After seven months, the province’s Index of Industrial Production (IIP) swelled 10.63 per cent on-year.

Industrial production picked up 11.13 per cent, and the economic structure continued to shift towards industry, construction, and trade and services.

Particularly, the processing and manufacturing industry growth surpassed 10 per cent; electricity production and distribution increased by over 12 per cent; water supply, waste and wastewater management and treatment activities increased by nearly 13 per cent.

Production at Hoa Phat Hung Yen Steel Co., Ltd. in Yen My district

Contribution to the province's general IIP mainly came from industries such as drug and pharmaceutics production; the production of prefabricated metal products, electronic items, computers and optical products; and production of motor vehicles, beds, cabinets, tables and chairs, among others.

Also in the first seven months of 2024, the total state budget revenue in the province approximated $919.4 million, equal to 67.2 per cent of the estimate assigned by Hung Yen People's Council.

From June 22 to July 21 alone, Hung Yen saw 178 new business setups with a total registered capital surpassing $108.3 million. In addition, 39 businesses resumed operation during the period.

Up to now, the province is home to 578 foreign-invested projects with a total registered capital approximating $7.6 billion. With 176 projects, Japan is the country with the largest number of projects and investment capital.

Foreign-led projects have contributed to promoting rapid economic restructuring, labour, employment and local budget revenue.

Trinh Van Dien, director of the Department of Planning and Investment of Hung Yen, said that the advantages in geographical location, technical infrastructure, and labour resources have helped the province develop and issue a number of important contents on the investment promotion programme for 2021-2025.

"This helps constantly improve local investment and business environment to become more attractive and transparent, helping to allure large-scale domestic and foreign corporations to Hung Yen," Dien said.

The quality of economic management in the province has improved over time, business support has changed positively, informal costs kept decreasing, market entry procedures have now become more favourable, and administrative procedure reform has achieved many positive results, Dien added.

This is mirrored by the fact that in 2023, Hung Yen continued to improve its ranking on the Provincial Competitiveness Index tally when it ranked 12^th out of 63 localities nationwide, up two places compared to 2022. The province also ranked fourth in the Provincial Green Index in 2023, up 10 places compared to 2022.

According to Tran Quoc Van, Chairman of Hung Yen People's Committee, these results demonstrate the objective and fair assessment of investors and businesses, recognising the efforts of the provincial management at all levels in constantly improving the quality of service provision to individuals and businesses of the provincial leaders.

Urban area in Van Giang district, Hung Yen province

On June 10, the Prime Minister approved Hung Yen’s master planning towards 2030 and with a vision to 2050. By 2030, Hung Yen will develop rapidly and sustainably, becoming a modern industrial locality with an economic scale and development level among the leading groups in the country.

Accordingly, the province’s regional GDP is expected to expand by 9 per cent, per year; regional GDP per capita by 2030 approximately $11,580. The province’s economic structure by 2030 will encompass agriculture and fisheries, which account for 3.6 per cent; industry and construction accounting for 64.1 per cent; and the services sector accounting for 25.4 per cent.

Total social investment capital in the period from 2021-2030 is expected to exceed $29 billion, whereas total export value to approximate $12-13 billion by 2030.

Hung Yen also identifies industry, services, and agriculture as three important pillars. The province steers socioeconomic development leveraging the ‘Two regions, two corridors’ growth model.

As for two driving growth regions, first is the Southern Development Region, which gears towards ​​urban development-science and technology-services-tourism and high-tech applications. This area shall preserve and promote the core values ​​of the ancient Pho Hien culture and the cultural identity of the Red River Delta centre.

Meanwhile, the Northern Development Region is a dynamic urban-industrial development region connected to Hanoi, Noi Bai International Airport, and important national and international economic-urban corridors as well as Lach Huyen seaport in Haiphong city.

Meanwhile, the two economic corridors are the regional industrial-urban corridor associated with National Highway 5 and Hanoi-Haiphong expressway; and the Red River cultural, historical, and ecological corridor that caters to related tourism associated with the Red River.