Thai Nguyen: Record investments secure 100,000 new jobs!

Thai Nguyen: Record investments secure 100,000 new jobs!

Thai Nguyen Province in Vietnam is currently experiencing an extraordinary boom in foreign direct investment (FDI). In recent years, several important projects for the infrastructure development of industrial parks and clusters have been implemented. Loud Vietnam.vn To date, 184 foreign direct investments worth over US$10.8 billion and 141 domestic investment projects worth nearly VND27,000 billion have settled in the region. These investments have created around 100,000 jobs, while the annual export value reaches nearly $30 billion.

However, the scope for development in Thai Nguyen, especially until 2021/2022, has been largely exhausted. The remaining industrial areas suitable for investment are almost exhausted. However, there are clear plans for the future: the province has implemented detailed planning for the years 2020 to 2030 with a long-term vision up to 2050. The focus is particularly on expanding the transport infrastructure, with particular priority being given to the connecting routes to the Hanoi – Thai Nguyen highway and to Ring Road 5.

Strategic infrastructure projects

To further encourage investment, legal processes and land clearing were accelerated. The first groundbreakings and openings of new projects have already taken place. Among other things, investment registration certificates were issued for the construction of factories in the Bao Ly – Xuan Phuong and Hanh Phuc – Xuan Phuong industrial clusters. Construction of the urban areas of Phu Binh 1 and Phu Binh 2, directly adjacent to Ring Road 5, has also already begun.

Two new industrial clusters, Tan Duc and Luong Phu-Tan Duc, will be built in Phu Binh District on a total area of ​​136 hectares, with a total investment of VND1.6 billion. In addition, infrastructure construction is underway at Song Cong II Industrial Park – Phase 2, which covers 296 hectares and raises nearly VND4,000 billion in investment capital.

Focus on sustainable development

Thai Nguyen plans to allocate about 120 hectares of land to secondary investors by the end of the year. The construction of Yen Binh 3 Industrial Park has also begun, covering an area of ​​295 hectares and with an investment capital of nearly VND4,200 billion. Yen Binh 2 Industrial Park, which covers 299 hectares and has an investment capital of VND3,650 billion, has been approved and infrastructural preparation is already underway.

Another important aspect is attracting secondary investors, especially those who use modern and environmentally friendly technologies. By 2025, the province aims to attract around VND90,000 billion in extra-budgetary investment capital. A US$100 million investment registration certificate for Phase 2 of Song Cong II Industrial Park has already been awarded. Other urgent administrative procedures for infrastructure projects in Phu Binh and Tay Pho Yen industrial parks are also underway.

As the data on foreign direct investments shows, these are long-term corporate investments that multinational companies use to open up new markets or secure existing markets. These investments show the dynamism of global economic interconnections, which have expanded significantly in recent decades. Loud bpb.de The average global FDI stock increased from $2.7 trillion between 1990 and 1994 to $40.9 trillion between 2020 and 2022.

Overall, Thai Nguyen Province aims for rapid and sustainable development with double-digit growth in the coming years. This is done through targeted attraction of investments, optimization of infrastructure and creation of a favorable investment climate.