Thai Nguyen: Motivations for growth based on FDI
The presence of FDI enterprises has tremendously propelled the socio-economic development of Thai Nguyen province, generating employment for approximately 100,000 workers, accelerating the growth rate and value of the province's industry, and contributing to the global supply chain.
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| Samsung Electronics Vietnam Thai Nguyen Limited Liability Company (SEVT) is the world's largest smartphone manufacturing facility of the Samsung Group. (Photo: VGP) |
Foreign Direct Investment (FDI) is identified as one of the crucial driving forces for the province's socio-economic development. With its advantageous geographical location, comprehensive transportation infrastructure, industrial zones, and transparent investment attraction policies, Thai Nguyen is considered one of the most effective provinces in attracting FDI in the Northern mountainous region.
Samsung Electronics Vietnam Thai Nguyen Limited Liability Company (SEVT) is the world's largest smartphone manufacturing facility of the Samsung Group, often referred to as the "flagship" of Samsung. Commencing its first FDI project in 1993, Thai Nguyên has made significant strides in attracting this vital investment source. Currently, the province has 211 active FDI projects with a total registered capital of 10.72 billion USD.
The FDI attraction in Thai Nguyen can be divided into two phases. From 1993 to 2012, the province issued permits for only a few projects annually, with relatively limited capital scale. The breakthrough came in 2013 when the Samsung Group (South Korea) decided to implement the High-Tech Complex specializing in producing mobile phones and electronic products in Yen Binh Industrial Zone (Pho Yen City).
After more than 10 years, SEVT has become a leading global producer of mobile phones, with a total production of nearly 1 billion units. Mr. Choi Joo Ho, General Director of Samsung Vietnam Complex, affirmed that building a factory in Thai Nguyen was a wise choice. The Vietnamese government has adopted open-door policies and provided substantial support to ensure Samsung's effective operations.
Playing a leading role among FDI enterprises in the region, Samsung significantly contributes to the industrial production value, exports, and provincial budget revenue.
Thanks to Samsung's leadership and investment attraction, businesses producing supporting products for Samsung and other FDI investors have chosen Thái Nguyên as their "destination" for constructing factories.
KSD Vina Limited Liability Company (Diem Thuy Industrial Zone) is one of the first enterprises producing supporting products for Samsung, with its main product being mobile phone chargers. Currently, the company employs around 1,100 workers.
Meanwhile, since the beginning of 2021, Trina Solar Group (China) has decided to implement the Energy Development Plant project in Thai Nguyen, with a total investment of 203 million USD. Trina Solar Group continues to deploy the Trina Solar Wafer Limited Liability Company (Vietnam) project with a total investment of 275 million USD, aiming to produce single-crystal silicon bars and wafers. By the end of 2023, Trina Solar Group has proposed an additional investment of 420 million USD for the project's third phase in Thái Nguyên.
The presence of FDI enterprises has tremendously propelled the socio-economic development of Thai Nguyen province, generating employment for approximately 100,000 workers, accelerating the growth rate and value of the province's industry, and contributing to the global supply chain.
(Source: baothainguyen.vn)
