Nghệ An attracts $2.43 billion in FDI, driving economic growth

Nghệ An attracts $2.43 billion in FDI, driving economic growth

By the end of July, authorities had approved 44 investment projects, with newly registered and additional capital totalling more than VNĐ84.36 trillion ($3.23 billion), more than five times higher than the same period last year.

The Việt Nam-Singapore Industrial Park in Nghệ An Province (VSIP Nghệ An). — Photo tienphong.vn

Foreign direct investment (FDI) in Nghệ An Province topped US$2.43 billion during the first seven months of the year, helping drive strong growth in industrial production and exports.

The figures were released at the Nghệ An People's Committee's regular monthly meeting on Thursday, where officials reviewed the province's socio-economic performance in July and outlined key tasks for August.

By the end of July, authorities had approved 44 investment projects, with newly registered and additional capital totalling more than VNĐ84.36 trillion ($3.23 billion), more than five times higher than the same period last year.

The emergence of several billion-dollar projects has marked a notable shift in the province's investment landscape. The presence of major investors has already boosted the province's exports, with export turnover reaching $535 million, up 52.3 per cent year-on-year.

The investment surge also boosted industrial production, with the province's Index of Industrial Production (IIP) rising 21.64 per cent during the first seven months of the year compared with the same period last year. The manufacturing and processing sector, the main growth driver, expanded by 25.24 per cent.

Supported by favourable business performance, State budget revenue is estimated at VNĐ20.285 trillion ($778 million), equivalent to 86.9 per cent of the annual target and up 29.7 per cent year-on-year.

Trade, services and tourism also maintained positive momentum. The province welcomed more than 8.2 million visitors during the period, while retail sales and consumer service revenue exceeded VNĐ17.186 trillion ($659 million), an increase of 14.63 per cent from a year earlier.

Nghệ An also continued to deliver positive social outcomes, creating more than 29,100 new jobs, while maintaining social welfare programmes and ensuring national defence, public security and social order.

Speaking at the meeting, Chairman of the Nghệ An People's Committee Võ Trọng Hải instructed departments, agencies and local authorities to intensify efforts and review all key growth drivers to ensure appropriate policy responses and sustain economic momentum.

A key priority, he said, is to accelerate the disbursement of public investment, with the province aiming to achieve a 100 per cent disbursement rate this year, up from the current 43.68 per cent.

To achieve this target, Hải called on departments and local authorities to remove bottlenecks related to land clearance and the supply of construction materials.

He also instructed project management boards to assign responsibility for individual contract packages, closely monitor construction sites and promptly resolve any issues arising during implementation.

The provincial chairman further directed the finance, tax and customs authorities to strengthen coordination to improve State budget collection, tighten expenditure management and strictly implement the Government's policy on thrift and reducing recurrent spending. 

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