Long An: A Province on the Rise, Captivating Investors with its Strategic Advantages
SOUTH KOREAN ENTERPRISE EXPANDS INVESTMENT IN VIETNAM
Long An province, with its strategic location, rapid urbanization, and robust infrastructure development, boasts an impressive Provincial Competitiveness Index (PCI) score of 70.94 in 2023, securing 2nd place nationwide. This dynamic province is now attracting significant attention from investors, particularly those in the industrial and service sectors, and is a prime destination for FDI.
Recently, the South Korean conglomerate, CW Wind, chose Long An as their second location in Vietnam (after Ba Ria-Vung Tau) to expand their investment in the wind power equipment industry. CW Wind, with its robust production and quality management systems, coupled with extensive global management expertise, has supplied over 13,000 wind towers to leading global wind turbine manufacturers such as Vestas, Siemens-Gamesa, GE, and Goldwind, solidifying its position in the global renewable energy sector.
The new factory will be located in the Dong Nam A Long An Industrial Park, part of the 1,935-hectare Long An International Port project in Can Giuoc district, developed by the Dong Tam Group (DTG). With an initial investment of approximately $200 million, the factory is set to be the largest wind power equipment production facility in the world in terms of capacity. It is expected to produce tens of thousands of units annually, catering to the ultra-large and heavy equipment market, ranging from 500 to 4,000 tons per unit.
At the MOU signing ceremony for the lease of land in the Dong Nam A Long An Industrial Park, Mr. Huynh Van Son, Vice Chairman of the Long An People’s Committee, expressed his confidence in the South Korean investor’s production and quality management capabilities. He also emphasized CW Wind’s global management expertise and hoped that the project would create a significant impact in the region, promoting the province internationally and attracting more potential investors to Long An.
LONG AN: AN INVESTOR’S PARADISE
Long An is currently one of the top provinces in Vietnam for FDI attraction, both in terms of capital and the number of projects. Notable corporations such as Coca-Cola, PepsiCo, and Aeon have chosen to invest in the province for the long term.
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In recent years, South Korean businesses have invested significantly in renewable energy projects in Vietnam, including the Binh Dai wind power plant in Ben Tre ($180 million), a wind power project in Tra Vinh ($125 million), and a solar power project in Tuy Phong, Binh Thuan ($64 million). The South Korean government has also provided ODA funding for a solar power project in Quang Binh province to bring electricity to remote villages, as well as for industrial production facilities for renewable energy equipment.
According to the Long An Provincial Planning for the period of 2021–2030, with a vision towards 2050, the province aims to establish 10 logistics centers to boost economic exchange within the region and with the Southeast and Mekong Delta regions.
The Long An Port, already operational, is part of the 1,935-hectare DTG-invested project, incorporating a modern industrial-service-urban complex. This development is designed to attract investment, foster the growth of industrial parks and clusters, alleviate traffic congestion, reduce the burden on Ho Chi Minh City’s port cluster, shorten travel times, lower costs and risks, enhance competitiveness, and meet the province’s growing import and export demands.
According to statistics from the Long An Department of Planning and Investment, in the first eight months of 2024, the province granted investment certificates to 65 new FDI projects, an increase of 12 projects compared to the same period in 2023. The total newly registered capital exceeded $347 million. As of now, the province has 1,312 FDI projects with a total capital of over $11.3 billion, of which 635 projects are operational, with a total capital of more than $4.2 billion.
Regarding domestic investment, from the beginning of 2024 to the present, the province has established more than 1,500 new enterprises (an increase of 536 enterprises) with a total capital of more than VND 13,700 billion (an increase of VND 3,700.6 billion compared to the same period). As of now, Long An has over 18,600 operating enterprises with a total registered capital of VND 385,140 billion. The province also granted investment registration certificates to 29 new domestic projects with a total investment of more than VND 96,800 billion and additional capital of VND 61,195.9 billion.
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