Bright spot in attracting investment
At a recent conference to announce the provincial development plan and promote investment in Hung Yen, the province awarded 24 investment permits with a total capital of 763 million USD and 10 trillion VND. Notable projects include the Tho Hoang Industrial Park infrastructure development project worth 3.095 trillion VND, the project to build the Dong Khoai Chau Central Park and new urban area worth 3.1 trillion VND, the Minh Hai-Phan Dinh Phung new urban area project worth 3.2 trillion VND, a project to manufacture cables, connectors and antennas worth 16.5 million USD, a project to manufacture connectors and electronic parts worth 10 million USD and the Hung Yen GO Shopping Centre worth 18.2 million USD.
Head of the Hung Yen Management of Industrial Parks Vu Quoc Nghi shared that such results came from the province’s efforts to promote investment, especially the provincial leaders’ bold instructions on accelerating administrative reform, improving the business climate and enhancing competitiveness, as well as investors’ confidence in Hung Yen Province.
Kaneda Hiroki, General Director of Acecook Vietnam, said that Hung Yen Province has many advantages, such as a favourable location, synchronous infrastructure, abundant human resources, preferential policies, a conducive investment climate, streamlined administrative procedures and effective support for enterprises, therefore the company decided to build a new factory in Hung Yen Province.
Acecook Vietnam’s new 87.7-million-USD manufacturing facility is scheduled to be completed and operational in the third quarter of 2027, employing about 2,000 workers. The project will use advanced technology to produce instant noodles that are safe for consumers and environmentally friendly.
Ho Yi Da, Chairman of Arizon Vietnam shared that Arizon is one of the world’s major ODMs of RFID tags, with annual growth averaging 20-40% in the last decade. In 2023, Arizon provided more than 3 billion RFID tag products globally.
Searching for their factory's location, the company visited more than 20 countries. Hung Yen’s favourable location, its leaders’ vision and support for the semiconductor industry are the main reasons for Arizon to choose Hung Yen to build its factory, which is expected to produce 30 billion products a year.
Hung Yen currently has 17 industrial parks with a total area of 4,390 hectares. To create a favourable business and investment climate, Hung Yen has mobilised resources to modernise its infrastructure with a series of key projects, such as the extended Hanoi-Hung Yen Highway, the road linking the Hanoi-Hai Phong Expressway and Cau Gie-Ninh Binh Expressway, the Tan Phuc-Vong Phan Road and Hanoi’s fourth ring road. The province’s infrastructure is increasingly improved and modernised, creating a development momentum for commerce, transport, logistics, tourism and industrial parks.
With a favourable investment climate, Hung Yen is an attractive destination to both domestic and foreign investors. In the first half of 2024, the province received an additional 72 projects, raising the total number of projects in Hung Yen to 2,270, with a total capital of 350 trillion VND and 7.5 billion USD.
Among the 578 foreign-invested projects, some large projects include Toto Vietnam’s 370 million USD project to manufacture toilet equipment, Hyundai Aluminum Vina’s 205 million USD project to manufacture aluminium products, Hoya Glass Disk Vietnam’s 200 million USD project to manufacture computers and telecommunications equipment and Mektec Manufacturing’s 200 million project to manufacture printed circuit boards for electronic devices.
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Hung Yen Smart Operation Centre |
Continuing to improve the business and investment climate
In recent times, Hung Yen has focused on making a plan for its development, with clear space planning and development orientations. Under the provincial plan for the 2021-2030 period, with a vision for 2050, Hung Yen will have 35 industrial parks with a total area of over 12,000 hectares. By 2030, the province will have 30 industrial parks with a total area of 9,183 hectares. In the post-2030 period, five new industrial parks will be developed with a total area of 2,460 hectares.
To continue improving the business and investment climate, Hung Yen is taking extensive measures, including mobilising resources to build and upgrade socio-economic infrastructure, especially the transport infrastructure, to serve the demand for travel and goods transport between regions. At the same time, Hung Yen will perfect the power transmission, water supply, telecommunications, and waste treatment systems, as well as the infrastructure of industrial parks and social housing to attract investment.
Hung Yen will modify and introduce several policies and mechanisms, especially those concerning land use, site clearance, technology innovation assistance, brand building and key infrastructure development, and form and promote the development of commodity, labour, financial and real estate markets, with guaranteed transparency and fair competition.
Hung Yen will facilitate the development of corporate assistance services, and create favourable conditions for the formation and development of enterprises that can rapidly grow, using intellectual property, technology, and new business models, focusing on the province’s strengths and advantages.
Hung Yen will pay attention to enhancing the quality of its workforce, especially highly-skilled workers with industrial manners and exceptional discipline, to meet the labour requirements of investors.
Hung Yen will continue implementing the national digital transformation programme until 2025, with a vision for 2030, alongside building electronic government towards the digital government and developing a digital economy and society. The province will push through administrative reform, focusing on enhancing the delivery of level-4 online public services, promptly addressing bottlenecks in site clearance, investment and construction and stepping up FDI attraction activities.
