The groundbreaking ceremony of the US$200 million Pegavision Vietnam factory, specializing in contact lens production, at Lien Ha Thai Industrial Park, Thai Binh province

Impressive figures

2024 left memorable marks on the economic development journey of Thai Binh province. Its gross regional domestic product (GRDP) grew by 7.01% year on year to over VND71,300 billion (US$3 billion) and its economic scale exceeded VND132,700 billion (US$5.65 billion), ranking 23rd nationwide and 8th in the Red River Delta region. The economic structure continued to shift positively, with the industry and construction sector accounting for 44.3%; services, 30.41%; and agriculture, forestry and fishery, 19.7%.

The industrial production index was estimated to rise by 11.2% year on year. As of December 20, 2024, the province had 1,172 new companies with a total registered investment capital of VND12,604 billion. Its merchandise import-export value was forecast at US$4.48 billion, up 10.7% from a year earlier, resulting in a trade surplus of US$1.07 million.

Geleximco Group and Chery International sign an agreement to establish an US$800 million joint venture for an automobile factory in Thai Binh province

Total state budget revenue was projected at VND26,723.1 billion in the year, equal to 137.1% of the target and up 10.1% against 2023.

In particular, the province's enormous success was also reflected in the strong growth of manufacturing and trading investment projects. Thai Binh licensed VND38,088.1 billion (US$1.62 billion), including 154 manufacturing and trading investment projects with VND26,444 billion, up 26.2% year on year. FDI capital reached US$1.16 billion, ranking 12th in the country and the second straight year of billion-dollar FDI funding.

2024 was also the third year in a row that Thai Binh had over 1,000 new companies established. To date, the province has 7,634 companies and 3,143 corporate branches, representative offices and business points in operation with a total registered capital of over VND120.4 trillion (US$5 billion). Thai Binh led the country in public investment disbursement.

Provincial authorities conduct a site inspection of the Hai Long Industrial Park project

The impressive achievements in 2024 not only reflected economic potential but also demonstrated the consensus and determination of the entire political system. Thai Binh gradually affirmed its position as a leading investment and innovation center in Vietnam.

In addition to dramatically accelerating socioeconomic development, this success significantly came from investment promotion. In the year, the province successfully organized many working business matching and investment promotion delegations in Germany, Switzerland, Hungary, the Netherlands, France, Belgium, Russia, China and other countries. It also received business delegations and big domestic and foreign corporations to explore, research and survey local investment opportunities in the province, including Vietnam Trade Office in Singapore, Marubeni Corporation (Japan), Zenith Group (South Korea), Tokyo Gas Group, Truong Thanh Group, Kamkiu Group (China), Philips Korea Electric Vehicle and Battery Manufacturing Group (South Korea).

Apart from foreign investment promotion, Thai Binh also paid attention to localized investment promotion. The Provincial People's Committee organized conferences to introduce the investment and business environment  and remove difficulties for businesses, for example  the conference to announce Thai Binh Planning and Investment Promotion on March 2, 2024; the conference to remove difficulties and obstacles in investment, production and business for companies on June 5, 2024; the conference on dissemination of housing law, real estate business law and detailed regulations on October 25, 2024; the conference on dissemination of land law documents on November 13, 2024; and the business connection conference organized by the Bangladesh Business Delegation and the Ministry of Industry and Trade in coordination with the Thai Binh Business Association.

Mr. Nguyen Khac Than, Chairman of Thai Binh Provincial People's Committee, addresses a trade promotion conference in Switzerland during the province's European working trip

r. Do Van Lan, Director of the Thai Binh Investment Promotion and Development Center, said that meetings, contacts and dialogues not only enable Thai Binh to access new sources of investment but also strengthen its position on the international stage. Furthermore, the province offers a range of preferential policies and solutions aimed at improving the investment environment, supporting the development of various economic sectors, and fostering integration into the global economy.

Thai Binh has implemented the Action Program based on the Provincial Party Standing Committee’s plan to fulfill Resolution 41/NQ-TW of the Politburo, which focuses on building and promoting the role of Vietnamese entrepreneurs in the new era. The province has also enacted a Decision on SME support for 2025 and the 2025-2027 period, along with an action plan for the Young Startup Support Program for 2024-2030.

Boosting investment promotion

2025 was forecast to be a challenging year, but with a solid foundation built from good achievements in 2024, Thai Binh is confidently entering a breakthrough period. Accordingly, the province targeted a GRDP growth of over 9%, industrial growth of 15.6% and over 1,000 companies established in the year.

Thai Binh prioritizes action over verbal commitments. The province will continue to enhance coordination among authorities, sectors and localities, while resolutely streamlining the administrative apparatus to optimize efficiency. Building a skilled and reputable workforce will also be a key focus in the new context.

Thai Binh province will strongly reform active, focused investment promotion activities; actively approach capable investors with advanced technology and large-scale projects to create momentum for socioeconomic development. The locality will leverage the support of central agencies, trade promotion agencies, diplomats and embassies to launch investment promotion events and especially draw investors into economic zones and industrial zones.

Provincial authorities pay a working visit to enterprises 

The province will seriously fulfil signed cooperation agreements and investment memorandums and expand foreign investment cooperation with new partners and markets; improve the quality of project advisory and appraisal; review, simplify and reduce the time for executing investment, land and construction procedures; develop enterprises and foster startups and innovations; effectively adopt business support policies and mechanisms; and enhance the performance of Thai Binh Investment Promotion and Development Center and the Provincial Public Administration Service Center.

Moreover, Thai Binh will continue to operate its “Thai Binh with businesses” information channel on Zalo application. This approach is viewed as a method to assist businesses in quickly addressing emerging challenges, thereby contributing to the improvement of the Provincial Competitiveness Index (PCI). At the same time, the province will accelerate information technology application to administration and operation to support the public and businesses in performing administrative procedures and maintain the effective operation of the provincial steering committee on improving the investment and business environment and supporting business development.

The Thai Binh Investment Promotion and Development Center assists businesses and investors in exploring the province's investment environment

At the same time, the province will focus on building infrastructure and leveraging economic development, carrying out solutions to clear bottlenecks, enhancing the efficiency of public investment capital, speeding up key projects, especially traffic and infrastructure projects in industrial zones, infrastructure for high-tech agricultural production, and infrastructure for tourism, services, information and communication.

“These are not only short-term solutions but also a strategic vision that demonstrates the fortitude of provincial and local authorities and agencies to soon turn Thai Binh into a leading destination for investment and innovation,” Lan emphasized.