Thai Nguyen - The 'promised land' for investors
Thai Nguyen has all the necessary elements to meet the requirements of investors, even the most demanding ones. Orientations and solutions related to industrial development and investment attraction are expected to greatly contribute to the province’s competitiveness and investment environment, creating more opportunities for the province to attract more and more investors.
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| A view of Thai Nguyen city. (Photo: Thai Nguyen Newspaper) |
Located about 50 km or a 45-minute-drive from Noi Bai International airport, and 160 km from Hai Phong port, Thai Nguyen is an important traffic junction. It has a system of roads, railways, and rivers connecting with other provinces and cities in the area. Thai Nguyen is considered to be one of the most developed economic regions in the country because of its enormous potential, inlcuding important geographical location, synchronous transportation and infrastructure system.
Focused and drastic direction
Thanks to its active administrative reform, preferential investment policies, and commitment to creating favorable conditions for investors, Thai Nguyen is currently among the top provinces in the North in terms of attracting the most FDI. The province’s socio-economic situation in the first 10 months of 2023 continues to develop strongly despite many difficulties and challenges, both domestically and internationally.
With the concentrated and drastic direction of the Provincial Party Committee, People’s Council, and People’s Committee, together with the solidarity, consensus, and efforts of the entire political system, and the unity of the people and the business community, Thai Nguyen has witnessed improvement in socio-economic status and social security.
In the first 9 months of 2023, the province’s GRDP growth rate is estimated to reach 4.35%, higher than the national average of 4.24%. Of which, the agriculture, forestry and fisheries sector witnessed an increase of 3.83%, the industrial and construction sector increased by 2.85%, the service sector increased by 7.96%, the taxes less subsidies on products increased by 3.47%.
Thai Nguyen’s export value in the 10 months of 2023 is estimated at 22.57 billion USD, about 84.8% over the same period, equal to 64.5% of its annual plan. Of which, its locally-managed export turnover is estimated at 613.5 million USD, up 1.3% over the same period. State budget revenue is estimated at 13,283 billion VND, equal to 87.9% over the same period, reaching 67.9% compared to the estimate assigned by the Ministry of Finance, reaching 66.4% compared to the estimate assigned by the Provincial People’s Council. Total investment capital for social development in 9 months reached 42.9 trillion VND, up 8.2% over the same period.
According to Thai Nguyen provincial master planning for 2021-2030, with a vision to 2050, the province will build 11 industrial parks. Currently, Thai Nguyen has 5 operating industrial parks. 2 IPs have had their general planning and subdivision planning approved by the Provincial People’s Committee and are beginning to attract and select investors. The Provincial People’s Council passed a Resolution on the task of preparing general planning and subdivision planning for 4 industrial parks. Currently, the Management Board of Industrial Parks is taking steps to prepare projects and zoning plans.
Regarding attracting FDI investment, in the first 10 months of 2023, the province recorded a total of 31 new FDI projects and 209.9 million USD in terms of registered capital. Additionally, 10 projects registered to adjust investment capital with a total additional capital of 19.53 million USD. Accumulated to date, the province has 201 valid FDI projects, with a total investment of nearly 10.58 billion USD.
Create space to attract investment
Grasping its potential and advantages of being adjacent to the capital, with convenient infrastructure and traffic connections, Thai Nguyen province has recently made efforts to proactively deploy the construction of modern industrial parks to welcome investors.
Typically, the 400-hectare Yen Binh I Industrial Park, located right next to the Hanoi-Thai Nguyen highway. With synchronous infrastructure including transportation, water supply, drainage, wastewater treatment, and modern information technology, Yen Binh I Industrial Park has become a destination for the world’s leading technology corporations. In 2013, Samsung Group invested in Yen Binh I Industrial Park with an initial capital of 2 billion USD. After one year, they increased it to 3 billion USD and they have continously expanding. Now, it is estimated that Samsung has invested more than 7.5 billion USD, producing a huge amount of export goods. Samsung’s investment in Yen Binh Industrial Park I has attracted supporting businesses, suppliers. Tier 1 suppliers not only fill this industrial park but also invest in other industrial parks in the province.
Resolution of the 20th Provincial Party Congress for the 2020-2025 term determines that by 2030, Thai Nguyen will become one of the modern industrial economic centers of the Northern midlands and mountainous regions and the Hanoi capital region. To realize this goal, the province determined that transport infrastructure being one step ahead is the foundation for industrial development in the next stage.
Currently, the province is working on its parts of Ring Road 5 in Hanoi Capital Region, with a width of four to six lanes. In which, the Yen Binh intersection connecting with Hanoi-Thai Nguyen expressway with National Highway 37 in Phu Binh district has been completed, and the National Highway 37 connecting with Bac Giang province is underway.
The Thai Nguyen-Bac Giang-Vinh Phuc inter-regional route is another key transportation project, with an investment capital of more than 4,200 billion VND. The project is well underway and rapidly implemented. It is expected that, in the next year, the two key connected roads will be put into use, creating space to attract investment for Thai Nguyen to develop industry, urban areas, and services, especially processing and manufacturing industries.
On that basis, in the coming time, the province will make new investments and expansion on a total of 12 industrial parks, increasing the total land area of IPs to 4,245 hectares, three times larger than today, and more than 40 industrial clusters with an area of about 2,000 hectares.
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| Nui Coc Lake in Dai Tu district, Thai Nguyen province. (Photo: VNA) |
Recently, the province has came up with numerous solutions to improve the investment and business environment and enhance the provincial competitiveness index; boost the quality and efficiency of foreign investment cooperation; ensure security in industrial zones; mobilize resources to build socio-economic infrastructure to attract investment, with a focus on transportation and synchronized infrastructure of industrial parks and industrial clusters.
To achieve these results, Thai Nguyen province has increased efforts to implement single-window mechanism in handling administrative procedures at 208, administrative agencies in the province, including 19 out of 20 departments, branches and agencies (except the Provincial Inspectorate), all 9 district-level People’s Committees and 177 communes, wards and towns. The provincial leaders have actively assigned specific tasks to departments, branches and agencies to support investors as much as possible and guide them through investment opportunities in the province. They also have report back periodically to see if investors face any difficulties or problems and try to solve them as quickly as possible.
Through meetings, both online and offline, Thai Nguyen records and promptly handles investors’ proposals and recommendations during the implementation of projects. Thanks to that, mutltiple investors have increased investment capital and expanded production scale to their FDI projects after going into production.
Notably, Thai Nguyen is also emerging as a promised land for investors with its specific preferential policies. The province will support training and retraining costs for workers. This is an unique mechanism of Thai Nguyen. The provincial leaders are all young, dynamic, proactive and they are go-getters… Enthusiasm, determination and unity in direction and administration have created a tectonic government, making many breakthrough decisions.
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