Hung Yen Province is located in the centre of the Northern key economic region, with developed and synchronous economic and social infrastructure, roads, railways, waterways, and abundant and experienced labour forces; therefore, the locality has the potential and strength to develop into a modern industrial province, with sustainable development.
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Production activities at TOTO Vietnam Co., Ltd. - Hung Yen branch, at Thang Long II Industrial Park.
Promoting potential and advantages
Hung Yen Province has an area of more than 930.2 km2, and the province's economy has been always growing high and stable. In 2022, Hung Yen’s economic growth reached 12.84% and the economic scale reached 131.46 trillion VND. The total product per capita was 102 million VND per person per year. The economic structure has shifted in a positive direction, the industrial and construction sectors increased to 63.7%, while the agricultural industry decreased to 7.55%.
Hung Yen Province has a system of important road traffic routes including National Highways 5A, 39A, 38 and 38B, Provincial Roads 200, 207, 208 and 199, especially the Hanoi - Hai Phong Expressway, the road connecting the Hanoi - Hai Phong Expressway with the Cau Gie – Ninh Binh Expressway and many traffic routes being implemented. In addition, the province also has the Hanoi - Hai Duong - Hai Phong railway, which connects Hung Yen with northern provinces such as Hanoi, Hai Phong and Quang Ninh. Hung Yen Province has both the Red River and Luoc River passing through and is located near seaports such as Hai Phong and Quang Ninh, and Noi Bai International Airport, creating a convenient transportation network for goods exchange and travel between Hung Yen and other economic centres, large urban areas and neighbouring localities.
To promote the potential and advantages towards creating a breakthrough development, in recent years, Hung Yen Province has always paid attention to planning and investment into building infrastructure for industrial zones and clusters and attracting investment. From 2021 to June 2023, the Prime Minister approved Hung Yen Province’s direction of investment in six more industrial parks and the addition of two industrial parks, to the Planning of Vietnam’s industrial parks, bringing the total number of industrial parks in the province to 17, with an area of more than 4,395 hectares. Among them, six industrial parks have been put into operation and are ready to receive investment projects; three industrial parks have been constructed, including the expanded Thang Long II Industrial Park, Industrial Park No. 5, Sach (Clean) Industrial Park; and eight industrial parks being implemented.
Hung Yen Province has decided to establish 26 industrial clusters, with a total area of 1,256 hectares and total registered investment capital of 12.409 trillion VND; has started construction of 3 industrial clusters and is focusing on site clearance for 8 industrial clusters; and is implementing infrastructure investment procedures for other industrial clusters.
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Pho Noi A Industrial Park in Hung Yen Province
The Province has effectively carried out the industrial and handicraft development programme for the 2021-2025 period. The mobilisation of resources for development investment to achieve positive results. Since the beginning of the tenure until now, Hung Yen Province has attracted 188 new investment projects, 146 domestic projects and 42 foreign investment projects, with a total registered investment capital of nearly 85 trillion VND and over 800 million USD. Hung Yen Province adjusted to increase capital for 130 projects, with an additional capital of 4,231 billion VND and 236 million USD, bringing the total number of valid projects in the province to date to 2,157 domestic and foreign investment projects, with a total registered capital of over 317 trillion VND and over 6.5 billion USD. There are 35 more projects in operation, bringing the total number of projects into operation to 1,470 projects. On an annual average, there are over 800 newly established enterprises, with a registered capital of over 19 trillion VND, bringing the total number of enterprises to 15,658 enterprises, with a total registered capital of over 192 trillion VND.
Speaking about FDI enterprises that have been investing in industrial parks in Hung Yen Province, Hiroyoshi Masuoka, General Director of Thang Long II Industrial Park Co., Ltd. said, Thang Long II industrial park is located in an area of 345.2 hectares. To date, the industrial park has built synchronous technical infrastructure and has received over 80 foreign investment projects, with a total registered investment capital of more than 3 billion USD.
He also noted that after completing the investment in Phase 1 and Phase 2, Thang Long Industrial Park II continued to be approved by the Prime Minister for expansion by 180.5 hectares, increasing the total area of the industrial park to 525.7 hectares. This is a condition for the industrial park to attract FDI investors, especially Japanese enterprises.
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Leaders of Hung Yen Province grants Investment Certificate to Japanese enterprises.
Continuing to create favourable conditions for investment attraction
Assessing the potential to attract investment, Chairman of Hung Yen Provincial People's Committee Tran Quoc Van stressed that Hung Yen Province has a favourable geographical location, developed infrastructure, convenient transportation, and available resources, as well as always creates a favourable investment and business environment for domestic and foreign investors to invest in the province, especially foreign investors. To date, the total number of foreign investment projects in Hung Yen Province is 516 projects, with a total registered investment capital of about 6.5 billion USD by foreign investors, from many other countries and territories. The locality is creating all conditions for investors to implement investment projects, especially large corporations researching and investing in areas of strengths, competitive advantages and needs for the development of Hung Yen Province, such as the processing and manufacturing industry, clean energy, renewable energy, digital government, digital economy, digital society, infrastructure, smart urban areas, modern agriculture, industrial parks, logistics infrastructure, finance and banking.
To attract domestic and foreign investors, in the near future, Hung Yen Province continues to promote administrative reform and improve provincial competitiveness; enhance openness and transparency in policies and planning; create favourable conditions for businesses and investors to have equal access to information, business, investment and land opportunities; and reduce intermediary costs, transaction costs and informal costs for businesses. The provincial authorities commit to regularly contact and dialogue with businesses, to promptly grasp and handle difficulties and problems and support them; strengthen investment and trade promotion activities; promote business potential and opportunities; and build the brand and image of Hung Yen Province domestically and internationally. The implementation progress of infrastructure investment projects of industrial parks and clusters that have been established and approved has been accelerated. The province strives to put all 17 industrial parks into operation by 2025, with about 2,000 hectares of clean land ready for lease. By 2030, Hung Yen will have 21 industrial parks with an area of 5,000 hectares and by 2050, there will be 33 industrial parks with an area of about 12,000 hectares, becoming a modern industrial province with sustainable development.