Thai Nguyen hails foreign investment

July 31, 2023 | 08:00
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Thai Nguyen is becoming a conducive location for foreign-led investments and expansion.
Thai Nguyen hails foreign investment
Samsung is one of the top investors in Thai Nguyen province, with a presence at Yen Binh Industrial Park, photo Dung Minh

On July 17, Thai Nguyen Industrial Zones Authority approved Messer Haiphong-Song Cong Industrial Gases Co., Ltd.’s manufacturing project. The project, based in Block B at Song Cong I Industrial Park (IP) in Song Cong city, covers more than 4,000 square metres. Valued at nearly $19.5 million and with an operational duration until August 2049, the project is expected to come on stream and churn out principal chemicals and industrial gases from the third quarter of 2024.

At the investment certificate award ceremony, Messer CEO Anthony Yohann Grandpierre expressed gratitude for the active support by Thai Nguyen management authorities and pledged to soon complete the legal setup stage and deploy the necessary works to kick off the project as soon as possible.

Meanwhile, in the first half of this year, two fresh ventures had their investment policies green lit in Song Cong city, with a combined value surpassing $6.6 million. They included a BIGL Vietnam plant based in Song Cong II IP and a plant for chemical production at Song Cong I IP.

According to Thai Nguyen Department of Planning and Investment, in July the province licensed seven new projects worth $34.25 million in total committed capital.

In the first seven months of this year, Thai Nguyen saw 21 new foreign-led projects being licensed worth around $145.5 million in total, while three projects asked for $7.45 million in supplemental registered capital.

The province is home to over 190 operating foreign-invested projects worth $10.5 billion, making it into the list of top performers nationwide in foreign direct investment (FDI) attraction.

According to Nguyen Trong Hieu, deputy director of Thai Nguyen Department of Planning and Investment, one of the reasons behind the success in FDI attraction is the growing presence of large IPs ready to hail capital flow, as well as preferential policies that encourage businesses to settle down in them.

“In addition, in recent years Thai Nguyen has spurred investment into completion of IP and industrial cluster infrastructure, focusing on allocating investment resources in construction of transport, electricity and telecommunications infrastructure, water supply and drainage, and trade and services.” Hieu said.

For many foreign investors, what makes the province appealing is the dynamic participation that attests to the aspiration of the provincial leaders in supporting investors, from the very beginning of implementation until the project coming on stream, Hieu added.

At a meeting with Thai Nguyen’s top leaders in March, Samsung Vietnam CEO Choi Joo Ho stated that after nearly a decade in the province, Samsung has received the companionship of local management authorities at all levels, particularly the province’s top leaders.

From a maiden project worth an initial $2 billion, Samsung recently injected nearly $1.2 billion into the Samsung Electro-Mechanics Vietnam complex at Yen Binh IP, bringing the total cumulative investment volume at the complex to more than $7.5 billion.

Also in March, Thai Nguyen province and Sunny Group - a manufacturer of integrated optical components for phones, computers, robots, medical equipment, and industrial machines - signed a MoU on cooperation in projects with a scale of $2-2.5 billion and estimated annual revenue reaching $5 billion, attracting 15,000 employees.

Deputy Prime Minister Tran Luu Quang assessed that Thai Nguyen has harnessed a wealth of experience in receiving high-tech projects, assigning that the province can create new advantages to facilitate Sunny Group’s investment there.

Last year, Thai Nguyen granted new and adjusted capital addition for 20 foreign-led projects with a total registered capital surpassing $1.53 billion. Although the number of projects did not increase by much, the total amount of new and additional FDI invested in 2022 increased by 13.7 times compared to 2021.

The highlight of Thai Nguyen’s FDI attraction in 2022 and so far this year, leaders say, is the shift from quantity to quality, with foreign-led projects increasingly shifting from breadth to depth, employing huge investment volume and using cutting-edge and environmentally friendly tech.

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