Turning Hưng Yên into an attractive destination for investors
Turning Hưng Yên into an attractive destination for investors
By the end of this year, Hưng Yên Province aims to build 100 per cent of the planned industrial parks and to attract US$600 million in investment for others.
Thăng Long II Industrial Park, one of the 10 key industrial complexes that are attracting foreign investment in the northern province of Hưng Yên. — VNA/VNS Photo Phạm Kiên |
Authorities will also organise meetings and investment promotion conferences with investors from South Korea, Japan, the US and others to attract large corporations with advanced scientific and technological capabilities to the province, giving it an opportunity to participate in the global value chain.
Hưng Yên Provincial Party Secretary Nguyễn Hữu Nghĩa said the locality always considers businesses and investors as a crucial force that works alongside the authorities to transform the province into a modern, prosperous and civilised industrial hub.
To achieve its goals, the province will promptly resolve difficulties and obstacles for businesses, improve the business environment and enhance its Provincial Competitiveness Index (PCI). It will also prioritise attracting investors, multinational corporations and large-scale investment projects that apply high technology and ensure environmental safety. Efforts will also be made to speed up key provincial projects, creating breakthroughs in the development of the transport system and industrial clusters.
Authorities will also increase publicity and transparency in policies and planning, creating favorable conditions for businesses and investors to gain equal access to information, business opportunities, investment and land, as well as reducing costs for businesses.
"Hưng Yên Province is committed to regularly engaging and dialoguing with businesses to promptly address and resolve difficulties and obstacles and to support enterprises, including Japanese companies. We will enhance investment and trade promotion activities, showcase the potential and business opportunities and build the brand and image of Hưng Yên Province both domestically and internationally," said Nghĩa.
According to the Hưng Yên Department of Planning and Investment, the Prime Minister has approved a plan to develop 17 industrial parks covering over 4,395 hectares in the province. Currently, 10 industrial parks are operating and attracting investment projects, including Phố Nối A Industrial Park, Phố Nối Textile Industrial Park, Thăng Long II Industrial Park, Minh Đức Industrial Park, Yên Mỹ Industrial Park, Yên Mỹ II Industrial Park, Minh Quang Industrial Park, Sạch Industrial Park, Industrial Park No. 3 and Industrial Park No. 5. The remaining seven industrial parks are being built.
Workers assemble electronic components at Phố Nối A Industrial Park in Hưng Yên Province. — VNA/VNS Photo Phạm Kiên |
In 2023, the province attracted 100 projects with a total registered investment capital of VNĐ12.019 trillion ($482.87 million). This brought the total number of investment projects in the province to 2,202, including 1,653 domestic projects and 549 foreign ones, with total registered capital exceeding VNĐ325 trillion ($13.14 billion).
Many of these projects are large-scale and feature modern technology, such as an LCD polarising film production project by Nitto Vietnam Co., Ltd., with a registered capital of $132 million, and the electronic component production project for mobile phones and computers by COT Vietnam Co., Ltd., with a registered capital of $45 million.
Trần Quốc Văn, chairman of the Hưng Yên People's Committee, said that a notable achievement for the province in recent years has been its efforts to improve the investment and business environment and enhance the PCI. The provincial authorities have led a range of administrative procedure reforms, focusing on improving the quality and effectiveness of investment promotion abroad. Provincial leaders have actively engaged with businesses, calling for foreign delegations to promote investment in Hưng Yên. The province remains committed to addressing difficulties faced by businesses and investors.
Chairman Văn believes that in recent years, the province's economic and social infrastructure, especially the transportation system, industrial infrastructure and urban and rural infrastructure, have benefitted from many large-scale, dynamic projects that drive economic growth. Examples include the investment project for constructing Ring Road 4 – Hà Nội Capital Region, the project to expand and upgrade the road connecting the Hà Nội–Hải Phòng and Cầu Giẽ–Ninh Bình highways and the Tân Phúc–Võng Phan road project.
Additionally, land clearance has been a particular focus for the province. As a result, approximately 2,683 hectares have been cleared for industrial zones, and infrastructure has been built on about 1,831 hectares. This has facilitated industrial infrastructure investors in accelerating the development of technical infrastructure to accommodate investment projects.
The province has also strengthened trade and investment promotion efforts, especially in attracting foreign investment, creating favorable conditions for foreign investors to develop projects in the province. For example, Japanese companies have invested in 173 projects with a total registered capital of over $4 billion. Currently, 169 Japanese FDI projects are operational with a total implemented capital of approximately $3.2 billion, generating jobs for about 45,000 people.
