Boosting US investment in Thai Nguyen

Provincial Party Secretary Trinh Viet Hung received the delegation from the US embassy in Vietnam, led by Ambassador Marc Evans Knapper, to pay a working visit to Thai Nguyen last October.

With a favourable geographical location, close to the capital Hanoi and major economic centres, and serving as a gateway connecting the region, Thai Nguyen has a significant advantage in trade and goods transportation. In addition, Thai Nguyen also has a large land area, forming a “reserve fund for industrial and urban development,” which is a distinct advantage to attract investment capital, especially in the North, where the Northern Key Economic Zone is located.

“Taking a shortcut” to attract investment

The land for industrial parks (IPs) and urban areas in Thai Nguyen is of good quality, helping to significantly reduce investment costs and creating a competitive advantage in attracting investment. The results achieved in attracting investment in IPs show positive effects in the planning and infrastructure development of the province. This is an advantage for Thai Nguyen to “take a shortcut” in attracting investment, thereby raising the value of industrial production to over two quadrillion VND, contributing to realising the goal of becoming one of the modern, smart industrial and economic centres of the Northern Midlands and Mountains and the Hanoi Capital region.

In 2024, in the context of the world and domestic economies facing many difficulties and challenges, along with open policies and strong implementation of digital transformation and administrative reform, Thai Nguyen has continuously been one of the most attractive localities for investors in the country, including foreign investors (FDI).

In the first quarter of 2025 alone, the total social investment capital in Thai Nguyen reached nearly 14.3 trillion VND—the highest level ever - with an impressive growth rate of 8.7% over the same period last year. In particular, FDI capital reached nearly 6.9 trillion VND, an increase of 15.7%. The province has newly granted licenses for 4 FDI projects with a total capital of more than 104 million USD and adjusted to increase capital for 11 projects with more than 128 million USD, nearly 18 times higher than in the same period. This is the most unmistakable evidence of the effectiveness of the planning strategy associated with investment attraction.

Thai Nguyen - An attractive destination for foreign investors.

FDI projects have made an essential contribution to Thai Nguyen’s comprehensive economic development, creating many jobs and promoting the transfer of modern technology, helping this locality continuously become one of the leading localities attracting foreign investment in Vietnam.

Many leading economic groups worldwide, from major economies such as the US, South Korea, China, and Japan etc, are operating effectively in production and business, are very confident, and are promoting and expanding investment research in Thai Nguyen. Notable examples include large enterprises such as Samsung, Sunny, Trina Solar, and Nui Phao Massan.

The above results are also evidence of the “saying and doing” (or “action-oriented”) viewpoint in the leadership and direction of Thai Nguyen province’s leaders in recent times, with the implementation of specific, firm, and consistent commitments, such as: Supporting investors coming to Thai Nguyen in applying maximum incentive policies for enterprises within the framework of regulations of the Vietnamese Government; and providing a separate support mechanism from Thai Nguyen for priority projects.

Along with that, Thai Nguyen leaders are always proactive in seeking FDI investors through investment promotion, trade, and international cooperation trips of Thai Nguyen delegations to significant economies of the world such as Cuba, the US, Japan, Korea, Australia, the UK, the Netherlands, thereby creating trust and understanding for FDI enterprises to feel secure when coming to Thai Nguyen.

Attractive destination for US investors

At their meetings with the US Ambassador, the American Chamber of Commerce (AmCham), and US businesses visiting Thai Nguyen province, provincial leaders affirmed their desire that the “tea land” will be an attractive destination for US investors in education, health, culture, and especially cooperation and exchange in the semiconductor sector. The semiconductor industry, in particular, is a field in which Thai Nguyen has significant potential and advantages, and is of great interest to the province.

With a favourable investment environment, strong political determination, and ample room for industrial production, Thai Nguyen is committed to creating the most favourable conditions for US investors to implement projects in this field within the area.

On October 15, 2024, US Ambassador to Vietnam Marc Evans Knapper led a delegation from the Embassy to explore investment and cooperation opportunities in Thai Nguyen.

At the meeting with Provincial Party Secretary Trinh Viet Hung, US Ambassador Marc Evans Knapper affirmed that he will study and propose bringing US experts and businesses to Thai Nguyen to cooperate and invest in various fields. With the efforts of both sides, the US and Vietnam, specifically the “tea land” will continue to strengthen cooperation and develop comprehensively, strategically, and sustainably.

Creating breakthroughs from infrastructure, enhancing competitiveness

After the Provincial Master Plan for the period 2021-2030, with a vision to 2050, was approved by the Prime Minister, Thai Nguyen has vigorously implemented district-level planning tasks, adjusted land use planning, and established general and zoning plans for a series of new industrial parks, including a dedicated information technology park. The province has planned 12 industrial parks with a total area of over 4,200 hectares and 41 industrial clusters with over 2,000 hectares, creating an abundant land supply, ready to welcome investors.

The province also clearly identifies the role of three localities - Pho Yen City, Song Cong City, and Phu Binh District - as new growth poles in the South. Traffic infrastructure is heavily invested in inter-provincial connecting routes, such as Thai Nguyen - Bac Giang - Vinh Phuc, Ring Road V connecting from Pho Yen through Phu Binh to Bac Giang, and a series of internal industrial park routes. This breakthrough increases regional connectivity and enhances investment competitiveness in the context of FDI capital flows tending to shift and restructure globally.

Regarding exports to the US market, the Provincial People’s Committee assigned the Department of Industry and Trade to lead and coordinate with the Customs Branch of Region V and the Provincial Statistics Office before April 12, 2025, to review and report on the export value of Thai Nguyen to the US by each leading commodity group in 2024 and the first quarter of 2025. This report will include the proportion compared to the total export value of each commodity group to assess the impact on production and investment activities of export industries and enterprises. The Department of Industry and Trade will also coordinate with the Provincial Industrial Park Management Board to consult with the Provincial People’s Committee leaders to immediately work with FDI enterprises and domestic enterprises with large export scale, mainly exporting to the US market, to assess their production, business, and upcoming investment plans, and to resolve proposals and recommendations.

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