Hung Yen an ideal choice for domestic and international investors
In light of the 19th Resolution of the Party Congress 2020-2025, the Party has identified its goal to turn Hung Yen into an industrial province by 2025. The steps towards reaching that goal include attracting investment according to plans; prioritizing large-scale industrial and high-tech projects; and developing transport infrastructure to facilitate economic development.
In recent times, Hung Yen’s transport infrastructure has seen breakthrough improvement, with several important projects being taken into operation; namely, ring roads and freeways connecting Hung Yen to neighboring regions, such as Hanoi - Hai Phong Expressway, Hanoi’s Ring Road No.4, and Cau Gie - Ninh Binh Expressway.
New residential areas such as Ecopark, Dream City, Xuan Cau, and Bach Giang have also contributed to a new image of Hung Yen.
|Visited to consider investment in IZ No. 5 in Hung Yen.|
According to Hung Yen Industrial Parks Management Board, there are currently 17 IZs that have been planned with a total area approximating 5,000 hectares. Out of those, 11 have been approved for investment with a total area of 2,800ha and a total investment reaching 625.8 million USD.
Pham Truong Tam, director of the management board, noted that Hung Yen’s IZs all have advantageous locations and transport infrastructure, meeting the perse needs of businesses and investors.
Until now, Hung Yen has nine IZs in operation with an occupancy rate approximating 46 per cent; among them, Det May Pho Noi IZ has been filled with investors.
Nguyen Tuan, director of Yen My Investment JSC, the developer of IZ No.5 said, “With active support from Hung Yen management authorities and the Management Board of Hung Yen Industrial Parks, our project has progressed quickly, being given cleared space within 15 months from the date of approval."
"We have high regard for the provincial policies and the transparency in the local investment environment. We are accelerating the rate of building infrastructure in our IZ to facilitate investment from investors.”
In recent years, there has been positive development when it comes to IZ investment. Since 2020, IZs have enticed 2.2 billion USD, and 2022 saw 730 million USD, the best year ever for IZ investment attraction.
In the first months of 2023, Hung Yen’s IZs hailed 327 million USD. As of May 2023, there were 520 projects with an investment pipeline reaching 7.1 billion USD.
Domestic budget revenue in 2022 was 121.7 million USD, creating jobs for 78,000 local workers. Investments have come from multinational companies such as Nippon, Panasonic, Samsung, Canon, Foxconn, LG, and Dell.
In early June, Nguyen Hung Nam, Deputy Chairman of Hung Yen People’s Committee, had a meeting with Singapore’s COT Corporation. According to a COT representative, after thorough market research, the company picked Hung Yen as its investment destination thanks to its investment policy, favorable pricing and labor force factors, and quality industrial facilities.
COT will commence its project in November 2023, expanding its investment scale to over 20ha in the next five to eight years with a total investment value of 500-800 million USD to support manufacturing.
From the view of investors, Hung Yen’s investment environment has seen clear improvements, reflected in the Provincial Competitiveness Index which saw Hung Yen rise by 28 spots in 2022, now standing 14th out of 63 localities nationwide.
Besides this, the Provincial Green Index, which ranks localities in terms of environmental friendliness has recognized Hung Yen’s effort in improving its environment and ranks Hung Yen at 14th position out of 63 localities in Vietnam.
These all contribute to improving Hung Yen’s image according to investors. Aside from its advantages in location, real estate, and investment environment, Hung Yen has also focused on listening and reacting to businesses’ questions and concerns.
Every year, the province organizes a conference to meet with investors and businesses in the province to gather feedback about difficulties they face and render potential improvements to further ease up the investment process.