A series of FDI projects worth hundreds of millions of USD in Nghe An are about to go into production.
According to information from the People's Committee of Nghe An province, in the fourth quarter of 2024, a series of FDI projects expected to come into operation will boost industrial production growth, which is on the path to strong recovery.
Including the Everwin Precision Vietnam Electronic Components Factory Phase 1 with 270 million products/year. This is a project invested by Everwin Precision Vietnam Technology Co., Ltd. specializing in manufacturing electronic components, communication equipment and consumer electronics products in VSIP Nghe An 1 Industrial Park, with a total investment of about 400 million USD, of which phase 1 is 200 million USD.
The Juteng electronic components and auto parts factory of Juteng Group, invested in phase I with 200 million USD in Hoang Mai Industrial Park I, is also expected to go into operation and produce 32 million products/year.
Sunny Automotive Optics Vina project of Sunny Group in WHA Industrial Zone 1 - Nghe An specializes in manufacturing, processing optical components, assembling camera modules, mobile phone cameras, car cameras and other electronic devices, with a capacity of 60 million products/year, with a total investment of 150 million USD will also come into operation.
In addition, a series of projects by Luxvisions Innovation Science and Technology Company Limited (Nghe An) producing camera clusters; Kersen Technology Company Limited; JTEC Nghe An Company Limited producing 417,734 car cable sets/year are also expected to officially operate.
The coming into production of large FDI projects is expected to continue to promote industrial production in Nghe An province, especially in the processing and manufacturing sector.
In 2024, according to the Provincial People's Committee: Industrial production will recover strongly and be the main growth driver. The Industrial Production Index (IIP) is estimated to increase by 11.5% compared to 2023, of which the processing and manufacturing industry will increase by 16%.
Increased production has boosted Nghe An's export turnover this year to an estimated 3.207 billion USD, up 31.2% compared to 2023, exceeding the plan by 16.6%. This is the first year that Nghe An's export turnover has exceeded the 3 billion USD mark.
Some items have "skyrocketing" export turnover growth, typically: Electronic equipment and components increased by 84.4%; electric wires and cables increased by 74.5%; shoes and sandals of all kinds increased by 88.1%...
Nghe An enterprises have exported goods to over 142 countries and territories. Export turnover to some markets increased sharply compared to the same period such as: Singapore increased by 111.5%; Hong Kong increased by 87.5%; Taiwan increased by 68.4%; Japan increased by 28.8%; South Korea increased by 16.7%; Germany increased by 47.7%,...
The high increase in goods export turnover has significantly contributed to bringing Nghe An's total export turnover this year to about 3.7 billion USD, exceeding the target set by the Provincial People's Council of 3 billion USD.
Industrial production has become a strong driving force for growth. This year, Nghe An's growth is estimated at 9.01%, with the industrial sector alone increasing by 17%.
Forecast in 2025,Nghe An's export turnover, including electronic equipment and components, will continue to increase as a series of projects come into operation.
Nghe An Provincial People's Committee recently requested relevant agencies to focus on supporting to speed up progress, soon put registered investment projects, especially FDI projects in economic zones and industrial parks into operation in 2025 such as: Sunny Automotive Optics Vina new facility investment project; Xinfeng Technology Vietnam factory; Gaojia Optics Technology Vietnam factory; All Top Industrial electronic components manufacturing, Luxshare - ICT 2 project; Luxvisions Innovation Nghe An factory, TopGoal Vietnam electronics manufacturing.
Nghe An is restructuring its industrial sector, developing supporting industries, especially in the production of electronic components, accessories, auto parts, and construction materials using new technology; diversifying clean energy, renewable energy, and new energy sources such as hydrogen fuel cells, LNG, wind power, solar power, and biomass power.
The province also focuses on developing the processing industry associated with planning raw material areas and high-tech agricultural models, attracting many small and medium-sized enterprises to invest, especially in the fields of medicinal material production, MDF board production, finger jointed boards, and bamboo; continuing to implement investment procedures for the Forestry Processing Zone associated with the High-tech Forestry Zone in the North Central region in Nghe An.
