By the end of the third quarter of this year, its regional GDP surged an estimated 8.61 per cent on-year.

In terms of economic growth, the province ranked fifth out of 11 localities in the Red River delta, and 10^th out of 63 nationwide.

The ecological urban area provides favoured accommodation options in Hung Yen

In 2022, the province’s RGDP expanded by 13.4 per cent, setting a 12-year record. Its index of industrial production (IIP) climbed by 10.5 per cent, of which the manufacturing and processing sector rose by 10.65 per cent.

The state budget revenue hit $2.17 billion, setting a record that was 2.63 times higher than the estimate and 2.69 times greater than in 2021, placing in the top 10 localities in Vietnam in terms of budget revenue.

The province’s per capita RGDP approximated $4,320, up 16 per cent compared to 2021, and labour productivity reached $8,270, which is higher than the national average.

Nguyen Duc Tai, director of Hung Yen Department of Finance said, "In 2023, the local People's Council has assigned the department to collect about $967 million in budget revenue in the area, of which domestic revenue amounted to $768.8 million and $198 million came from export-import activities."

According to a report from Hung Yen Department of Statistics, by the end of September, the province’s budget revenue had surpassed $1 billion, equal to 105 per cent of the full-year estimation.

Over the first 10 months, the province’s budget revenue climbed to $1.12 billion, exceeding the 2023 estimate by nearly 16 per cent. The proportion from foreign-invested enterprises rose by 20 per cent, and that from the private sector soared by 230 per cent.

The IIP in October rose by 6.18 per cent on-year, with the manufacturing and processing sector growing by 6.92 per cent.

The focus on improving the transport and industrial infrastructure recently has played a key role in attracting investment in the area.

Stable production contributes to growing the province’s budget revenue

Hung Yen has risen to become one of the most appealing localities in terms of foreign direct investment (FDI) attraction. With many sizable projects, it has begun to shift towards prioritising technological development to best avail of the provincial advantages.

Amidst the economic headwinds, the provincial leaders and departments have remained active in resolving problems for investors, which has helped to speed up the progress of ongoing projects and bolster the production capacity of the entire industry.

Tran Quoc Van, Chairman of Hung Yen People's Committee said, "We are pushing hard with trade promotion, boosting production capacity, accelerating administrative reform, and improving the efficiency of public services to create the best conditions for investors."

By September 2023, Hung Yen had caved a spot among the top 10 localities in terms of FDI attraction for the first time.

Currently, the province is home to nearly 2,200 ventures with a total registered capital exceeding $20 billion, including 536 foreign-led projects with registered capital of $6.76 billion.

Investors from Japan account for the most projects with 173, worth more than $4 billion, followed by South Korea and China.

The total number of enterprises in the province surpasses 16,220 with a total capital volume of $8.31 billion.

Investment in the development of social housing for the personnel stationed in the industrial zones (IZs) and surrounding businesses has garnered special attention from the province.

Currently, Hung Yen has a total of 16 social housing projects, covering an area of about 170 hectares near the IZs. The province will continue to prioritise land for building housing units to meet the ever-increasing demands.

Efforts to shine through sound economic management

Nguyen Huu Nghia, Secretary of Hung Yen Party Committee stated, "The province strives to develop rapidly and sustainably, aiming for a development level that is among Vietnam’s top performers."

The province has also set the target of becoming a smart, green urban area with a good living environment. It is striving to accommodate modern economic and social infrastructure, facilitate robust industrial development, constantly improve people's lives, and both promote and preserve the area's cultural identity.

Top investors continue to choose Hung Yen as their destination

Also, Hung Yen will proactively respond to climate change by developing a green and low-carbon economy.

By 2050, it intends to become a rich and beautiful smart city, with modern infrastructure, harmonious social development that maintains its own cultural identity, and a good quality, clean, and safe environment.

According to the 2022 results announced by the Vietnam Chamber of Commerce and Industry, Hung Yen scored 67.91 points in the Provincial Competitiveness Index (PCI) rankings, up 4.15 points to 14^th position out of 63 localities nationwide. This moved the province up 25 spots compared to 2021.

In the Red River Delta, the province ranked fifth out of the 11 localities. After 10 years, Hung Yen has returned to the top 30 areas in the PCI table. Its Satisfaction Index of Public Administrative Services ranked sixth out of 63 localities.

Van said, “When domestic and foreign businesses want to invest, the first thing they care about is what the business environment is like. Therefore, based on the annual PCI rankings, the entire management system is fiercely involved, sticking to ten component indicators to make improvements year after year. Creating maximum comfort for businesses and investors will be the best approach to our development activities.”

Having clearly defined the goal, Hung Yen People's Committee issued Plan No.129/KH-UBND to implement Conclusion No.223-KL/TU dated June 24, 2021 by the local Party Standing Committee on investment attraction and Hung Yen’s PCI ranking improvement for the period from 2021 to 2025.

Accordingly, the province is set to improve its PCI rankings to be named among the top performers in the country and present in the group of localities with good economic management. The province’s PCI score is set to increase by 2.5-3.5 points compared to 2022.

Hung Yen will focus on strongly improving seven subindexes that significantly impact the PCI, specifically unofficial costs, the proactivity of the provincial government, business support services, land access, labour policy, and law and order.