The Radiant Opto-Electronics Vietnam Nghe An factory project at VSIP. |
Investment attraction achieves impressive results
In March 2024 alone, there were 7 project adjustments, including 4 project adjustments with a total investment capital increase of VND 1,424.2 billion. The total newly registered and increased capital was over VND 1,424 billion.
In the first three months of the year, the province has granted new licenses (approved investment policies/issued investment registration certificates) to 18 projects with a total registered investment capital of over VND 12,274 billion. Adjusted 39 projects, including adjusting the total investment capital of 14 projects with a total investment capital increase of about VND 2,352 billion. The total newly registered and adjusted capital is over VND 14,626 billion. Compared to the same period last year, the total newly registered investment capital increased by 2.48 times. FDI attraction exceeded the VND 1.6 billion mark for the first time in 2023.
This year, Nghe An aims to continue to be in the top 10 localities attracting the most FDI in the country. In 2023, for the first time, the total foreign direct investment capital in Nghe An province exceeded the VND 1.6 billion mark and ranked 8th among the localities attracting the most foreign investment capital nationwide.
In addition, since the beginning of the year, the province has directed and urged the acceleration of the Radiant Opto-Electronics Vietnam Nghe An factory project at VSIP. These include the Vinh-Cua Lo traffic road project, phase 2, with a total investment of over VND 1,415 billion; the project to invest in the construction of the Dien Chau-Bai Vot section belonging to the project to build a number of expressway sections on the North-South route in the east, phase 2017-2020, with a total investment of over VND 11,157 billion.
Vinh-Cua Lo traffic road project, phase 2.
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In addition to attracting investment, in the first three months of the year, the province’s accommodation and catering service revenue is estimated to reach over VND 4,001 billion, an increase of over 50% compared to the same period. In addition, the province’s tourism and travel service revenue in the first three months of the year is estimated to reach nearly VND 54 billion, an increase of over 76% compared to the same period in 2023.
Nghe An’s trade and service activities in the first three months of the year are on the rise, with many stimulus, connectivity, and trade promotion programs being implemented. As a result, the total retail sales of goods and consumer service revenue increased compared to the same period last year.
Infrastructure development attracts investors
In 2024, Nghe An sets a target of 9-10% GRDP growth, which is 1-2 percentage points higher than in 2023. To achieve this goal, right from the beginning of the year, Nghe An provincial leaders have set out many drastic and synchronous plans and solutions.
Nghe An’s transportation infrastructure is increasingly complete, pictured is Nguyen Sy Sach Street extended being paved with asphalt. |
Currently, the infrastructure of Nghe An in general, and Vinh City in particular, is developing strongly thanks to the concentration of resources for essential projects such as: the project to invest in upgrading and expanding Vinh International Airport; the Nguyen Sy Sach street extension project connecting the center of Vinh City with Lam River road.
In addition, the Ben Thuy 3 bridge project with its starting point at Hung Hoa commune, Vinh City, and its end point in Nghi Xuan district (Ha Tinh) has been included in the priority investment list for the 2021-2030 period, which will also contribute to completing the infrastructure and social service system.
Specifically, according to the priority investment list, the Ben Thuy 3 bridge project is in the group of state budget projects. The project is expected to further boost development for the largest urban center in Nghe An province, contribute to expanding trade connectivity, linking the North Central region; meeting the travel needs of the people of Nghe An and Ha Tinh provinces, and reducing the load on Ben Thuy bridges 1 and 2.
Mr. Hoang Phu Hien, Director of Nghe An Provincial Department of Transportation, said that Ben Thuy Bridge 3 is in the planning orientation, and relevant parties will consult, then determine the capital, sub-items, and implementation time. Thus, currently, there are a total of 5 road bridges across Lam River connecting Nghe An and Ha Tinh, including Ben Thuy 1 and 2, Cua Hoi, Yen Xuan, Hung Duc (belonging to the Dien Chau-Bai Vot expressway under construction).
Nguyen Sy Sach Street widened on both sides, the section passing through the Eco Central Park project is up to 70 m.
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According to the Nghe An Provincial Statistics Office, the development of the socio-economy, especially in terms of infrastructure, has made Vinh City and Nghe An province more attractive to investors. On the other hand, thanks to the development of transportation infrastructure, real estate projects in Nghe An province, especially Vinh city, are becoming increasingly valuable.
In the province, many large-scale projects have contributed to changing the face of the locality, including the WB project investing USD 130 million to build climate change adaptive urban infrastructure in Vinh City or the Eco Central Park metropolis.
Minh Ngoc
