From ‘Rice Bowl of Vietnam’ to an ‘FDI Magnet’: Province 120km from Hanoi Attracts Nearly 1,000 New Business Registrations in Just 10 Months

Once regarded as the “rice bowl” of Northern Vietnam, Thai Binh has, in recent years, undergone a significant shift in its economic structure. Consequently, the locality is adjusting its agricultural and aquatic product output while increasing its focus on industry and construction.

Specifically, in 2023, the agriculture, forestry, and fisheries sectors accounted for only 19.9% of the GRDP scale, while the industry and construction sector contributed a substantial 45.0%, with the service sector making up the remaining 29.1%.

By 2030, Thai Binh aims to maximize its industrial sector, targeting an economic structure where industry and construction account for approximately 62.1% of the GRDP. The province also strives for a per capita GRDP equivalent to the national average.

To achieve its ambition of becoming an industrial hub, Thai Binh has established the Thai Binh Economic Zone, spanning an area of 30,583 hectares with a coastline of about 54 kilometers. Of this, over 8,000 hectares are allocated for industrial, urban, and service development. With 22 planned industrial parks, the zone is expected to witness substantial growth, akin to that of Quang Yen and Dinh Vu Economic Zones, within the next 3-4 years.

Thai Binh’s determined efforts to foster industrial development are bearing fruit. In 2023, the province attracted nearly $3 billion in FDI, the highest ever, placing it among the top five provinces nationwide in FDI attraction. This achievement has earned Thai Binh a place in the “Billion Dollar Club” for foreign investment.

The province’s economic landscape in the first half of 2024 exceeded forecasts, with impressive figures in exports and industry. Thai Binh successfully attracted 7,769.9 billion VND in investment, more than double that of the previous year. Notably, FDI reached $232 million, a 5.7-fold increase. The total realized investment in the province was estimated at 27,647 billion VND, reflecting a 6.9% year-on-year increase.

Mega-projects worth millions and billions of dollars continue to flock to Thai Binh

On November 26, a groundbreaking ceremony was held for a $51 million project to construct a 30,000-spindle fiber factory in Quy Ninh Industrial Cluster, Quỳnh Phụ. Spanning an area of 78,000 square meters, the project is expected to generate annual revenues of over $40 million and create employment opportunities for 600-800 locals.

In the same month, the Management Board of Thai Binh Industrial Zones granted an investment registration certificate for a $120 million project to build a factory specializing in ceiling fan manufacturing and related components. The factory will be established on a 15.6-hectare site.

According to the People’s Committee of Thai Binh province, in the past ten months, the locality has granted business registration certificates to 986 enterprises with a registered capital of 10,407.5 billion VND and 464 branches, representative offices, and business locations.

In the last two years, Thai Binh has successfully attracted several notable projects, including the VSIP Thai Binh Industrial Park with a total investment of nearly $212 million; Pegavision Vietnam Contact Lens Factory with a $200 million investment; and a $100 million project for a soju distillery in the Lien Ha Thai Industrial Park.

In the third quarter of 2025, a nearly $2 billion project is expected to break ground in Thai Binh. The project is estimated to contribute approximately 3,600 billion VND in taxes during the construction phase and an average of over 4,000 billion VND per year once it commences commercial operations.

Thai Binh’s orientation to become a leading industrial development center in the Red River Delta region entails the crucial task of creating an attractive and conducive investment environment.

The province’s favorable geographical location, proximity to Cat Bi International Airport (35 km) and Lach Huyen International Seaport (50 km), enhances its appeal to investors. These advantages have successfully transformed the “rice bowl” into an attractive investment destination, particularly for foreign investment.

Notably, the Ninh Binh-Hai Phong expressway, passing through Nam Dinh and Thai Binh, is being expedited by the provincial authorities. The completion of this strategic CT.08 route will interconnect with other vital expressways, including the North-South Expressway, Hanoi-Hai Phong Expressway, National Highways 10, 21, 37, and the coastal road. This transportation network will significantly enhance freight transport and boost the economies of Nam Dinh, Thai Binh, and the Red River Delta region.

Additionally, to reduce geographical distances, Thai Binh is coordinating with Hung Yen province to invest in a cross-provincial road connecting Hanoi to Thai Binh. The province also plans to construct the Sa Cao Bridge to Nam Dinh and the An Dong Bridge to Hai Duong, overcoming the challenges posed by the region’s rivers.

Moving forward, Thai Binh will concentrate its resources and mobilize capital to develop the coastal road passing through its territory. This initiative will complete the coastal road network in the region, connecting Thai Binh with Hai Phong and other provinces, including Quang Ninh and Nam Dinh. Thai Binh is steadily advancing towards its goal of becoming a relatively developed province by 2025 and aspiring to be among the leading provinces in the Red River Delta region by 2040.