Thai Binh's economy attracts Swiss investors

Nearly 30 Swiss companies and business organisations in the fields of medicine and pharmacy, energy, mechanical engineering, textile dyeing, logistics and banking attended the investment conference themed "Thai Binh Economic Zone – The Rising Powerhouse in Northern Vietnam" on March 22 in Zurich, the economic centre of Switzerland.

The conference was jointly organised by Lausanne-based Swiss- Vietnamese Business Gateway and the Zurich-based Swiss-Asian Chamber of Commerce (SACC).

The 30-member delegation from Thai Binh was headed by Chairman of Thai Binh People's Committee Nguyen Khac Than, and accompanied by senior executives of 10 major corporates operating in the province.

Speaking at the conference, Standing Vice-Chairman of Thai Binh People’s Committee Nguyen Quang Hung, said, "Switzerland is particularly strong in finance, banking, insurance, manufacturing industries, pharmaceuticals, agri-food processing, renewable energy and hospitality. These are the fields Thai Binh is looking for investments and cooperations to develop our economy and to nurture our socioeconomic development.”

“In 2023, Thai Binh’s exports to the Swiss market were $1.2 million, accounting for 0.05 per cent of the total export turnover of the province, with textiles and garments being the main products. This amount is modest and not commensurate with the potential of our two economies. We hope more Swiss businesses and investors will be interested in exploring Thai Binh and eventually find opportunities to cooperate with us.”

Meanwhile, trade counselor Nguyen Duc Thuong, representing the Vietnam Embassy in Switzerland, said, “Vietnam is becoming an increasingly important partner of Switzerland in the Asia-Pacific region. Switzerland currently ranks 22^nd out of 144 countries and territories investing in Vietnam. Many businesses in this country have achieved great success when investing and doing business in Vietnam. Therefore, the conference is an opportunity to help Swiss partners better understand Thai Binh, opening opportunities for cooperation and investment from Switzerland to Thai Binh in the future.”

At the conference, representatives of Swiss companies responded warmly to the attractiveness of Thai Binh.

Nicolas Panzer, relationship manager in medical technology from the Swiss government's export and investment promotion agency Switzerland Global Enterprise, showed interest in Newtechco Group's project and sought to know more about Vietnam's regulations governing the import and distribution of pharmaceuticals and medical devices.

Accordingly, Hanoi-headquartered Newtechco Group plans to build Vietnam’s first-ever biopharmaceutical industrial park (Biopharma Park) in Quynh Phu district, Thai Binh and called for investments and partnerships in healthcare technologies, capital allocation and production of medicines.

In the same vein, Marco Ruocco of Swedish transport logistics group DSV AIR & SEA, which has two offices in Vietnam, acknowledged that Thai Binh's geographical location is very relevant to his company's activities. He thus hoped Thai Binh can develop its strategic infrastructure system as defined in the province's master plans and become a point in DSV's operating network.

Other interests and questions from Swiss enterprises in regard to renewable energy and railway projects in Thai Binh were also addressed by Chairman Than and his deputies.

Optimistic about the future of Vietnam and the ascending outlook of Thai Binh province, Roger Leitner, managing director and chairman of Vietnam Committee of the SACC, who has been doing business with Vietnam over the last eight years, said, “I have found in Vietnam many opportunities for Swiss companies. Thai Binh, as a rising economic powerhouse, could offer even more windows for investors. The future is even brighter with Vietnam’s supporting foreign direct investment (FDI) policies today.”

In recent years, Thai Binh's economic growth has always ranked among the top in Vietnam. In 2023, Thai Binh registered a growth of 7.37 per cent, attracted a total investment of $4.1 billion, 4.6 times more than the same period in 2022. Of which, FDI contributed nearly $3 billion, placing Thai Binh fifth out of 63 provinces and cities in Vietnam.

The total FDI into Thai Binh’s economic zones and industrial parks during 2021-2023 was $4.4 billion, of which FDI contributed $3.74 billion, 4.5 times more than the province's total accumulated FDI until 2020, positioning Thai Binh at 15^th and 16^th for 2021 and 2022 respectively.

During the first two months of 2024, Thai Binh received $78.3 million in FDI.

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