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Hung Yen Draws Significant Foreign Investment in Vietnam for 2024
Hung Yen Province is emerging as Vietnam's investment hub, attracting over $7.6 billion in foreign capital, with a focus on modern infrastructure, skilled labor, and strategic industrial development plans.
Hung Yen Province is emerging as Vietnam’s investment hub, attracting over $7.6 billion in foreign capital, with a focus on modern infrastructure, skilled labor, and strategic industrial development plans.
Key Points
- Hung Yen Province is becoming a premier investment destination in Vietnam, attracting over US$7.6 billion in foreign investments through 588 projects, mainly from Japan, China, and South Korea. The province focuses on administrative reforms to create a business-friendly environment.
- The Thăng Long II Industrial Park, developed by Sumitomo Corporation, has secured nearly 110 foreign investments, totaling over US$3.5 billion. This success is attributed to Hung Yen’s strategic location near major industrial hubs and infrastructure developments.
- Future plans aim to have 35 industrial parks by 2050, enhancing the province’s capabilities in high-tech sectors and eco-friendly industries. Ongoing projects, including logistics and food production facilities, reflect Hung Yen’s commitment to attracting global investors.
Hung Yen Province is emerging as a premier investment destination in Vietnam, driven by its attractive investment climate, state-of-the-art infrastructure, and a proficient workforce. With investment from 588 foreign projects totaling over $7.6 billion, the province has garnered significant interest, particularly from leading investors from Japan, China, and South Korea. The commitment to administrative reform, highlighted by Plan No. 31/KH-UBND, aims to enhance the provincial business environment and competitiveness, which has yielded record-breaking investment capital of $1.7 billion between January and September 2024.
The Thăng Long II Industrial Park, developed by Japan’s Sumitomo Corporation, serves as a key indicator of Hung Yen’s success in attracting foreign direct investment (FDI), hosting nearly 110 projects with registered capital exceeding $3.5 billion as of August 2024. Japan leads with a notable $3.6 billion investment across 147 projects, while China and South Korea have contributed $957 million and $650 million, respectively. Additional significant investments include projects by Toto Vietnam, Hyundai Aluminium, and Hoya Glass Disk, reflecting diverse industrial interests in sanitary products, aluminum production, and telecommunications equipment.
Strategically located in the heart of the Red River Delta, just 60 kilometers from Hanoi, Hung Yen’s geographic advantages facilitate trade and commerce, enhanced by robust infrastructural investments, such as industrial parks totaling 4,400 hectares, with plans to expand to 30 parks by 2030. The province emphasizes fostering a high-tech, eco-friendly industrial ecosystem, aligning its development strategies with the broader vision of sustainable growth and smart urban design detailed in its 2021-2030 master plan.
Future growth is further supported by infrastructure projects like Ring Road 4, which connects key industrial regions, and an ambitious plan for 35 industrial parks by 2050. Focus areas include high-value industries such as electronics and biotechnology, ensuring that Hung Yen remains a dynamic hub for foreign investment in Vietnam’s rapidly growing economy. Overall, the province’s strategic initiatives position it as a cornerstone in Vietnam’s industrial landscape, promising substantial opportunities for investors committed to sustainable and innovative development.
| This article was first published by Vietnam Briefing , 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, and India . Readers may write to [email protected] for more support. |
Read the original article : Hung Yen Attracts Strong Foreign Investment in Vietnam in 2024
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