Nghe An’s infrastructure has seen massive upgrades over the years

Chairman of Nghe An People’s Committee Nguyen Duc Trung and a provincial delegation made a business trip to the United States on November 6-11. On the business trip, the delegation coordinated with the Consulate General of Vietnam in Houston and Texas for a workshop on Vietnam’s economic development prospects in Nghe An.

At the workshop, Trung directly answered many issues that businesses and investors in Dallas and Houston were interested in regarding procedures, fields/projects attracting funding in the province, labour resources, and support policies of the government.

Trung said that by 2025, Nghe An will ensure there is enough available land, clean premises, and synchronous and modern infrastructure towards green growth in its Southeast Economic Zone as well as industrial parks, in order to receive investment waves from abroad.

Furthermore, the province is ready to support investors with the most transparent procedures, and promptly resolve problems from research, licensing, and building projects to production and business activities.

Nghe An has recently become a destination for many investors. In the first 10 months of 2023, the province attracted funding for 102 projects with a total registered capital of nearly $1.64 billion. In October, it issued new policies for eight projects with a total capital of $140 million.

Foreign-invested projects has accounted for a massive proportion in Nghe An’s attraction structure in recent years, especially after industrial infrastructure projects were deployed by top names in the province such as VSIP, WHA, and Hoang Thinh Dat.

In 2022 only, foreign direct investment in Nghe An reached nearly $1 billion in the locality. In the first 10 months of 2023, it reached $1.3 billion. Accumulated to date, the province has 130 foreign-led projects registered for investment, with a total registered capital of nearly $3.85 billion, focusing heavily on areas such as manufacturing and assembling electronic and tech equipment.

As the locality with the largest area in the country, Nghe An has plenty of room for integrated economic development and attracting multi-sector investment. The province is located in the north-central region of Vietnam, with a transportation system fully converging with roads, airways, seaways, inland waterways, railways, and border gates.

Besides that, it is located adjacent to Thanh Hoa and Ha Tinh, two localities that own two key coastal economic zones of Vietnam (Nghi Son and Vung Ang), so it has many advantages in attracting investment and developing the industrial sector.

In addition, Nghe An also boasts an 82km long and flat coastline as well as a large seafood reserve, so the province also has advantages for developing the marine economy.

Currently, Nghe An’s economic scale is ranked in the top 10 out of 63 provinces and cities in Vietnam. The annual economic growth rate is high, reaching 9.1 per cent in 2022 and 6.27 per cent in the first 9 months of 2023.

In September, the prime minister approved the Nghe An planning for the decade, with a vision to 2030. This is seen as an opportunity for Nghe An to continue to more effectively exploit its geographical, economic, and political location, promote its unique strengths, and take advantage of opportunities in the new period to develop in a more sustainable manner. At the same time, the plan also helps investors identify potential advantages and specific directions when choosing to place money into the province.

Before the plan was approved, the Politburo also issued Resolution No.39/NQ-TW in July on construction and development of Nghe An to 2030, with a vision to 2045.