On July 7th, Prime Minister Pham Minh Chinh attended a conference in Hung Yen to announce the province’s master plan for the 2021-2030 period, with a vision towards 2050, and to promote investment in the province in 2024. The plan sets a clear goal: by 2030, Hung Yen aims to become a modern industrial province, with an economy and development level among the country’s leaders.
Specific targets include: achieving an average annual GRDP growth rate of around 9.0% during the 2021-2030 period; reaching a per capita GRDP of VND 278 million by 2030; attracting total social investment of approximately VND 700 trillion during the 2021-2030 period; attaining merchandise export turnover of about $12-13 billion by 2030, with an average annual growth rate of 8.5-9.0% during the 2021-2030 period; achieving an urbanization rate of around 60-65% by 2030 and 80% by 2050; and ensuring that the digital economy accounts for 35% of GRDP.
By 2050, Hung Yen envisions becoming a centrally-governed city, a smart, prosperous, civilized, and culturally rich city that fully embraces the core values of the ancient Pho Hien town. It aims to be a desirable place to live in the Red River Delta region.
According to Prime Minister Pham Minh Chinh, for Hung Yen to achieve its ambitious goals and contribute to the “Red River miracle,” the province must actively implement and concretize the master plan.
During the conference, 24 investors received investment registration certificates and investment project approval decisions, totaling $763 million and nearly VND 10 trillion. These projects cover various fields, including industrial park infrastructure, urban areas, commerce, electronics, logistics, furniture, electronic components, and mechanics, attracting both domestic and foreign investors. Notably, Arizon Technology Company (USA) has decided to invest in a high-tech electronics factory in Hung Yen, specializing in producing RFIA (Radio Frequency Identification) products, with the aim of becoming the world’s largest factory in this field.
Prime Minister Pham Minh Chinh and Minister of Planning and Investment Nguyen Chi Dung grant the approval decision for the Hung Yen Province Master Plan for the period 2021 – 2030, with a vision towards 2050. Image source: Hung Yen Newspaper
Hung Yen’s Potential
The master plan highlights Hung Yen’s advantageous geographical location within the key economic region of the North, particularly the B sub-region. The province benefits from convenient connectivity, especially with the Hanoi-Haiphong-Quang Ninh expressway. Projects like the Hanoi Capital Region’s Ring Road 4, the expansion and upgrade of the road connecting the Hanoi-Haiphong expressway with the Cau Gie-Ninh Binh expressway, and the Tan Phuc-Vong Phan road contribute to economic growth.
Hung Yen also boasts strengths in industrial development, with several large industrial parks. According to the provincial master plan for the 2021-2030 period, with a vision towards 2050, there are 17 industrial parks currently in operation, and during the 2021-2030 period, there is potential for 13 more industrial parks with a total area of nearly 4,800 hectares. Notable industrial parks include Pho Noi A, Pho Noi B, Thang Long II, Nhu Quynh, Minh Duc, and Kim Dong.
Hung Yen province has significant potential for industrial development.
The province has successfully attracted substantial investment capital. As of June 2024, there were over 17,300 enterprises with a total registered capital of VND 212 trillion, including 1,686 domestic projects with a total investment of VND 340 trillion and 577 FDI projects with a total investment of $7.5 billion.
During the 2021-2023 period, Hung Yen achieved an average annual GRDP growth rate of 10.71%, more than double the national average of 5.24%. The economic structure has shifted towards industry and services, with the agriculture and fisheries sector accounting for only about 7% of GRDP in 2023, down from 24% in 2011. The province has consistently exceeded its state budget revenue targets, collecting VND 33,100 billion in 2023, compared to VND 4,058 billion in 2011.
In 2023, Hung Yen ranked among the top 10 provinces and centrally-governed cities in state budget revenue and economic growth rate. It also moved up to 16th place in economic scale among 63 provinces and cities. Hung Yen offers a favorable investment environment, with its Provincial Competitiveness Index (PCI) ranking improving annually, reaching 12th place out of 63 provinces and cities.
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