Impressive figures
Nguyen Duc Tai, Director of the Hung Yen Department of Finance, stated that in 2025, Hung Yen ranked among the top 10 fastest-growing localities nationwide, with gross regional domestic product (GRDP) estimated at 166,106 billion VND, up 8.78% compared to 2024. The economic scale ranked 12th among 34 provinces and cities, with GRDP per capita reaching nearly 100 million VND. Total state budget revenue exceeded 100 trillion VND for the first time, an impressive figure demonstrating Hung Yen’s strong momentum immediately after the merger.
Entering 2026, in the first quarter alone, total newly registered and adjusted investment capital reached more than 37 trillion VND and 251.4 million USD. The province attracted nearly 70 new projects, including 15 foreign direct investment (FDI) projects with total registered capital of 198.2 million USD. Cumulatively, by the end of the first quarter this year, Hung Yen had 4,090 investment projects (including nearly 1,000 FDI projects) with total registered capital exceeding 815 trillion VND and nearly 17.5 billion USD.
Investment attraction is considered a key driver for the province’s socio-economic development, enhancing growth rates, shifting the economic structure towards industry and services, developing synchronised infrastructure, and creating numerous jobs for local residents. Large-scale projects being implemented and put into operation have contributed to increasing budget revenue, promoting digital transformation, and fostering sustainable development.
Recalling the inauguration of GO! Hung Yen Shopping Centre in July 2025, Olivier Langlet, Chief Executive Officer of Central Retail Vietnam Group, shared: “This is the 43rd member in the chain of shopping centres under Central Retail Vietnam, with a total investment of 429 billion VND. We are impressed by the cooperation and support throughout the investment process in Hung Yen, with procedures completed in just about two months. We aim to create a comprehensive destination experience, combining the provision of high-quality food. This not only benefits the community but also promotes economic development and gradually modernises the local retail sector.”
Industry as a growth driver
The merger of Hung Yen and Thai Binh is not merely a change in administrative boundaries but also marks a strategic turning point in spatial organisation, creating new development potential. The socio-economic structure and competitiveness of the new Hung Yen province have changed positively, creating momentum to boost investment attraction and support the take-off of Hung Yen’s industry.
Currently, in the eastern part of the province lies the Thai Binh Economic Zone, a multi-sector, comprehensive economic zone. Within this zone, five industrial parks have been established, covering an area of 1,893 hectares, with cleared land ready to attract secondary investors. These industrial parks prioritise high-tech industries, electronics, semiconductors, automotive industry, pharmaceuticals, and supporting industries.
Do Quang Tuan, Deputy General Director of Bao Minh Industrial Park Infrastructure Investment Joint Stock Company (the infrastructure investor of Hai Long Industrial Park, within the Thai Binh Economic Zone), said: “With flexible mechanisms and policies creating favourable conditions for investors in Hung Yen, during the conference between provincial leaders and enterprises held in March, we decided to invest more than 1,000 billion VND to expand and develop the project.”
The investment project for the construction and operation of infrastructure at Hai Long Industrial Park, Dong Tien Hai commune, Hung Yen province, was approved by the Prime Minister under Decision No. 1370/QD-TTg dated November 9, 2022. The project covers an area of 296.57 hectares, with a total investment of more than 2,200 billion VND. To date, five projects have signed land lease agreements (34 hectares) with total registered investment capital of approximately 150 million USD. In addition, two projects have signed memoranda of understanding with total registered capital of 30 million USD. According to the plan, by 2026, land clearance for the entire Phase 2 of Hai Long Industrial Park (165.97 hectares) will be completed.
Meanwhile, the western part of Hung Yen province enjoys significant advantages due to its proximity to Ha Noi, with well-developed connectivity infrastructure and a high-quality labour market. In this area, 46 industrial parks have been planned, of which 16 have been established and are operational, covering more than 3,600 hectares. The province has also planned 117 industrial clusters with a total area of more than 7,000 hectares, including 82 clusters already approved, covering over 4,400 hectares.
The merger of Hung Yen and Thai Binh has not only provided a large land reserve for industrial development but also enabled the new Hung Yen province to restructure its planning effectively and sustainably. Areas with large land reserves will focus on projects requiring extensive land use, such as large-scale supporting industries, heavy industries, or energy industries. Meanwhile, areas near Ha Noi and urban centres will be planned to attract clean industries, high-tech industries, research and innovation centres, and logistics.
Establishment of Hung Yen Free Economic Zone
Pham Quang Ngoc, Member of the Party Central Committee and Secretary of the Hung Yen Provincial Party Committee, shared: “Recently, the Provincial Party Executive Committee of Hung Yen approved a proposal to establish a free economic zone with a scale of more than 30,000 hectares and a total investment of approximately 18 billion USD. The committee agreed to submit this proposal to the Government Party Committee for reporting to the Politburo for consideration and decision.”
The Hung Yen Free Economic Zone is expected to become one of the most open, dynamic, and investor-friendly economic zones in Asia, featuring breakthrough institutional frameworks and policies that promote freedom in business operations, capital flows, finance, talent attraction, and governance. The zone will develop under a multi-functional, integrated model, currently covering about 30,583 hectares, with plans to expand westward (approximately 13,000 hectares) and eastward through coastal reclamation (approximately 17,000 hectares). It is expected to be divided into three development zones associated with northern, southern, and eastern gateways (seaport).
Recently, the Provincial Party Executive Committee of Hung Yen approved a proposal to establish a free economic zone with a scale of more than 30,000 hectares and a total investment of approximately 18 billion USD. The committee agreed to submit this proposal to the Government Party Committee for reporting to the Politburo for consideration and decision.
Member of the Party Central Committee and Secretary of the Hung Yen Provincial Party Committee Pham Quang Ngoc
Vice Chairman of the Provincial People’s Committee Le Quang Hoa stated that to attract investment, Hung Yen has proposed 12 groups comprising 31 specific mechanisms and policies. These include 18 of the best policies currently applied in Viet Nam and 13 breakthrough policies meeting international standards. Policy design is based on four core principles: not focusing on traditional tax and fee incentives; prioritising solutions that create an attractive and efficient business environment; ensuring international competitiveness; and placing investors’ needs and constraints at the centre of policy design.
According to the proposal, total investment capital for the project in the 2025–2050 period is estimated at approximately 463,000 billion VND (equivalent to 18 billion USD). Phase 1 (2025–2030) will focus on completing planning, core infrastructure, and piloting specific policies. Phase 2 (2030–2040) will accelerate strategic investment attraction and expand scale. Phase 3 (2040–2050) will complete the free economic ecosystem, ready for global competition.
