In its bid to attract foreign investors, Nghe An province has meticulously prepared a solid foundation and ecosystem to welcome investors, especially by implementing the ‘5Rs’ concept: readiness in planning, essential infrastructure, investment land, human resources, and procedural support. The province has been proactive in addressing any obstacles or challenges that may hinder investment.
From January 2021 to the present, Nghe An has granted investment certificates to 53 FDI projects with a total capital of 54,087 billion VND (approximately 2.3 billion USD) in the Southeast Economic Zone, bringing the total number of FDI projects in the province to 147. This marks the most remarkable period in attracting FDI to Nghe An so far.
As of November 2024, Nghe An province is home to 147 FDI projects with a registered capital of nearly 4.9 billion USD from 14 countries and territories. The Southeast Economic Zone and the province’s industrial parks boast 318 valid projects with a total registered capital of 164,805 billion VND, including 223 domestic and 95 FDI projects. FDI in the economic zone and industrial parks of Nghe An amounts to more than 105,786 billion VND, equivalent to over 4.5 billion USD.
With the presence of prominent corporations and substantial investment, Nghe An ranked among the top 10 provinces in FDI attraction in 2022 and 2023. The year 2024 continues this remarkable streak, marking a notable achievement for the province.
Currently, six leading technology giants, namely Foxconn, Luxshare, Goertek, Everwin, Juteng, and Sunny Group, have invested over 1.5 billion USD in the province, expected to generate more than 86,000 jobs. Notably, these investors have not only expanded their own operations but also attracted additional partners and increased their investment.
There have been 53 project adjustments with a total increased capital of 34,840.1 billion VND (including 30 FDI projects with a total increased capital of 33,230.5 billion VND, equivalent to 1.409 billion USD). The total registered capital for new and adjusted projects during this period reached 104,731 billion VND, with FDI accounting for 3.712 billion USD.
Comparing this to the FDI attraction target for the 2021-2025 period, which aimed for approximately 3-3.5 billion USD in FDI inflows into Nghe An, the Southeast Economic Zone has already attracted 3.712 billion USD in FDI as of November 2024, surpassing the province’s FDI target for 2025.
Several FDI projects have already commenced operations in Nghe An, including the Luxshare-ICT Nghe An project (140 million USD), the Goertek project for manufacturing electronic products, network equipment, and multimedia audio products (325 million USD), the Runergy project for manufacturing single crystal silicon bars and semiconductor wafers (440 million USD), the Everwin Precision (Vietnam) Technology Company Limited project (194.68 million USD), and the Tan Viet Metal Technology Company Limited project (125.2 million USD).
Nghe An is also in the process of finalizing procedures for projects such as the Radiant Opto-Electronics Vietnam Nghe An project (145 million USD), the Everwin Precision (Nghe An) project (115 million USD), and the new facility of Sunny Automotive Optical Vina (150 million USD).
Additionally, several FDI projects are under construction in Nghe An, including the Fu Wing Interconnect Technology (Nghe An) project (200 million USD), the Ju Teng project for manufacturing electronic components, automotive parts, and accessories (200 million USD), the Luxshare-ICT (Nghe An) 2 project (150 million USD), the Innovation Precision Vietnam project (165 million USD), and the Goertek 2 project for manufacturing electronic products, network equipment, and multimedia audio products (175 million USD).
According to the provincial leadership, attracting FDI is a crucial source of strength, contributing to the economic restructuring, developing various economic sectors, and boosting import-export activities. It empowers local areas to achieve their development goals.
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On the morning of November 8th, Prime Minister Pham Minh Chinh attended a Vietnam-China business forum in Chongqing city. The forum was organized by the Ministry of Planning and Investment, the Committee for Management of State Capital at Enterprises, and the Vietnamese Embassy in China, in collaboration with the Chongqing municipal government.
When Will the Market Correction Be Over?
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“November 2024’s SSI Securities’ strategic report suggests that while the market may experience short-term volatility, it presents an opportunity for investors. SSI Research believes that this is the time to buy potential stocks at reasonable prices to build a robust long-term investment portfolio.”
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The LEGO toy manufacturing plant in Binh Duong boasts a substantial investment of 1 billion USD and is expected to employ over 3,000 people. What truly sets this venture apart is the impressive 44.79 hectares of land allocated for its operations. This vast expanse of land enables the company to envision and execute expansive plans for future growth and development, ensuring their production capabilities can expand and adapt to meet the demands of their thriving business.
