Production activities at Hoa Phat StNDOeel Co., Ltd., Hung Yen Province.

Positive results

In recent years, Hung Yen has risen as a standout destination on Viet Nam’s investment map. This transformation has been driven by the province’s determination to reform its investment environment, proactive public governance, strategic planning, and synchronised infrastructure development.

These improvements are clearly reflected in Hung Yen’s 2024 Provincial Competitiveness Index (PCI), which reached 70.18 points, ranking 10th out of 63 provinces and cities—up two places from 2023. Notable component scores include market entry at 7.48 points, land access at 7.17, transparency at 6.26, time costs at 7.90, fair competition at 6.24, proactivity of local government at 6.87, and business support policies at 7.13.

According to Deputy Director of Hung Yen Provincial Department of Finance Vu Ngoc Bao, one key factor has been the province’s focus on enhancing transparency and administrative dynamism—particularly in facilitating land clearance and site handover for investment projects.

Thanks to these efforts, in the first five months of 2025, Hung Yen attracted 56 new investment projects, seven more than the same period in 2024. These included 34 domestic projects with a total registered capital of over 42 trillion VND and 22 foreign-invested projects with more than 135 million USD in registered capital. Additionally, 54 existing projects received capital increases totaling 8.505 trillion VND and more than 107 million USD. To date, the province has 2,411 valid investment projects, including 1,777 domestic projects with a total registered capital of over 420 trillion VND and 634 foreign-invested projects with a combined capital of more than 8.7 billion USD.

Notably, Hung Yen has attracted several large-scale and high-tech investment projects, such as the production of polarising film for smartphones and automobiles by Nitto Viet Nam Co., Ltd.; high-speed fiber optic cable manufacturing by Molex Viet Nam Co., Ltd.; and the production of various RFID labels by Arizon Viet Nam Technology Co., Ltd.

Han Jongdeok, General Director of VTK Hung Yen Industrial Park Investment and Development Co., Ltd., remarked that what reassures investors the most is the province’s genuine commitment and partnership. Authorities actively listen to and resolve issues, especially by simplifying administrative procedures, which helps businesses feel secure in their operations.

Creating new investment appeal

Hung Yen’s vision for industrial development is clearly defined in its master plan to 2030 with a vision to 2050, as approved by the Prime Minister. The province is home to 35 industrial parks (IPs) spanning more than 12,000 hectares. Of these, 12 IPs covering 3,123 hectares have been officially established, and 10 IPs (2,773 hectares) are already operational and receiving secondary investment projects. To date, approximately 2,745 hectares have been cleared, with the State leasing out around 2,650 hectares.

Vu Quoc Nghi, Director of the Hung Yen Industrial Park Management Board, noted that the province has actively promoted administrative reform and digital transformation, especially through comprehensive online public services, making it easier for investors to access and complete administrative procedures.

To maintain long-term appeal and foster breakthroughs in investment attraction, Hung Yen is determined to act decisively and consistently across multiple areas. Priorities include strengthening administrative discipline, diversifying funding sources, and investing in the construction, renovation, and upgrading of economic and social infrastructure in a modern and integrated manner. In the short term, the focus is on completing transportation networks that connect provinces, cities, and key economic regions to facilitate travel, logistics, and interregional trade.

The province is also working to improve power transmission systems, water supply, telecommunications, waste and wastewater treatment, as well as infrastructure in industrial zones, clusters, and social housing. Efforts are being made to encourage the growth of business support services, such as legal consulting, corporate governance, and market expansion.

Additionally, Hung Yen is actively implementing the National Digital Transformation Programme to 2025, with a vision to 2030, in tandem with the development of e-government, towards digital government, digital economy, and digital society. The province is enhancing the quality of level-4 online public services integrated into the National Public Service Portal and is supporting and encouraging innovative start-ups.

Hung Yen is also reviewing and proposing amendments, supplements, and new regulations—especially in areas such as land use, site clearance, technological innovation support, and brand building. The province aims to foster the development of various markets, particularly those for goods, labour, finance, and real estate, ensuring smooth, efficient, transparent, and competitive operations.