Thanh Hoa's growth potential

(VOVWORLD) - Thanh Hoa province, 150 km south of Hanoi, has competitive advantages and an edge in attracting investment that make it one of the keys to Vietnam’s economic growth.
Thanh Hoa's growth potential - ảnh 1(Photo: 

The province has a well-developed transportation network that includes railways, roadways, waterways, and airways. Tho Xuan airport plans to become an important international airport and an alternative to Hanoi’s Noi Bai airport. The Nghi Son deep-water port is capable of receiving vessels up to 100,000 tons and loading or offloading 80 million tons of goods per day. The port is expected to become a major logistics hub for the region. Trinh The Dung, Deputy Director General of the Nghi Son Iron and Steel Corporation, said: "Investment in the seaport will serve the Nghi Son Iron and Steel Corporation and the entire Nghi Son Economic Zone. These days, the seaport has been receiving a growing number of vessels and more goods every year."

Thanh Hoa’s mountains, plains, and coastal areas offer favorable conditions for the development of multiple economic sectors. The Nghi Son Economic Zone, which covers more than 100,000 hectares and has a modern technical infrastructure, is one of Vietnam’s eight key coastal economic zones. Thanh Hoa also has eight Industrial Zones which offer conditions for the development of industry, high-tech agriculture, trade, and services.

In its development strategy until 2030, the province intends to boost local growth on a foundation of processing and manufacturing, tourism, modern health care, and aggressive investment attraction. A number of measures have been implemented to improve the local business environment and promote investment.

Economist Pham Chi Lan says Thanh Hoa province is the target of many big Vietnamese and foreign investors: "In addition to a modern infrastructure, Thanh Hoa province has a favorable location near Hanoi and Hai Phong, the two economic engines of the north. Thanh Hoa’s influence spreads throughout the northern region, not just the north-central region. Increased Japanese investment in Thanh Hoa province shows the province has a strong potential for future development."

The Party Politburo’s recent resolution on Thanh Hoa’s development until 2030 with a vision to 2045 has created an opportunity to eliminate barriers, mobilize internal and external resources, achieve breakthrough growth, and –with Hanoi, Hai Phong, and Quang Ninh – build an economic quadrangle in northern Vietnam.