Over 14.626 billion VND flowed into Nghe An province in the first three months of 2024.

Attracting investment has yielded impressive results.

The socio-economic report for the first quarter of 2024, recently released by the Nghe An Provincial Statistics Department, shows impressive results in attracting investment. In March alone, Nghe An saw three projects adjust their capital upwards, totaling over 1,424 billion VND. This included the Radiant Opto-Electronics Vietnam Nghe An factory project in the VSIP E-commerce Industrial Park, which increased its capital by 25 million USD, equivalent to 600 billion VND.

In the first three months of the year, Nghe An province granted licenses to 18 new investment projects with a total registered capital of over 12,274 billion VND, more than double the amount compared to the same period in 2023. The province also saw 14 adjustments to its investment plans, resulting in an additional capital increase of over 2,352 billion VND. Therefore, the total newly licensed and adjusted capital in Nghe An province during the first three months of the year was over 14,626 billion VND.

This year, Nghe An aims to continue being in the top 10 localities attracting the most FDI nationwide. 2023 marked the first time that the total foreign direct investment in Nghe An province exceeded US$1.6 billion, ranking it 8th among localities attracting the most foreign investment in the country.

In addition, since the beginning of the year, Nghe An province has directed and urged the acceleration of the implementation of several key infrastructure investment projects in the area. These include the Vinh - Cua Lo connecting road project (phase 2) with a total investment of over 1,415 billion VND, and the Dien Chau - Bai Vot section of the North-South East Expressway construction project (2017-2020) with a total investment of over 11,157 billion VND.

Besides attracting investment, in the first three months of the year, revenue from accommodation and food services in Nghe An province is estimated at over 4,001 billion VND, an increase of more than 50% compared to the same period last year. In addition, revenue from travel and tourism services in Nghe An province in the first three months of the year is estimated at nearly 54 billion VND, an increase of more than 76% compared to the same period in 2023.

According to the General Statistics Office, trade and service activities in Nghe An province during the first three months of the year are on an upward trend, with many stimulus programs, connections, and trade promotion initiatives being implemented. As a result, total retail sales of goods and consumer service revenue increased significantly compared to the same period last year.

Developed infrastructure, attractive to investors.

This year, Nghe An province aims for a GRDP growth rate of 9-10%, which is 1-2 percentage points higher than in 2023. To achieve this goal, from the beginning of the year, the provincial leadership has implemented many decisive and comprehensive plans and solutions.

Currently, the infrastructure of Nghe An province in general, and Vinh city in particular, is developing strongly thanks to the concentration of resources on a series of essential projects such as: the investment project to upgrade and expand Vinh International Airport; the extension of Nguyen Sy Sach road connecting the center of Vinh city with the Lam River embankment. In addition, the Ben Thuy 3 bridge project, with its starting point in Hung Hoa commune, Vinh city, and its end point in Nghi Xuan district (Ha Tinh province), has been included in the list of priority investment projects for the 2021-2030 period, contributing to the completion of the infrastructure and social services system.

Specifically, according to the investment priority list, the Ben Thuy 3 bridge project is included in the group of projects funded by the State budget. The Ben Thuy 3 bridge project is expected to further boost development in the largest urban center of Nghe An province, contributing to expanding trade connections, linking the North Central region, and meeting the travel needs of people in Nghe An and Ha Tinh provinces, while reducing the load on Ben Thuy 1 and 2 bridges.

According to the leaders of the Nghe An Provincial Department of Transport: Ben Thuy 3 Bridge is included in the planning orientation; relevant parties will provide advice, and then determine the capital, auxiliary items, and implementation time. Thus, currently, there are a total of 5 road bridges crossing the Lam River connecting Nghe An and Ha Tinh, including Ben Thuy 1 and 2, Cua Hoi, Yen Xuan, and Hung Duc (part of the Dien Chau - Bai Vot expressway currently under construction).

According to the Statistics Department, socio-economic development, particularly in infrastructure, has made Vinh City more attractive to investors. Furthermore, thanks to the developed transportation infrastructure, real estate projects in Nghe An province, especially in the expanded Vinh City, have become increasingly valuable. The province has seen many large-scale projects that have contributed to changing the local landscape, including the WB's $130 million investment in climate-resilient urban infrastructure in Vinh City and the Eco Central Park mega-project by the founder of Ecopark.

Spanning nearly 200 hectares, Eco Central Park is situated at the intersection of the Lam River waterfront road and the expanding Nguyen Sy Sach Boulevard. The final section of the boulevard is up to 70 meters wide. From this location, residents of Eco Central Park can reach Vinh city center in just 8-20 minutes, accessing hospitals, Vinh International Airport, and the famous Cua Lo tourist area.

According to economic and real estate experts, people are no longer concerned about distance but rather how long the commute takes. With the infrastructure investments mentioned above, travel routes to Eco Central Park are becoming more convenient and easier than ever, promising to create significant shifts in the next 1-2 years and propel Eco Central Park to become the new center of Vinh City.

However, the main factor that has transformed Eco Central Park into a new center in the eastern part of Vinh City is its inherent vitality. This modern urban area has already handed over nearly 300 villas and townhouses almost two months ahead of schedule; and is continuously completing many amenities. The investor is also preparing for a major handover at the end of April, attracting thousands of residents out of the core area and creating a new center in the eastern part of Vinh City.