Investments

Strategic Location Fuels Thanh Hoa’s Explosive Growth Momentum

Nestled in a prime location, brimming with untapped potential, and guided by a visionary development strategy, Thanh Hoa is poised to emerge as a vibrant economic hub, not only within the North Central Coast region but also on the national stage.

Administrator

17 November, 2025

Strategic “Bridge” Location Connecting North, Central, and South

Located at the gateway of North Central Vietnam, Thanh Hoa serves as the crossroads between the key economic regions of the North and North Central Vietnam. With a natural area of 11,115 km², Thanh Hoa boasts diverse terrain, ranging from plains and midlands to mountainous areas and a 102 km coastline. This advantage positions the province for comprehensive economic development across agriculture, industry, services, and tourism.

The North-South Expressway, a strategic position driving Thanh Hoa’s growth. Photo: Le Duong

In terms of transportation, Thanh Hoa lies on vital national routes such as the North-South railway, North-South Expressway, National Highway 1A, Ho Chi Minh Highway, along with the deep-water port of Nghi Son, Tho Xuan Airport, and numerous inter-regional roads. This critical transit location makes Thanh Hoa an attractive destination for domestic and foreign investors.

Beyond being the “gateway” to North Central Vietnam, Thanh Hoa acts as a strategic “bridge” linking the key economic region of the North with the Central and Central Highlands regions, facilitating goods exchange, investment attraction, and logistics development.

By effectively leveraging its geo-economic advantages and implementing open investment policies, Thanh Hoa achieved an average GRDP growth rate of approximately 10.24% per year during the 2021-2025 period, 1.6 times higher than the national average and ranking fourth nationwide. The economic structure has shifted significantly toward industry, services, and agriculture, with a target of 57% for industry and construction by 2030.

Nghi Son Economic Zone, one of the eight key coastal economic zones nationwide. Photo: Le Duong

The province’s most prominent growth driver is the Nghi Son Economic Zone, one of the eight key coastal economic zones nationwide and a major heavy industry and energy hub in Central Vietnam. It hosts significant economic projects such as the Nghi Son Oil Refinery (total investment over $9 billion), Nghi Son II Thermal Power Plant ($2.8 billion), Dai Duong Cement ($7.7217 trillion VND), Duc Giang – Nghi Son Chemical Complex ($2.4 trillion VND), and major factories like Nghi Son Cement, Cong Thanh Cement, and Nghi Son 1 Steel Rolling Mill. This zone alone contributes over 50% of the province’s industrial output and budget revenue.

Impressive industrial growth has positioned Thanh Hoa not only as a leader in North Central Vietnam but also as a “new growth center” nationwide.

Budget Revenue Among Top 10 Provinces Nationwide

Alongside GRDP growth, Thanh Hoa’s state budget revenue has consistently increased, maintaining its position among the top 10 provinces and cities with the highest revenue nationwide. By October 2025, the province’s total budget revenue reached nearly 49 trillion VND, 107.3% of the estimate and up 1.6% year-on-year, with domestic revenue accounting for a large share, reflecting increasingly positive production and business performance.

Mr. Nguyen Hoai Anh, Chairman of Thanh Hoa Provincial People’s Committee, discusses the province’s socio-economic development. Photo: Le Duong

According to Mr. Nguyen Hoai Anh, Alternate Member of the Party Central Committee, Deputy Secretary of the Provincial Party Committee, and Chairman of the Provincial People’s Committee, these achievements resulted from effective state budget management and restructuring toward sustainable revenue sources, including increased contributions from the private sector and services.

Local authorities have also accelerated administrative reforms, creating a transparent investment environment and improving the Provincial Competitiveness Index (PCI), Public Administration Reform Index (PAR INDEX), and Public Administration Performance Index (PAPI), thereby strengthening trust among businesses and citizens. Digital transformation has been prioritized across three areas: e-government, digital economy, and digital society.

Mr. Anh emphasized that infrastructure is a key factor driving Thanh Hoa’s growth. In recent years, the province has mobilized resources to develop transportation, urban, and industrial infrastructure. The North-South Expressway section through Thanh Hoa, the coastal road, National Highway 217 to Laos, Nghi Son Port, and Tho Xuan Airport have been expanded, forming a convenient regional connectivity network.

Striving to be among the leading provinces by 2030 and a wealthy, civilized province by 2045. Photo: Le Duong

Alongside industry, tourism and services are emerging as new growth drivers. Thanh Hoa is home to renowned historical sites and attractions such as Ho Citadel (World Cultural Heritage), Lam Kinh (Special National Relic), Sam Son Beach, Cam Luong Fish Stream, Pu Luong, and Doi Cave – Kho Muong, along with a 995-year cultural and historical legacy, creating significant potential for sustainable tourism development.

“In recent years, the province has heavily invested in tourism infrastructure, attracting major corporations and developing high-end resorts and entertainment complexes. In 2024, Thanh Hoa welcomed over 15.3 million visitors with tourism revenue reaching tens of trillions of VND. In the first 10 months of 2025, it continued to attract over 15.5 million visitors, solidifying its position as a leading destination in Central Vietnam and nationwide. Thanh Hoa remains committed to removing bottlenecks, mobilizing resources, and leveraging its potential and advantages to drive socio-economic development. We aim to be among the leading provinces by 2030 and a wealthy, civilized province by 2045,” said Chairman Nguyen Hoai Anh.

Le Duong

– 10:10 15/11/2025