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Vietnam’s Tay Ninh Province: Promising for Investors in the Greater Mekong Subregion
Vietnam’s Tay Ninh province located in the Southern Key Economic Region (SKER) acts as a key connection point between Ho Chi Minh City and Cambodia’s capital Phnom Penh, sharing a border with Cambodia at Moc Bai and Xa Mat border gates, the main trade centers between the two countries.
The province is also on the East-West Corridor, part of the Trans Asia route linking Vietnam with Laos, Thailand, and Myanmar.
The SKER is one of four key economic regions which cover most economic and investment hubs in the country. The SKER consists of Tay Ninh along with Ho Chi Minh City, Binh Duong, Dong Nai, Long An, Ba Ria-Vung Tau, Binh Phuoc, and Tien Giang.
The province is located at the intersection of arterial traffic routes in the Greater Mekong Sub-region (GMS) with the southern economic corridor running from the Dawei province of Myanmar through Thailand and Cambodia to Vietnam’s provincial seaports Ba Ria – Vung Tau.
The GMS is a trans-national region along the Mekong River basin in Southeast Asia with a program that supports trade and high-priority projects in the six nations along the Mekong River.
In 2020, Tay Ninh’s gross domestic product (GRDP) increased by 3.9 percent over the same period. Of this, 75.5 percent of the GRDP is attributed to the share of industrial production and services following the fast-growing pace of industrialization.
According to the Provincial Competitive Index (PCI) 2020, Tay Ninh ranks 21 out of 63 provinces. The ranking was a drop by six places compared to 2019. However, Tay Ninh remains in the group of provinces and cities with the best PCI results and continues to target higher scores through facilitating economic growth and attracting foreign investment.
Compared with the previous period, the province increased sharply in both the number of newly registered enterprises and the amount of attracted investment capital.
As of April 2021, Tay Ninh had attracted US$427.54 million in foreign capital, up 28 percent over the same period of 2020. Industrial parks and border-gate economic zones in Tay Ninh have attracted 362 foreign and domestic investment projects with total registered investment capital of US$7,486 million.
Within the same period, the authorities of Tay Ninh signed investment cooperation agreements in agriculture, trade, science, and technology with several provinces in Cambodia as well as Gimhae and Chungju cities in South Korea.
The province prioritizes attracting large investment projects with advanced technology, green projects, projects with modern management, high value-added content, spillover effects, and connections to global production and supply chains.
This article was first published by VietnamBriefing which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, India, and Russia. Readers may write to [email protected].
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