Hưng Yên Province emerges as major investment magnet in northern Việt Nam

Hưng Yên Province emerges as major investment magnet in northern Việt Nam

Last year, Hưng Yên ranked 10th out of 63 provinces and centrally-run cities nationwide in the Provincial Competitiveness Index (PCI).

Production underway at Bangjie Knitting (Vietnam) Company Limited in the Phố Nối textile and garment industrial park, Hưng Yên Province. — Photo nhandan.vn

Hưng Yên Province is rapidly establishing itself as a promising investment destination in northern Vietnam, thanks to its seamless transport connectivity via the Hà Nội -Hải Phòng Expressway and National Highway 5, as well as its transparent, business-friendly and investor-oriented environment.

According to the provincial People’s Committee, the province has rolled out a series of measures to support enterprises, address procedural bottlenecks and improve infrastructure. Investment registration certificates for projects in industrial parks are now issued within 48 hours. Last year, Hưng Yên ranked 10th out of 63 provinces and centrally-run cities nationwide in the Provincial Competitiveness Index (PCI).

One of this year’s highlights was the ground-breaking ceremony in May for an urban, eco-tourism and golf complex in Tân Châu Commune, developed by the US-based Trump Organisation. Covering more than 990 hectares, the project has a total investment of over VNĐ9 trillion (US$1.48 billion).

As of early December, the province had attracted 334 new investment projects and 253 capital-increase ones, with total newly registered and additional capital reaching VNĐ174 trillion and more than $2.33 billion, respectively.

During the same period, the province granted 5,086 new business registration certificates, up 64.4 per cent year-on-year, with registered capital rising 35.7 per cent to VNĐ66.4 trillion. Additionally, 2,734 branches, representative offices and business locations were registered, an annual increase of 84.7 per cent.

To date, Hưng Yên has recorded 3,061 domestic projects with a combined registered capital of VNĐ688.3 trillion, and 932 foreign-invested projects worth nearly $17.13 billion.

Nguyễn Lê Huy, Standing Vice Chairman of the provincial People’s Committee, attributed this robust growth to Hưng Yên’s proactive approach in sending delegations abroad for investment promotion, engaging with incoming foreign business missions, working closely with local enterprises, and improving the investment climate through administrative reforms and regular policy dialogues.

On November 12, the provincial People’s Council issued a resolution on the promulgation of a number of incentive and support policies for investment in digital transformation, cybersecurity, semiconductors, electronic components, laboratory and innovation centres development for 2025-30.

Thanks to its preferential policies, Hưng Yên has attracted many large-scale, high-technology FDI projects from Japan, the Republic of Korea and China. Notably, Thăng Long II Industrial Park, developed by Japan’s Sumitomo Group, has lured 152 Japanese projects with a total registered investment of nearly $3.8 billion.

With an area of more than 2,500 square kilometres and a population exceeding 3.2 million, Hưng Yên now boasts ample room for industrial, urban, service and infrastructure development.

The province aims to develop high-tech industrial parks linked with urbanisation, high-quality services and an outstanding investment climate – key drivers for attracting businesses in the context of Việt Nam’s growing role in global supply chains. 

Bizhub