(VOVWORLD) - As of September, Hung Yen attracted 114 new investment projects, 48 more than last year. New capital totaled 1.7 billion USD, the most ever. 600 FDI projects have a total registered capital of 7.6 billion USD, making Hung Yen a bright spot in FDI.
 Thang Long Industrial Park II in Hung Yen has attracted almost 100 FDI projects. (Photo credit: Hung Yen provincial Party Committee) |
Hung Yen has 17 industrial parks covering 4,300 hectares, 10 of them already in operation. Fully equipped with modern technical infrastructure and prime locations, the industrial parks have great advantages in attracting FDI projects.
Foreign investment projects in Hung Yen cover multiple industries. High-tech projects with large capital investment include ToTo Vietnam Company’s total registered capital of 403 million USD, Nippon Mektron group’s 300 million USD, Kyocera group’s 264 million USD, and Hoya group’s 214 million USD.
In recent years, Hung Yen has invested heavily in transport infrastructure like Ring Road 4 connecting Hung Yen with Hanoi and Bac Ninh, and a road connecting the Hanoi-Hai Phong Expressway with the Cau Gie-Ninh Binh Expressway.
Tran Quoc Van, Chairman of the provincial People's Committee, said Hung Yen has built a business-friendly environment and streamlined administrative procedures for investors.
“We’ve improved transparency, reduced informal costs, and provided human resource training and legal support for businesses. This has shortened the time for new businesses to enter the market,” said Van.
 Tran Quoc Van, Deputy Secretary of the Provincial Party Committee and Chairman of the People's Committee of Hung Yen (Photo: Ngo Tran/VTC News) |
Investors have praised Hung Yen’s efforts to improve its investment environment. Republic of Korea’s Shinhwa Contech Hung Yen says it took a very short time for the company to get an investment certificate, build a factory, and put it into operation.
Ha Young Soo, Director General of the Shinhwa Contech Hung Yen Company, expressed the deep gratitude to the provincial Chairman, relevant departments and agencies, and the Industrial Park management board for their support for his company.
“Our factory in Hung Yen will initially manufacture spare automobile parts in a workshop and will later expand the scale and build more workshops to make the most of Hung Yen’s favorable location,” said Ha Young Soo.
Thanks to improvements in its investment environment, Hung Yen has achieved good results in attracting investment to maintain the province’s economic growth. Hung Yen ranked 12th of 63 provinces and cities in Vietnam’s 2023 Provincial Competitiveness Index (PCI), up two places from the previous year. Hung Yen ranked 4th of 63 provinces in the 2023 Provincial Green Index, up 10 places. It has also significantly improved its Public Administration Reform Index and Satisfaction Index of people and organizations.
In the future, Hung Yen will focus on innovation, improving the efficiency of investment attraction, prioritizing high-tech, environment-friendly, high-value-added industries, and increasing industrial parks’ profitability and occupancy rate.
Hung Yen will comprehensively develop industrial parks to increase their national and global competitiveness, form large-scale industry clusters, and speed up the construction of infrastructure for industrial parks that the Prime Minister has decided to invest in.
Under its provincial development strategic orientation until 2030 with a vision to 2045, Hung Yen will become a major industrial center by fully tapping its potential and strengths and improving its business environment to become an even more attractive investment destination.