“Giants” Express Investment Interest
According to a report by the Department of Planning and Investment of Thai Binh Province, in January 2024, the province approved and adjusted the investment policy for 8 projects with a total new registered capital and additional capital of over 2,900 billion VND, and FDI reached over 101 million USD.
Notably, recently, a series of foreign “giants” have expressed interest in investing in this densely populated province. At the beginning of February, the leaders of Thai Binh province had a working session with the Kyushu Trade and Investment Promotion Center, Japan, on investment cooperation opportunities in the province. Kyushu is a unit that connects and promotes investment for Kyushu businesses in South Japan to Vietnam.
Currently, the Center is supporting 3 Japanese companies with the need to explore cooperation opportunities in Thai Binh, including Kamichiku Group specializing in farming and food processing, Medmain Corporation specializing in support services for medical technology, and Nichibe Shokai Corporation specializing in import and export of goods.
At the working session, the Japanese companies expressed their desire to study investment projects, establish investment entities for production and business in Thai Binh in several areas of their strength, such as animal husbandry, export food processing, and providing AI technology-based health services…
Earlier, in January, Heraeus Group (Germany) worked with Thai Binh and said that based on the business survey, the province has many favorable factors such as geographical location, industrial land, technical infrastructure, labor resources, support mechanisms, and the accompanying support of the government. Thai Binh has a good ecosystem for Heraeus to study investing in high-tech manufacturing facilities in Vietnam.
Haraeus specializes in researching and producing precision electronic and mechanical equipment for medical, surgical, and orthopedic fields. Heraeus’s strategy is to continue expanding investment areas and aiming to bring new projects to Vietnam.
Also in January, Thai Binh worked with another foreign company, BYD Group. Established in 1995, BYD Group is headquartered in Shenzhen and is one of the leading electric vehicle manufacturers in China. Accordingly, BYD wants to expand the market, research investment projects in Vietnam, in which Thai Binh is one of the locations for study, research and project implementation.
Prior to that, at the Vietnam-Japan Economic Forum held in Tokyo on December 16, 2023, Mr. Ngo Dong Hai, Party Secretary of Thai Binh province, awarded the Certificate of Investment Registration for the Thai Binh LNG thermal power plant project to the consortium of 3 investors: Tokyo Gas, Kyuden Corporation of Japan and Truong Thanh Vietnam Group. This is a large-scale project, with a capacity of 1,500 MW and a total investment capital of about 2 billion USD.
Right after the event, the leaders of Thai Binh province had consecutive visits and working sessions with Marubeni Corporation and Tokyo Gas. Notably, Marubeni Corporation – one of the largest diversified trading and investment corporations in Japan and T&T Vietnam Group signed an agreement on offshore wind power development in Thai Binh province. Previously, Marubeni had participated in EPC contracts for 11 projects in Vietnam, including Thai Binh 1 thermal power. This time, the representative of the Japanese company said that they will continue to implement the project in the coming time and hope to receive support and assistance from the province’s leaders to realize the project.
In early December 2023, at the Thai Binh – South Korea Investment, Trade and Tourism Promotion Conference, Thai Binh province awarded investment registration certificates to Hitejinro Corporation for an investment project in Liên Hà Thái Industrial Park (Thai Thuy), with a total investment capital of 100 million USD; HuM&C Company for an investment project in Tien Hai Industrial Park (Tien Hai), with a total investment capital of 6 million USD; SH TECH Company for an investment project in Vu Hoi Industrial Cluster (Vu Thu), with a total investment capital of 3.5 million USD.
The “Densely Populated Province” Joins the Billion-dollar Group in Attracting FDI
With an area of 67.71 km2, Thai Binh ranks 10th smallest in the country, accounting for 0.5% of Vietnam’s area. However, in terms of population, Thai Binh ranks 11th out of 63 provinces and cities, accounting for 1.9% of the country’s population and has a density 4 times higher than the national average.
In recent years, Thai Binh has been assessed as a dynamic province with many unique potentials and competitive advantages in investment environment, … In 2023, Thai Binh witnessed an unprecedented wave of investment attraction with a total registered capital of projects reaching over 98,200 billion VND, 4.6 times higher than 2022. In which, FDI attraction reached the highest level ever, ranking in the top 5 nationwide with a total capital source of nearly 3 billion USD. With this level, Thai Binh joins the billion-dollar group in attracting FDI for the first time.
With a convenient transportation system, Thai Binh has built 10 industrial parks and 49 industrial clusters. Especially, Thai Binh Economic Zone covers an area of over 30,500 hectares, including 22 industrial parks, along with the investment incentive policies of the Government and the province, always ready to welcome investors. Some large industrial parks such as Lien Ha Thai Industrial Park, Hai Long Industrial Park, VSIP Thai Binh Industrial Park … have become attractive destinations for domestic and foreign investors.
It is worth noting that according to the Thai Binh province’s planning period 2021 – 2030, vision to 2050, which has been approved by the Prime Minister, the province will focus on investing and developing a strong system of industrial clusters, tourism areas and building the province into one of the logistics centers of the Red River Delta region.
Specifically, the province will develop 67 industrial clusters with a total area of about 4,198 hectares, distributed in districts throughout the province. Forming some specialized industrial clusters and industry-linked clusters within and outside the province. In addition, a research and training area will be formed in Quynh Phu district with an area of about 1,000 hectares, aiming to become a scientific research training center of the region and the country.
By 2030, Thai Binh strives to establish at least 6 logistics service centers in Thai Binh city and districts: Thai Thuy, Tien Hai, Hung Ha, Kien Xuong, and Quynh Phu to serve economic development.
