The investment approvals were announced at a Friday conference to unveil the revised provincial master plan for the 2021-2030 period with a vision to 2050, and promote investment in the locality in 2026.

Social housing leads new investment pipeline

Three social housing projects, with combined investment of more than VND7.29 trillion ($277.38 million), represent the largest share of the newly approved investments.

Construction and real estate developer Entiz Construction Investment Group received a nod for a VND2.14 trillion ($81.43 million) social housing project for low-income residents and industrial workers in the Nam Cam Industrial Park.

The company was also approved to develop a VND3.54 trillion social housing apartment complex in Vinh Phu and Vinh Loc wards.

Meanwhile, Kim Thi Real Estate JSC will invest VND1.61 trillion ($61.26 million) in another social housing development in Vinh Phu ward.

Beyond housing, Nghe An gave the greenlights to several projects across industrial infrastructure, tourism, energy, and urban development.

A consortium of Pacific Group JSC and Japan Construction Management JSC received in-principle approval to develop infrastructure for Zone B of Tho Loc Industrial Park, with total investment of VND2.14 trillion ($81.43 million).

In the high-tech agriculture sector, Vietnam Rubber Industrial Zone and Urban Development JSC will pour VND400 billion ($15.22 million) into a high-tech forestry seed production center in Phuc Loc commune.

The remaining include a VND160 billion ($6.09 million) mixed-use commercial and services complex in Van Hien commune, developed by Dung Hong Gold & Silver Co.; the VND2.15 trillion ($81.8 million) La Brise resort in Tan Mai ward by Sunwin Co., Ltd.; a VND1.68 trillion ($63.92 million) upgrade of the Hung Dong-Nghi Son 220kV transmission line from a single-circuit to a double-circuit system by National Power Transmission Corporation (EVNNPT); and a VND930 billion ($35.39 million) urban area west of Tan Ky commune, to be developed by MST Investment JSC.

In addition to the nine above projects, provincial authorities granted investment registration certificates to four projects and signed 12 memoranda of understanding with investors.

Combined, the 25 projects and investment agreements announced at the conference represent total committed capital of approximately VND110.45 trillion ($4.2 billion).

According to the provincial People's Committee, in July alone, Nghe An licensed 10 new investment projects while adjusting eight existing projects, with newly registered and additional capital totaling VND1.29 trillion ($49.08 million).

During the same month, 224 new enterprises were established with combined registered capital of VND1.61 trillion ($61.26 million).

Addressing the conference, Deputy Prime Minister Le Tien Chau said Nghe An possesses the conditions to become one of the key growth engines of Vietnam's north-central region.

He said the revised provincial master plan has defined a development spatial structure comprising one driving center, two growth poles, three spatial zones, four development pillars, five economic corridors, and six dynamic urban zones.

Chau urged provincial authorities to quickly translate the revised master plan into concrete action programs, effectively use resources, harness the human element and culture of the Nghe region as endogenous resources, promote green and sustainable development, and strengthen project oversight.

"The true measure of investment promotion is not the amount of registered capital, but the volume of capital actually disbursed, project implementation progress, efficient land use, technology transfer, and the economic spillover generated for local communities," the Deputy PM said.

He also instructed provincial authorities to assign a single agency to oversee each approved project, conduct monthly and quarterly implementation reviews, and promptly address long-delayed projects that could hinder the province's long-term development strategy.