Thai Nguyen province - A promising destination for investors
WVR - After its merger and expansion of its development space, Thai Nguyen has continued to stand out as a bright spot for investment thanks to its synchronized infrastructure, vast land reserves, transparent business environment, and strong administrative reforms. In 2025, the province is successively launching large-scale industrial parks, attracting both FDI and DDI capital, thereby reaffirming its position as a modern industrial hub.
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| The 1st Congress of the Thai Nguyen Provincial Party Organization convened its preparatory session in September, 2025 |
Amid global and domestic economic fluctuations and challenges, Thai Nguyen remains an attractive destination for investors due to its well-developed infrastructure, abundant land resources, and favourable policies. These foundations are enabling the province to pursue its goal of becoming a modern industrial center in the Northern Midland and Mountainous region.
A bright economic outlook
Over the past nine months, the industrial sector has continued to be the main driver of growth. The Industrial Production Index (IIP) in September 2025 was estimated to increase by 13.25% year-on-year. For the first nine months of 2025, the cumulative IIP rose by 9.45% compared to the same period last year. Several industries achieved double-digit growth, including apparel, metals, rubber, plastics, mechanical engineering, and motor manufacturing.
Provincial departments and agencies are continuing to develop a Master Plan for the development of priority and high-tech industries in Thai Nguyen for the 2026–2030 period, following inter-regional value chains. They are also implementing plans to strengthen state management in the industry and trade sector at the commune and ward levels, as well as conducting surveys to assess the situation and address challenges faced by enterprises investing in local industrial clusters.
In parallel with the pace of industrial production, exports have remained a key highlight—affirming their role as a growth engine for the province over the past nine months. Thai Nguyen’s total import-export turnover in the first nine months of 2025 reached over 38.7 billion USD, of which exports in the third quarter alone hit 8.2 billion USD, up nearly 25% year-on-year. Cumulatively, exports totaled 23.7 billion USD, an 8.23% increase, placing Thai Nguyen sixth nationwide in export scale.
At present, the province boasts 561 OCOP (one commune, one product) products rated from 3 to 5 stars, including 438 three-star, 113 four-star, and 10 five-star products. The economic value of OCOP-rated products has risen by around 20%. In 2025, the province expects to add at least 40 more OCOP products.
In the first nine months of 2025, Thai Nguyen province is estimated to have welcomed approximately 6.36 million visitors (including 6,119,649 domestic and 241,475 international arrivals), with total tourism revenue exceeding 6.488 trillion VND. For the entire year 2025, Thai Nguyen expects to attract around 7.3 million visitors, with total revenue projected to surpass 6.488 trillion VND.
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| Thai Nguyen Province elevates its agricultural product brand with OCOP products. |
According to Government Resolution No. 226/NQ-CP dated August 5, 2025, Thai Nguyen province has been assigned a Gross Regional Domestic Product (GRDP) growth target of 8%. With a strong determination to boost economic development, contribute to the country’s overall growth, and lay the foundation for double-digit expansion in the coming years, Thai Nguyen aims to achieve an economic growth rate of 8.5% or higher in 2025, exceeding the Government’s assigned target by 0.5%.
A “magnet” for investment
Thai Nguyen has long been regarded as a “bright spot” in foreign direct investment (FDI) attraction in Vietnam, particularly among the provinces in the northern midland and mountainous region. Following its administrative consolidation, the province continues to affirm its position as a high-tech industrial hub and an attractive destination for global capital flows.
FDI remains a key driver of Thai Nguyen’s economic growth, with 16 new projects registered at a total investment of 169.8 million USD. The strong confidence of existing investors is evident through 36 expansion projects, adding 192.4 million USD in additional capital. To date, the province has a cumulative total of 232 valid FDI projects, with registered capital exceeding 11.35 billion USD, most of which are located in industrial zones (IZs).
Currently, Thai Nguyen is home to six industrial zones, five of which are operational and have achieved high occupancy rates. Major zones such as Song Cong I, Diem Thuy, Yen Binh, Nam Pho Yen, and Song Cong II have all reported impressive performance. Song Cong I Industrial Zone hosts 23 FDI projects worth 81.84 million USD and 75 domestic projects totaling more than 7,598 billion VND. Diem Thuy Industrial Zone has attracted 82 FDI projects with nearly 875 million USD in investment, while Yen Binh Industrial Zone accommodates 48 FDI projects and 10 domestic projects, contributing significantly to the province’s industrial growth.
According to the 2021–2030 master plan, Thai Nguyen has over 6,000 hectares of land designated for industrial development, with 70% reserved for industrial zones. Notably, in 2025, the province has consecutively approved and commenced several large-scale projects. In early May, the provincial People’s Committee approved the Yen Binh 2 Industrial Zone, covering nearly 300 hectares with a total investment exceeding 3.65 trillion VND. Remarkably, just three months later, the project broke ground — a testament to the province’s determination and efficiency. Earlier, the Yen Binh 3 Industrial Zone, with an investment of more than 4 trillion VND, was also approved and implemented. The formation of Yen Binh 2 and Yen Binh 3 industrial clusters will provide a clean, synchronized, and well-equipped land fund, creating favourable conditions to attract more secondary investors in the near future.
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| Thai Nguyen province: Yen Binh Industrial Zone. (Photo: Thai Nguyen Newspaper) |
According to the Industrial Cluster Development Plan for the 2021–2030 period approved by the Prime Minister, Thai Nguyen Province (after administrative merger) is planned to have 68 industrial clusters (ICs) with a total area of 2,743.47 hectares. To date, 40 out of the 68 clusters have been established, covering a total area of 1,590 hectares with a total registered capital of 16,692 billion VND. Currently, 16 industrial clusters are operational, attracting 97 projects and production facilities, of which 65 are already in operation. The average occupancy rate has reached about 56%, creating jobs for approximately 13,799 workers.
Building on these foundations, Thai Nguyen is redefining its FDI attraction strategy toward selectivity, prioritizing high-tech industries, renewable energy, green manufacturing, digital transformation, and deep processing. The province aims to balance economic growth with environmental protection by developing smart, eco-friendly, and energy-efficient industrial zones. Investor selection is also becoming more stringent, emphasizing financial capacity, advanced technology, and long-term commitment to the locality. In addition, Thai Nguyen seeks to strengthen linkages between FDI enterprises and domestic firms through supply–demand connection programs, technology innovation support, and workforce training. This approach is an important step toward spreading the benefits of FDI across the entire local economy.
The local government has been accelerating administrative reform and digital transformation in investment management while maintaining regular dialogues with businesses to promptly address obstacles. Investment promotion delegations have been organized in countries such as the Republic of Korea, Japan, the United States, and members of the European Union to promote the province’s potential and attract strategic investors.
In 2025, Thai Nguyen aims to attract 90 trillion VND in non-budget investment capital, including approximately 39.3 trillion VND from the FDI sector, primarily focusing on industrial parks (IPs) and industrial clusters (ICs).
Synergizing potential and maximizing advantages
Thai Nguyen is renowned for its Nui Phao polymetallic mine—one of the world’s largest tungsten reserves—invested in by Nui Phao Mining and Processing Co., Ltd., a subsidiary of Masan High-Tech Materials, with total capital exceeding 500 million USD. Covering nearly 152 hectares, the project not only extracts but also deeply processes associated minerals such as fluorspar, bismuth, copper, and gold, playing a strategic role in the global high-tech materials supply chain.
Meanwhile, Bac Kan is also known as a land rich in mineral resources, with valuable metals such as lead, zinc, antimony, copper, and gold. The merger of the two provinces opens up opportunities to connect the value chain of mineral extraction, processing, and consumption, leveraging synchronized infrastructure, a skilled technical workforce, and Thai Nguyen’s existing industrial processing capacity.
According to Deputy Prime Minister Nguyen Chi Dung, Bac Kan and Thai Nguyen share a long history as well as similarities in culture, customs, and traditions. The merger of the two provinces holds special significance — expanding development space, unlocking resources, and linking Thai Nguyen’s dynamic industrial and urban center with Bac Kan’s ecological and cultural potential.
The Deputy Prime Minister also instructed Thai Nguyen to focus on developing key growth pillars, including high-tech industries, clean agriculture, green tourism, the digital economy, and smart industrial zones. At the same time, the province should proactively propose special mechanisms and breakthrough policies to promote the development of the private sector and high-tech enterprises.
In recent years, both domestic and foreign investment flows into the Thai Nguyen–Bac Kan region have grown strongly, particularly in high technology, supporting industries, mining, and deep mineral processing. With the combined strengths of industry and natural resources, Thai Nguyen is expected to make a major breakthrough, becoming a new growth hub in the northern midland and mountainous region and contributing significantly to the country’s industrialization and modernization process.
