Hưng Yên has witnessed a remarkable breakthrough in investment attraction in just the first five months of 2025, recording nearly USD 4.5 billion in registered capital – more than doubling the amount from the entire previous year.
This success is largely attributed to large-scale real estate projects, notably the super urban area project in Pho Noi, which was previously assigned to Hoa Phat 20 years ago.
The Project Subdivision A – Urban Area North of National Highway 5, belonging to the Pho Noi Urban Area, was once invested in by Hoa Phat Urban Development and Construction Joint Stock Company, a subsidiary of Hoa Phat Group (HoSE: HPG).
Currently, the project is undergoing a rebidding process, with its investment capital surging to VND 35,000 billion (approximately USD 1.4 billion) – a tenfold increase compared to the previously registered capital. This project is considered one of the most significant drivers of Hung Yen’s remarkable performance in investment attraction this year.
In January 2004, the People’s Committee of Hung Yen Province agreed to select Hoa Phat Urban Development and Construction Joint Stock Company as the investor for the Urban Area North of National Highway 5 project within the Pho Noi Urban Area, in My Hao district. A year later, the provincial People’s Committee issued a decision approving the project with a land area of 300 hectares and a tentative total investment of VND 2,710 billion.
In July 2016, the People’s Committee of Hung Yen Province assigned the Hoa Phat Urban Development and Construction Joint Stock Company to implement the Urban Area North of National Highway 5 project under the mechanism of land allocation with land use levy collection.
In February 2024, according to the conclusion of an inspection by the Government Inspectorate, this project was one of the projects for which the People’s Committee of Hung Yen Province selected investors without conducting an investor selection bidding process. Although the project was allocated land in 2018, the land price had not been approved by the time the inspection concluded in May 2023.
Consequently, the Government Inspectorate recommended that the provincial People’s Committee revoke the document on continuing to assign Hoa Phat as the investor and conduct a rebidding process to select a new investor in accordance with legal regulations.
Along with Hoa Phat, another large-scale project – the Trump International Hung Yen complex of urban, ecological tourism, and golf course in Khoai Chau district – has also just commenced with an investment of over VND 39,000 billion (approximately USD 1.5 billion), significantly contributing to the substantial investment inflow into the province.
According to data from the People’s Committee of Hung Yen Province, from the beginning of the year until now, the locality has granted new investment licenses and adjusted capital for a total of 79 projects (including 47 domestic projects and 32 FDI projects), reaching a total investment of USD 4.48 billion.
In addition to the super domestic projects, Hung Yen has also attracted more than USD 530 million in FDI in the first five months. The province currently has over 2,400 valid investment projects, with a total registered capital of nearly USD 28 billion.
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