Nghe An attracts 147 FDI projects with capital of nearly 4.9 billion USD
From January 2021 to present, Nghe An has granted investment policies/registration certificates to 53 FDI projects with a total capital of VND 54,087 billion, equivalent to USD 2.3 billion in the Southeast Economic Zone, bringing the number of FDI projects in the province to 147.
Exceeding the term target in attracting investment
According to the report, by November 2024, the province had 147 FDI projects with a registered capital of 4.873 billion USD (of which 49 projects/334.64 million USD were outside, and 95 FDI projects were in economic zones and industrial parks with a total capital of 4.539 billion USD) from 14 countries and territories.
The Southeast Economic Zone (EZ) and industrial parks of Nghe An province have 318 valid projects, with a total registered investment capital of VND164,805 billion; of which there are 223 domestic projects and 95 FDI projects. FDI capital in Nghe An economic zones and industrial parks reached VND105,786.6 billion, equivalent to USD4.539 billion.
In the 3-year period from 2021 to present, the Southeast Economic Zone has attracted 53 FDI projects, with a total capital equivalent to 2.3 billion USD into economic zones, the most brilliant period in attracting FDI investment ever in Nghe An.
With the presence of large corporations and large investment capital, Nghe An is in the top 10 in attracting FDI in 2022 and 2023. And 2024 will also achieve many more achievements - an outstanding achievement so far.
Currently, the top 6 technology giants Foxconn, Luxshare, Goertek, Everwin and Juteng, Sunny Group have "poured" more than 1.5 billion USD into the province, expected to create more than 86,000 jobs. These figures show that Nghe An has become a "bright spot" in attracting FDI capital in the country.
Notably, large investors came in and then continued to call for more partners, in addition to increasing investment capital. There were 53 projects adjusting their capital to increase by 34,840.1 billion VND (30 FDI projects adjusting their capital to increase by 33,230.5 billion VND, equivalent to 1.409 billion USD). The total newly registered and adjusted investment capital in this period reached 104,731 billion VND, of which FDI capital reached 3.712 billion USD.
Comparing the FDI attraction target for the period 2021-2025, attracting foreign direct investment (FDI) into Nghe An is about 3 - 3.5 billion USD, then by November 2024, Dong Nam Economic Zone has attracted 3.712 billion USD of FDI capital (exceeding the FDI attraction target of the whole province by 2025).
Currently, the infrastructure construction area in VSIP, WHA phase 1, Hoang Mai 1 Industrial Parks has basically been filled. Tho Loc phase 1 Industrial Park, Hoang Mai II Industrial Park are urgently clearing and handing over the land to the industrial park infrastructure investors, at the same time completing essential technical infrastructure to ensure conditions for attracting investment.
Carpet laying
On December 14, 2021, the Provincial Party Committee issued Resolution No. 05-NQ/TU on promoting administrative reform in Nghe An province for the period 2021-2030.
The goal is to create a breakthrough in administrative reform, focusing on reforming administrative procedures; improving the quality of public services; building a team of professional, capable and qualified cadres, civil servants and public employees; building and developing e-government and digital government; moving towards a democratic, professional and gradually modern administration. Nghe An focuses on evaluating and classifying leaders, cadres, civil servants and public employees in conjunction with the results of administrative reform implementation. Every month, based on the results of work assignment, evaluate "clear people" and "clear work".
Nghe An has newly established 3 industrial parks with a total area of 1,099.56 hectares including: Hoang Mai I Industrial Park, Tho Loc Industrial Park Phase 1 with a scale of 500 hectares and Hoang Mai II Industrial Park with a scale of 334.79 hectares. In addition, VSIP Industrial Park, WHA Nghe An I continues to be filled.
Secretary of the Provincial Party Committee Nguyen Duc Trung, when he was Chairman of the Provincial People's Committee, once pledged: "Nghe An is ready to innovate, reform, and substantially improve the investment environment". Accordingly, investment procedures in economic zones and industrial parks will follow the direction of "One-stop shop", "One focal point". Nghe An is ready to create the best conditions for investors".
With a determined spirit, Nghe An province has focused on attracting quality, targeted investment, public planning, concentrating on removing difficulties for large projects, accelerating the infrastructure progress of large industrial parks, promoting investment in transport infrastructure, seaports, highways, removing difficulties for transportation, public administrative services, and doing a good job of investment promotion with countries, ministries, branches, organizations and enterprises.
The Provincial Party Committee, Provincial People's Committee, and Provincial Investment, Trade and Tourism Promotion Center organized delegations to promote investment in Japan, India, Thailand, South Korea, Russia... with results beyond expectations.
The Southeast Economic Zone Management Board, the focal agency for licensing investment attraction projects in industrial parks and economic zones, has regularly coordinated with the Foreign Investment Agency and the Ministry of Planning and Investment to organize annual investment promotion activities such as: Organizing an investment connection conference with enterprises of the Taiwan Electromechanical and Electronics Association (China) in Nghe An province at the Ministry of Planning and Investment and in Nghe An province; attending investment connection seminars between Chinese, Singaporean and Japanese business associations organized and chaired by the Foreign Investment Agency (2023); organizing an investment promotion delegation of Nghe An province.
Mr. Le Tien Tri - Head of the Southeast Economic Zone Management Board said: The Board has supported infrastructure investors VSIP, WHA, Hoang Thinh Dat to connect and work with large corporations to learn about investment in the Southeast Economic Zone, such as Foxconn Group, Compal Group, Runergy Group, Thien Nang, Sunny, Shandong, Luxshare, WHA, Runergy Group, Best Pacific Group (China), US-Link Company (USA), HB Group (Korea),... In addition, the provincial leadership staff presided over and coordinated with relevant departments and branches to receive and work with senior leaders of large corporations such as: DSBJ Group (China), Thien Nang Group (China), Runergy (China), Shandong Innovation (China), Eppen Ningxia Biotechnology Company (China), Radiant Opto Electronic (Taiwan), Hainan Drinda New Energy Technology Company (China), and a US business delegation to learn about investment in the province.
Through promotion work, investors highly appreciated the innovation and service style of all levels, sectors and authorities of Nghe An province.
Up to now, the number of workers currently working in the economic zones and industrial parks in Nghe An is more than 40,000 people, with an average income of 8,086,960 VND/person/month.
Promote some key projects
In addition to the key infrastructure projects being implemented to increasingly connect and create the best conditions for investors, such as Cua Lo deep-water port, coastal road, upgrading Vinh airport, Nghe An is continuing to invest in the WHA Industrial Zone 2 Industrial Park project; Quynh Lap LNG power project, Tho Loc Industrial Park project (Area B), Nghia Dan Industrial Park project, researching and establishing a project for the North Central region's Innovation and Startup Center...
Regarding the Quynh Lap LNG Power Project, we are currently coordinating with the Department of Industry and Trade to work directly with the Ministry of Industry and Trade on the proposal to cancel the investment policy of the Quynh Lap I and Quynh Lap II coal-fired thermal power plant projects at the request of the Provincial People's Committee and notify Conclusion No. 643/TBKL-UBND dated August 15, 2024 of the Standing Vice Chairman of the Provincial People's Committee Le Hong Vinh.
Nghe An is also carrying out procedures for: Radiant Opto-Electronics Vietnam Nghe An Factory Project (145 million USD); Everwin Precision Technology Factory Project (Nghe An) (115 million USD); Sunny Automotive Optics Vina New Facility Investment Project (150 million USD).
In addition, construction is underway on: Fu Wing Interconnect Technology Co., Ltd. (Nghe An) Project (200 million USD); Ju Teng Electronic Product and Auto Parts Factory Investment Project (200 million USD); Luxshare - ICT (Nghe An) 2 Project (150 million USD); Innovation Precision Vietnam Co., Ltd. Project (165 million USD); Factory manufacturing electronic products, network equipment and multimedia audio products - Goertek 2 (175 million USD).
Currently, the following projects have come into operation: Luxshare - ICT Nghe An Project (140 million USD); Goertek Electronic Products, Network Equipment and Multimedia Audio Products Manufacturing Factory Project (325 million USD); Runergy Monocrystalline Silicon Bar and Semiconductor Disc Manufacturing Factory Project (440 million USD); Everwin Precision Technology Company Limited (Vietnam) Project (194.68 million USD); Tan Viet Metal Science and Technology Factory Project (125.2 million USD).
Nghe An industrial parks and economic zones are like a bustling factory construction site after the first wave of investment trends. The most important things to do here are to create favorable conditions for the labor market, favorable electricity, water supply, logistics, housing for workers, and related infrastructure to serve investors and businesses.
