According to data from the Foreign Investment Agency, Ministry of Planning and Investment, in August, Nghe An rose to the 8th position in attracting the most FDI capital nationwide. Specifically, in August, Nghe An province had 9 newly registered projects with a value of more than 778 million USD and 6 project scale adjustments, with an additional capital of nearly 110 million USD. Accordingly, the total registered, newly granted, and adjusted capital of Nghe An in 8 months was nearly 888 million USD, an increase of more than 160% over the same period in 2022.
In the North Central and Central Coast regions, up to August, Nghe An also ranked 8th in the country in attracting the most FDI capital, with 140 newly registered projects and a total value of nearly 3.5 billion USD.
Big companies flock to choose as investment destination
Among the foreign investors choosing Nghe An as a business investment destination, we must mention Foxconn Interconnect Technology Singapore PTE.LTD (Foxconn Group) - a leading partner in Apple's supply chain. Specifically, in mid-May 2023, the Southeast Economic Zone Management Board granted an Investment Certificate to Foxconn Interconnect Technology Singapore PTE.LTD to implement the Fu Wing Interconnect Technology Co., Ltd. Project at WHA Industrial Zone 1 in Nghi Long Commune, Nghi Loc District, Nghe An Province, with a total investment capital of 100 million USD.
According to the Investment Certificate, the project covers an area of about 48 hectares and is expected to complete the construction of the factory and auxiliary works from June 2023 to June 2024. In the next phase, from July 2024 to October 2024, the investor will import machinery and equipment, conduct trial operations to complete the stages of putting into use with a designed capacity of 400 million connection wires/year, 94 million wireless chargers/year and over 627 connection heads/year.
In addition, on June 22, Nghe An province also approved the investment policy of Runergy PV Technology Co., Ltd. (Thailand) to produce monocrystalline silicon bars and semiconductor wafers in Hoang Mai I Industrial Park, Hoang Mai town (Nghe An). This project has a total investment capital of more than 400 million USD and is currently in the process of adjusting the investment certificate. The project's factory has a design capacity of nearly 40,000 tons of silicon bars/year and nearly 30,000 tons of semiconductor wafers/year.
According to the plan, the project will complete procedures to hand over the site; start construction of the factory and purchase machinery and equipment from June 2023 to October 2023; in November 2023, the first phase of the project will be tested and officially produced; and by June 2025, the entire project will be put into operation.
Most recently, at the regular meeting in July 2023, the Standing Committee of Nghe An Provincial Party Committee approved the investment policy of Innovation Precision Vietnam Co., Ltd. in VSIP Industrial, Urban and Service Park. The project has a total investment of about 165 million USD, aiming to produce aluminum alloy for the electronics and green energy manufacturing industry. The project has a design capacity of 100,000 tons/year and a scale of nearly 11.8 hectares, expected to come into operation from October 2024, and create about 1,500 jobs.
Quickly resolve procedures for investors
One of the successes of FDI attraction is that Nghe An creates favorable conditions for investors. Accordingly, the time to process procedures for investors is very fast, for example, granting the Investment Registration Certificate to the investor Shandong Innovation Metal Technology Group (China) in just 5 working days. At the same time, Nghe An provincial leaders also pay special attention to administrative reform in a fast, concise, and modern direction, creating maximum convenience for investors and businesses.
Previously, on August 7, 2023, the People's Committee of Nghe An province issued Official Dispatch No. 6486/2023 on rectifying, strengthening responsibility and improving the effectiveness of administrative procedure reform, promptly removing obstacles and difficulties for people and businesses. Accordingly, the People's Committee of Nghe An province requested departments, branches and sectors to shorten the time to handle administrative procedures by 20% earlier than prescribed for online applications and strictly handle officials, civil servants and public employees who have harassing, negative and late behaviors.
In addition to efforts to improve the business investment environment, Nghe An's infrastructure system is also increasingly complete and synchronized. Among them, many traffic infrastructure projects have been completed and put into use, contributing to promoting tourism and trade development as well as promoting socio-economic development in the province and inter-provinces, such as the Vinh - Cua Lo road (10.8 km); Nghi Son coastal road (Thanh Hoa) - Cua Lo (Nghe An) Km76+00 - Km83+500 (7.5 km); projects in the Southeast Economic Zone such as Road D4 (7.066 km long), N5 Crossroad (section 2, 6.5 km long) contributing to completing the infrastructure, promoting socio-economic development of the province.
Nghe An is currently continuing to focus on accelerating the progress of the Nghi Son (Thanh Hoa) - Cua Lo (Nghe An) Coastal Road Project; implementing investment procedures to upgrade and expand the road to Nam Dan district; coordinating with the Ministry of Transport and related units to soon complete the North-South expressway project in the East (section through Nghe An province); accelerating the investment progress of construction of berths 7 and 8 of Cua Lo Port, some berths of Vissai Nghi Thiet Port, and Dong Hoi wharf area.
With a transparent investment and business environment, Nghe An is becoming an attractive destination for "eagles" and multinational corporations, leading to a huge demand for housing for experts and senior leaders of corporations in the next 1-2 years. Along with a favorable location and increasingly synchronous traffic infrastructure, it will further promote the economy in general and real estate in particular in Nghe An province, especially Vinh city, to develop with great investment prospects.
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