Nghe An aiming for double-digit growth in 2025

Nghe An aiming for double-digit growth in 2025

Listed among top localities in the country in foreign investment for three consecutive years, the central province of Nghe An seeks to improve on such results while striving to achieve double-digit growth for 2025.

The province is now consistently one of the top performers in raking in foreign investment

According to data from the former Ministry of Planning and Investment, Nghe An enticed more than $1.74 billion in foreign direct investment (FDI) in 2024, up 8.8 per cent on-year.

Specifically, there were 19 newly licensed projects with a total registered capital of $867.8 million, and 14 projects saw a capital injection reaching $881.8 million.

By the end of 2024, Nghe An was home to almost 170 valid foreign-led projects with costing $5.68 billion. These figures have placed the province eighth in the country in attracting FDI, and marked the third consecutive year in the top 10. In 2023, FDI attraction in Nghe An also exceeded the $1 billion mark, showing a 66.8 per cent jump on-year.

Prominent investors in Nghe An include global brands such as Foxconn, Goertek, JuTeng, and Luxshare ICT.

Besides capital injection, foreign businesses have brought to Nghe An advanced technologies, cutting-edge production lines, and new management models, contributing to bolstering the competitiveness of domestic businesses, while opening up opportunities for technology transfer and high-quality human resource training in the province.

According to Nguyen Van Truong, deputy director of Nghe An Department of Planning and Investment, the province aims to reach 9.5-10.5 per cent regional GDP growth in 2025.

On that basis, Nghe An People’s Committee strives to post double-digit growth approximating 10-10.5 per cent, an average per capita income surpassing $2,860, and export turnover reaching $4.5 billion.

Along with these goals, Nghe An also observes a focused investment promotion strategy, prioritising FDI attraction into high-tech projects, green growth, and sustainable development.

At the same time, the province will also accelerate administrative procedure reform and digital transformation, improve the investment and business environment, and create stronger conditions for individuals and businesses to develop.

Nghe An is innovating its investment promotion approach, shifting from a broad vision to focusing on large investors, especially industrial park developers. In addition, the province has adjusted land rental rates at local industrial areas to better support investors.

Currently, Nghe An is calling for investment in a string of sizeable projects with capital in the range from tens of millions to several hundred million US dollars, in locations such as Nghi Lien urban area in Vinh city or a residential area in Nghi Huong ward of Cua Lo town.

In December 2024, Nghe An doubled the area of ​​Vinh after merging with Cua Lo town. The move lays the stepping stones for the province to become a commercial centre in the north-central region, creating momentum for the real estate market to thrive.

Many real estate giants are also considering Nghe An a potential new destination after Hanoi and Ho Chi Minh City, including Ecopark Group - the developer of Ecopark, an eco-urban city north of Hanoi. Its Eco Central Park in Nghe An is considered the largest project in Vinh.

The city is deemed the heart of the province, with a series of symbols such as a new education, entertainment, and creative centre, the first square townhouse in Nghe An, and the most expensive island villa in Nghe An.

Nghe An is currently the largest locality in the country and the fourth-largest population in the country, after Ho Chi Minh City, Hanoi, and Thanh Hoa. With a labour force of about 1.6 million people, every year, about 40,000-50,000 more people enter working age, which will strongly boost housing demand, local leaders said.

VIR