Nghe An's economy continues to recover strongly in a positive trend, with growth in each quarter higher than in the previous quarter. Nghe An's GRDP in 2024 is expected to reach about 9.01%, ranking 2nd in the North Central region and 3rd in the North Central region and the Central Coast.
In the past three years, Nghe An’s FDI attraction has been among the top in the country. In 2023 and 2024, Nghe An continuously attracted more than 1.6 billion USD per year of FDI capital. Nghe An strives to attract more than 10 billion USD of FDI capital by 2028.
Good news
At the end of November 2024, the Standing Committee of Nghe An Provincial Party Committee approved the policy for MEGA Textile Singapore Private Limited to invest in the Mega Textile - Vietnam Project with a total investment of 590 million USD in Tho Loc Industrial Park (phase 1), in the Southeast Economic Zone. When put into operation each year, the project will produce about 67,200 tonnes of fabrics, 10,300 tons of various knitting, 7,200 tonnes of coloured yarn, 100 million belt products, 130 million garment products and 2.2 million semi-finished products.
The project will officially operate Phase 1 in the second quarter of 2028, with Phase 2 and Phase 3 operational in 2030 and 2034. The project will create jobs for more than 15,000 workers, contributing to the state budget and the development of the local garment industry.
Previously, also in November, Nghe An Province granted adjusted investment certificates to two FDI projects with a capital of 220 million USD.
Vice Chairman of Nghe An Provincial People's Committee Bui Thanh An said: With the approval of the investment policy of the Mega Textile - Vietnam Project, Nghe An's FDI attraction results in the first 11 months of 2024 reached more than 1.567 billion USD, striving to reach nearly 1.7 billion USD in 2024, expecting to be in the top 10 in the country for the third consecutive year.
Since 2019 - the year of implementing Resolution 50 of the Politburo on orientations towards improvement of regulations and policies to enhance the quality and efficiency of foreign investment by 2030, Nghe An has emerged, gradually becoming a bright spot in attracting FDI.
Nghe An has attracted 120 projects in the industrial sector, including 40 technology production projects in the fields of electronic components manufacturing, optical components manufacturing, photovoltaics, auto parts, and high-performance battery manufacturing.
FDI projects come from investors in 14 countries and territories, such as the Republic of Korea, China, Hong Kong, Taiwan (China), Thailand, and Japan.
According to Vice Chairman of Nghe An Provincial People's Committee Bui Thanh An, from 2019-2024, the export and import turnover of FDI enterprises in the province has grown significantly.
The proportion of import and export of FDI enterprises in the total import and export turnover of goods is also increasingly dominant, contributing to the total export turnover of the province in 2024 reaching an estimated 3.7 billion USD.
Although newly put into operation, FDI enterprises have contributed significantly to creating jobs for the locality. In 2024, the number of employees working in FDI enterprises is 49,000 people, an increase of 78.18% compared to 2019.
Spirit of "five ready"
Secretary of the Provincial Party Committee, Chairman of Nghe An Provincial People's Committee Nguyen Duc Trung shared: In the past, to have good results in attracting FDI, the first issue is that leadership and direction must be focused, key, and unified from top to bottom; In which the leadership role of the Party Committee is vital, with the right thinking and perspective to assess the situation, set the right goals and have specific solutions for implementation.
Nghe An has innovated the investment promotion method from a regional approach to a point-based approach, focusing on large investors, especially recognising the issue of investment promotion best through industrial park infrastructure investors, and the province has also changed its approach to land.
Nghe An has proactively prepared favourable conditions for investors with the "5 ready" perspective on planning, essential infrastructure, investment premises, human resources, innovation, reform, and accompanying and supporting investors.
Major investors in Nghe An all acknowledge the way of engagement, attitude and responsibility of the provincial leaders and related departments, branches and localities in creating conditions for investors.
With half a billion USD invested in Nghe An, Goertek Vina has become one of the largest FDI investors in Nghe An. The Senior Vice President of Goertek Group and General Director of Goertek Vina Company said: Nghe An has resolved investment procedures quickly and always accompanied to remove difficulties and obstacles for investors, thereby creating confidence for us to continue to expand investment in Nghe An.
To further promote FDI attraction, aiming to attract 10 billion USD by 2028, the coming time, Nghe An will continue to focus all resources on expanding and promoting investment attraction, especially proactively meeting the needs of investors regarding infrastructure conditions of industrial parks, strategic infrastructure such as deep-water seaports, airports and energy infrastructure.
The province also prepares quality human resources with the principle of ensuring the harmony of interests between enterprises and workers.
Nghe An's economy continues to recover strongly in a positive trend, with growth in each quarter higher than in the previous quarter. Nghe An's GRDP in 2024 is expected to reach about 9.01%, ranking 2nd in the North Central region and 3rd in the North Central region and the Central Coast.
