Hung Yen Province Ranks Among the Top 10 Regions with the Highest FDI Inflows Nationwide
According to the Foreign Investment Agency (Ministry of Planning and Investment), from the beginning of 2023 to September 20, 2023, Hung Yen Province ranked 10th in the country in terms of attracting foreign direct investment (FDI), with nearly 700 million USD, a 34% increase compared to the same period, and nearly equaling its FDI attraction for the entire year of 2022 (747 million USD).
Therefore, from 2014 until now, this is the first time that Hung Yen Province has entered the Top 10 provinces and cities attracting the highest FDI in the country.
The production of export-oriented garments and textiles takes place at Kydo Vietnam Co., Ltd., which has Korean investment capital, located in the Pho Noi A Industrial Zone in Hung Yen
According to the Management Board of Industrial Zones in Hung Yen Province, as of now, the total number of foreign investment projects in the province is 531, with a registered capital of approximately 6.7 billion USD. Foreign investors hail from various countries and regions, with Japan leading the way, boasting 173 projects and a total registered investment capital of over 4 billion USD.
Presently, 169 FDI projects from Japan are operational in Hung Yen, with a total realized investment of approximately 3.258 billion USD, generating employment for around 45,000 workers and contributing about 1.407 billion VND to the state budget in 2022. In the first six months of 2023 alone, they contributed around 880 billion VND, equivalent to 38.2 million USD.
Hung Yen Province currently hosts 17 operational industrial zones covering an area of over 4,400 hectares. Notably, the Thang Long II Industrial Zone, led by the Sumitomo Group (Japan) and spanning 345.2 hectares, is a prime example of the province’s success in attracting FDI. To date, this industrial zone has received more than 80 foreign investment projects with a total registered capital of over 3 billion USD. Especially, the Thang Long II Industrial Zone has received government approval to expand by an additional 180.5 hectares, increasing its total area to 525.7 hectares. This expansion facilitates the attraction of more FDI investors.
Additionally, there are several large-scale investment projects within the province’s industrial zones, such as the Hoya Project with a total capital of 214 million USD, the Nippon Mektron Project with 300 million USD, Kyocera projects with 385 million USD in total investment, and the Toto Project with an investment capital of 403 million USD.
Chairman of the Hung Yen People’s Committee, Tran Quoc Van, mentioned that Hung Yen’s advantageous geographical location in the heart of the Red River Delta, proximity to Hanoi, and excellent economic and social infrastructure, transportation, commercial trade, services, logistics, as well as its convenient connectivity to Noi Bai International Airport, Hai Phong International Port, and major economic, commercial, and industrial centers nationwide contribute to its rapid development.
Notably, the province possesses an abundant labor force, with over 700,000 people of working age, primarily young and more than 50% of whom have received training. Moreover, the province has enacted numerous preferential policies to attract investment and provide support to businesses, facilitating their growth. These factors have made Hung Yen an attractive destination for foreign businesses.
The plan is to further increase the number of industrial zones in Hung Yen to 30 with a total area of 9,540 hectares by 2030. In addition, there will be 25 industrial clusters with an area of over 1,200 hectares and a projection to increase to 52 industrial clusters covering 3,000 hectares by 2030.
Source: CafeF | Link
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