According to the 2022 results published by the Vietnam Chamber of Commerce and Industry, Hung Yen scored 67.91 per cent, a 4.15 per cent increase in terms of points and 25 positions in the overall ranking compared to 2021, resulting in its final position of 14^th out of the 63 cities and provinces. Within the Red River Delta Region, Hung Yen ranked 5^th out of 11.

After an absence of 10 years, Hung Yen has now returned to the top 30 across the nation.

Over the last three years, a great leap in terms of the quality of leadership can be observed. The province stood in 53^rd place in the PCI rankings in 2020, improved to 39^th position in 2021, and now reaps the rewards of its current standing.

In 2022, Hung Yen’s biggest improvements can be seen in its real estate accessibility index (up 0.69 points and an increase of 36 ranking positions), its activeness index (up 0.23 points and 19 positions), its indirect costs index (up 1.05 points and 41 positions), and its legal compliance index (up 1.1 points and 33 positions).

Notably, Hung Yen’s real estate index is the fifth highest in the country, only behind Dong Thap, Thai Nguyen, Lam Dong, and Ba Ria-Vung Tau. The province’s efforts in improving its economic leadership have yielded significant results and are recognised by corporations and investors alike.

However, along with the improvements, there are slight decreases in other indices such as the market opening, time cost, and labour education indexes. These aspects require attention by the provincial authorities so the ever-increasing demands of businesses and investors can be met.

The increased ranking in the PCI shows an opportunity for investors in Hung Yen. Photo: Quynh Nga

Changes are neither inherent nor random

It is clear that Hung Yen has put significant efforts into improving and making its mark, with a leap of 39 positions after just two years. With its goal of becoming an attractive destination for domestic and international investors, the province implemented Directive No.12/CT-CTUBND regarding the efficient execution of resolutions and improvements in the mentality and attitudes of officials with the aim of increasing the province’s PCI score.

The results have proved that Hung Yen’s recent solutions for real estate usage planning, the refinement of official policies, and the publishing of real estate planning have had a significantly positive impact. Notably, the waiting period for real estate rental has been reduced from 15 to 7 days, the handover period has decreased from 30 to 20 days, and the assessment of real estate usage has dropped from 30 to 15 days.

The increased investment in facilities have also made a positive impression on investors. In 2022, Hung Yen transferred more than 612 hectares of real estate to build industrial infrastructure projects that welcome businesses from both within Vietnam and abroad. Both the authorities and the people of Hung Yen have contributed to the general improvement in its PCI scores and made it a more attractive destination for investment.

The province has always paid special attention to the improvement of its indirect cost index, which has been considered the greatest obstacle for investors for a long time. Creating a transparent and friendly investment environment has been identified as an important goal in achieving general economic development within the region.

The PCI Index is a telling metric, representing the collective efforts of every contributor in the municipality. However, this trend of improvement needs to be maintained through continuous individual improvements in terms of safety, transparency, and profitability for investors.

The improvements in 2022 are a representation of Hung Yen’s positive development, paving its way for even more success in 2023.