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Investing in Northeast Vietnam
Geographic diversity has contributed to the Northeast region’s economic success in recent years. The North is rich in mineral resources (coal, metals, building materials, industrial minerals, etc.), rivers, and lakes, while the South is close to the capital city, Hanoi, and its “corridor” to the sea.
Enterprises involved in high technology, engineering, and energy sectors have also seen rapid growth in recent years. For example, Bac Giang province is one of the major industrial hubs in Northeastern Vietnam supported by a favorable location.
Most recently, Apple contract manufacturer Foxconn stated it would invest an additional US$700 million in Bac Giang to produce Apple’s MacBook and iPad devices from its manufacturing facility.
In the first two months of 2021, Bac Giang attracted over US$588 million in investment, more than four times higher than in the same period last year.
Bac Giang also ranked in the top five of the Infrastructure Index part of the Provincial Competitive Index.
The region is bordered by China to the North and Northeast. The Northeast is mostly mountainous in the North and center, with an average altitude of 700m. Small plains are found between the mountains in the North, as well as in the flat areas towards the coast and to the South.
There are many rivers that flow through this region, including the Red River, the Lo River, the Gam River, the Green River, the Bac Giang River, and the Ky Cung River. There are also many lakes in the region.
Even with the region’s rapid industrialization, agriculture remains an important source of livelihood for many, partially because of the area’s favorable climate and the abundance of water. Rice is the staple crop in addition to maize, potatoes, tea, lemongrass, citrus fruits, and various vegetables.
The region has a good climate for tea plantations. The province of Thai Nguyen is one of the country’s biggest tea industry centers (second only to Lam Dong).
Marine products remain an important part of the region’s economy. Aquatic fauna is very abundant in the coastal province of Quang Ninh. There are several species of fish in the Gulf of Bac Bo, as well as special species of pearl mussels, stockfish, sea turtles, and lobsters. Oysters and edible seaweed are also abundant along the coastline.
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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