Hung Yen economic development and FDI

Hung Yen is considered a dynamic province with great potential and competitive advantages in terms of investment environment and is facing a “wave” of FDI investment shifting in the world. In the context of Vietnam increasingly asserting its position on the global economic map, Hung Yen has emerged as a bright spot attracting FDI opportunities in Hung Yen (FDI). Thanks to its strategic location, synchronous infrastructure and flexible investment attraction policies, the province is ready to welcome a strong “wave” of FDI investment, contributing to promoting sustainable development of the local economy.

1. Foreign capital attraction

According to the Management Board of Industrial Parks (IPs) of Hung Yen province, there are 35 IPs planned for development in Hung Yen province, with an area of 12,048.63 hectares, of which 30 IPs are planned to develop by 2030 with an area of over 9,500 hectares. To date, 12 industrial parks have been established with an area of over 3,100 hectares and a total registered investment capital of infrastructure construction investment projects of about 1.2 billion USD. Of which, some typical ones are implemented by foreign investors with capacity and experience, such as: Thang Long II Industrial Park (Sumitomo Corporation of Japan), Clean Industrial Park (LH Corporation of Korea) and a number of other industrial parks implemented by large domestic economic groups.

Sharply increasing FDI capital flows to Hung Yen

2. Effectiveness from Hung Yen economic development and FDI

At the Investment Promotion and Trade Cooperation Workshop between Hung Yen province and German partners organized by the People’s Committee of Hung Yen province in coordination with the Vietnamese Embassy in Germany, the Vietnamese Association in Germany and the Vietnamese Business Association in Germany on October 28, 2024, Chairman of the People’s Committee of Hung Yen province Tran Quoc Van said: From a very poor province in the Northern region, Hung Yen has risen to become a province with a budget revenue of about 40,000 billion VND/year, ranking 7th in the country, with an average income per capita of 120 million VND/year, higher than the national average.

Since 2020, Hung Yen economic development and FDI has had a breakthrough development, with an average growth rate of 10%/year. Hung Yen province has vocational training schools capable of meeting the demand for highly skilled human resources in the fields of electricity, electronics, semiconductors, mechanics, machine manufacturing, etc. for foreign enterprises investing in the province.

3. Hung Yen not only focus on attracting investment but also commit to ensuring sustainable development

As a province with 35 planned industrial parks with a total area of 12,000 hectares, with convenient traffic infrastructure, near Hai Phong Port, near Noi Bai International Airport, right next to the capital Hanoi, Hung Yen has great potential and space to attract foreign investors. Chairman of the Provincial People’s Committee Tran Quoc Van emphasized: FDI opportunities in Hung Yen province are always ready to accompany investors, shorten the time for granting investment licenses and create all favorable conditions for investors to enter the province.

Hung Yen attracts over 544 million USD worth of FDI

At the same time, the province has issued many preferential investment policies to create favorable conditions for FDI investment in Hung Yen. These incentives include: Exemption from corporate income tax in the first years of operation; Support for businesses in accessing land and building infrastructure; Promoting administrative reform, shortening the processing time for procedures related to investment licensing.

Hung Yen authorities not only focus on attracting investment but also commit to ensuring sustainable development. The province has developed policies to encourage Hung Yen foreign direct investment to use modern, environmentally friendly technology and limit polluting projects.

In addition, the province also promotes solutions to protect natural resources, ensuring that economic development does not affect the living environment of local people. This helps to build the image of a Hung Yen that is not only dynamic but also sustainable and responsible.

In general, Hung Yen is emerging as an attractive destination in the wave of FDI investment thanks to its strategic location, Hung Yen industrial zones for FDI, friendly investment environment and flexible incentive policies. With careful preparation, strategic vision and commitment to sustainable development, the province is ready to welcome new opportunities, contributing to promoting strong and comprehensive socio-economic development in the future.

If you are international investors looking for great potential, but also a living proof of dynamism and creativity in global economic integration, please consider Hung Yen as an ideal destination, and S4B Vietnam as a trustful partner in helping you with the establishment of FDI opportunities in Hung Yen and legal compliance for FDI
businesses and business environment in Vietnam. Contact us for more information!

>>>Read more: Vietnam’s attractiveness as an “Industries to invest in Vietnam”

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