoc Van, to further attract investment into local IZs, Hung Yen will focus on developing associated facilities, especially those along two key expressways Hanoi - Haiphong and Cau Gie - Ninh Binh, with the vision to turn Hung Yen into a major industry and technology hub in the Red River Delta region.
Towards this goal, residential roads will be built connecting to residential areas, which will provide housing and amenities to the labour force.
In parallel with developing transportation facilities, Hung Yen also accelerates IZ investment with a focus on high-tech and supporting industries with detailed planning schemes to 2030 and beyond, with top targets as ensuring sustainable development and minimising external impact from the market.
Efficient cooperation is ongoing between the provincial management and investors.
|Signing of high-tech zone agreement within IZ No. 5 in Hung Yen |
Early this month, Yen My Industrial Zone JSC, the investor of IZ No. 5, held the launching ceremony of the Taiwanese high-tech zone, with the participation of Hung Yen’s consulting business, Taipei’s Vietnamese Office for Economy and Culture, and more than 100 businesses in the electronic sector.
Tran Hong Kham, head of the ICT Collaboration Committee of Vietnam-Taiwan Business Association, said that the start of the Taiwanese high-tech zone within Hung Yen’s IZ No. 5 marked a big milestone and brought advantages to Taiwanese companies in the electronics sector to operate in Hung Yen.
With investments from large corporations such as COT Corporation from Singapore and Japan industrial giant Sumitomo Corporation, Hung Yen is well on track to become a developed locality with a modern high-tech industry.
| ||Attracting more visitors to Vietnam |
Tourism is one of the major sectors of Vietnam’s economy, contributing over 9 per cent of its GDP. However, international arrivals have declined sharply since 2020.
| ||Enhancing competition capacity of nation’s supporting industries |
The governments of Vietnam and South Korea are intensifying initiatives to improve the competitiveness of Vietnam’s supporting industries. Jun-Ho Lee, deputy director of the Vietnam-Korea Technology Consulting and Solution Centre (VITASK), told VIR’s Kim Oanh about the plans to promote Vietnamese supporting businesses in the automotive and electrical-electronic industries in particular.
| ||Haiphong boasts distinctive advantages in attracting FDI |
With a cumulative total of nearly $25 billion of foreign direct investment so far, and with another $10 billion expected by 2025, Haiphong is becoming the new hub for foreign-invested enterprises in Vietnam.
| ||Hung Yen boasts FDI investment appeal |
Foreign direct investment (FDI) has become Hung Yen’s highlight, making significant contributions to the province’s socioeconomic development by creating jobs and increasing revenue for the provincial budget.