The Province “With Many Places Closer to Hanoi Than Hanoi Itself” Embraces a Massive Investment of $760 Million and 10,000 Billion VND

At the conference, the Ministry of Planning and Investment and Hung Yen Province granted investment registration certificates and investment approval decisions to 24 projects with a total capital of US$760 million and VND10 trillion in the fields of industrial park, urban, commercial, electronic, logistics, furniture, electronic components, and mechanical infrastructure. This showcases the province’s attractiveness to both domestic and foreign investors.

For instance, Arizon Technology Company shared that after researching 20 countries and territories worldwide, they decided to invest in a high-tech electronics factory in Hung Yen, specializing in RFIA (Radio Frequency Identification) products, with the aim of becoming the largest factory in the world in this field.

Hung Yen’s favorable geographical location is highlighted in the planning, as it is situated in the key economic region of the North, the center of the Red River Delta, and serves as the eastern gateway to Hanoi, with close proximity to Hai Phong port and Noi Bai airport. The province also boasts convenient connectivity to a well-developed transport system, especially the Hanoi-Hai Phong-Quang Ninh highway. Its flat terrain and fertile land offer additional advantages.

The province’s strengths lie in its industrial development, with a range of key industrial products and large industrial zones (Pho Noi A, Pho Noi B, Thang Long II, Nhu Quynh, Minh Duc, Kim Dong, Quan Do, etc.). Hung Yen also has great potential for high-tech agriculture and livestock farming, known for its specialty products such as lychee, Khoai Chau pink bananas, Dong Tao chicken, litchi honey, Quang Chau and Van Giang oranges, Bân tofu, and ornamental plants.

The province also has significant room for tourism development, especially eco-tourism, cultural and spiritual tourism. Hung Yen is a land of rich history and culture, ranking second in the country for the number of nationally-ranked relics (with over 1,800 historical relics, such as Xich Dang Literature Temple, Tran Temple, Mau Temple, Chuong Temple, Chu Dong Tu-Tien Dung Relic, and Tong Tran-Cuc Hoa Relic).

Hung Yen’s strength in human resources stems from its population of approximately 1.3 million people and a well-developed education and training system. The province is known for its traditions of patriotism, martial arts, perseverance, love of learning, respect for teachers, diligence, creativity, unity, and compassion.

Speaking at the conference, Prime Minister Pham Minh Chinh appreciated Hung Yen’s potential, advantages, and opportunities for breakthrough development. From 2021 to 2023, the province achieved an average GRDP growth rate of 10.71%, more than double the national average of 5.24%. In terms of economic scale, Hung Yen ranked 16th out of 63 provinces and cities, with a positive shift in economic structure, as industry and services accounted for over 90%.

The province has successfully attracted significant investment capital, with over 17,300 enterprises as of June 2024, totaling VND212 trillion in registered capital. This includes 1,686 domestic projects with a total capital of VND340 trillion and 577 FDI projects with a total capital of US$7.5 billion. The Prime Minister particularly commended the design of the Thang Long II Industrial Park, which features a channel instead of a solid fence, along with abundant greenery, creating a safe, friendly, harmonious, and efficient environment.

Hung Yen has invested in synchronous economic and social infrastructure, especially strategic infrastructure in transport, industry, urban, and rural areas, with many dynamic projects and programs. The urbanization rate has reached 45%, paving the way for the formation of large, modern, intelligent, and eco-friendly urban areas. The rural landscape has also undergone significant changes, and Hung Yen was the third province to achieve early completion of new-style rural area building.

Administrative procedure reform has been promoted in conjunction with digital transformation, e-government, and digital government. The Provincial Competitiveness Index (PCI) has improved remarkably, rising 41 ranks from 53rd in 2021 to 12th in 2023. This reflects the province’s commitment to creating a favorable business environment and enhancing its competitiveness.

The material and spiritual lives of the people of Hung Yen have been improved, and social security has been ensured. The poverty rate has decreased significantly, reaching 0.86% in 2023, with a target of below 0.5% by 2025.

The province has also focused on Party building and the development of the political system, enhancing the leadership, direction, and management capabilities of party committees and authorities at all levels. Political security and social order and safety have been maintained.

Regarding its geographical location, Prime Minister Pham Minh Chinh emphasized that “Hung Yen has many places that are closer to Hanoi than Hanoi itself.” To capitalize on this advantage, three critical transportation routes are necessary to bring Hung Yen closer to Hanoi, Hai Phong, and other major economic centers in the southern Red River Delta.

These include the recently inaugurated route connecting Hanoi-Hai Phong Expressway with Phap Van-Cau Gie Expressway, the newly started Tan Phuc-Vong Phan route, and the Hong River heritage connection route, which is expected to commence construction by the end of 2024.

While acknowledging the province’s achievements, the Prime Minister also pointed out some challenges and limitations, including the need to fully exploit its potential and advantages, especially in regional linkage; the lack of science, technology, and innovation as a strong driver for development; the need for higher-quality human resources; the absence of large enterprises with strong brands and competitiveness; the scope for further improvement in administrative procedure reform; and more efficient management and use of land, resources, and the environment. He cited the example of pollution in the Bac Hung Hai River, which needs to be addressed in the future.