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| Thai Nguyen city center. (Source: Thai Nguyen Newspaper) |
Located only about 50 km from Noi Bai International Airport with a 45-minute drive, about 160 km from Hai Phong port, Thai Nguyen is an important traffic junction, with a fan-shaped road, railway, and river system connecting to provinces and cities in the region.
Possessing many potentials with an important geographical location, a synchronous transportation system and infrastructure connections is the foundation and leverage to help Thai Nguyen become one of the most developed economic regions in the country.
Focused and decisive direction
Thanks to active administrative reforms, preferential investment policies, and a commitment to creating favorable conditions for investors, Thai Nguyen is currently one of the localities attracting the largest and most effective foreign direct investment (FDI) in the northern provinces. The province's socio-economic situation in the first 10 months of 2023 continued to develop strongly despite many difficulties and challenges in the international and domestic context.
With the focused and drastic direction of the Provincial Party Committee, People's Council, and Provincial People's Committee, together with the solidarity, unanimity and efforts of the entire political system, the consensus of the people and the business community, the socio-economic situation has gradually improved and social security has been ensured.
The economic growth rate (GRDP) in the province in the first 9 months of 2023 is estimated at 4.35% over the same period, higher than the national average (4.24%). Of which, the agriculture, forestry and fishery sector increased by 3.83%; the industry and construction sector increased by 2.85%; the service sector increased by 7.96%; product taxes minus product subsidies increased by 3.47%.
The export value in the area in the first 10 months of 2023 is estimated at 22.57 billion USD, equal to 84.8% over the same period, equal to 64.5% of the annual plan. Of which, the local export value is estimated at 613.5 million USD, up 1.3% over the same period. The state budget revenue is estimated at 13,283 billion VND, equal to 87.9% over the same period, reaching 67.9% of the estimate assigned by the Ministry of Finance, reaching 66.4% of the estimate assigned by the Provincial People's Council. The total social development investment capital in the first 9 months reached 42.9 trillion VND, up 8.2% over the same period.
According to the Thai Nguyen Provincial Planning for the period 2021-2030, with a vision to 2050, Thai Nguyen province is planned to have 11 industrial parks (IPs). Currently, there are 5 IPs in operation in the province; 2 IPs have been approved by the Provincial People's Committee for general planning and zoning plans, and are taking steps to attract and select investors; 4 IPs have been approved by the Provincial People's Council for a Resolution on the task of making general planning and zoning plans. Currently, the IP Management Board is taking steps to make projects and zoning plans.
Regarding FDI attraction, in the first 10 months of 2023, the province had 31 newly licensed FDI projects with a total registered capital of 209.9 million USD, and 10 projects increased capital with a registered capital of 19.53 million USD. Up to now, the province has 201 valid FDI projects, with a total investment of nearly 10.58 billion USD.
Creating space to attract investment
Grasping the potential and advantages of being adjacent to Hanoi capital, with convenient infrastructure and traffic connections, Thai Nguyen province has recently made efforts to proactively build modern industrial parks to welcome investors.
A typical example is the 400-hectare Yen Binh I Industrial Park, built right next to the Hanoi-Thai Nguyen highway. With a synchronous infrastructure including transportation, water supply, drainage, wastewater treatment, and modern information technology, Yen Binh I Industrial Park has become a destination for the world's leading technology corporations.
In 2013, Samsung Group invested in Yen Binh I Industrial Park with an initial capital of two billion USD. After one year, it increased its capital by three billion USD and continuously expanded its scale. To date, it has invested more than 7.5 billion USD, producing a huge amount of export goods.
Samsung's investment in an area of 200 hectares in Yen Binh I Industrial Park has attracted supporting enterprises, suppliers, and tier-1 suppliers to not only fill this industrial park but also invest in other industrial parks in the province.
The Resolution of the 20th Provincial Party Congress, term 2020-2025, determined to build Thai Nguyen province into one of the modern industrial economic centers of the Northern midland and mountainous region and the Hanoi capital region by 2030. To realize this goal, Thai Nguyen province determined that connecting traffic infrastructure is one step ahead to create a premise for industrial development in the next stage.
Currently, the province is implementing the Hanoi Capital Region Ring Road 5 in an area with four to six lanes, of which the Yen Binh intersection connecting the Hanoi-Thai Nguyen Expressway with National Highway 37 in Phu Binh district has been completed, and the National Highway 37 section connecting to Bac Giang province is being implemented.
Another key transport project with modern design, connecting with developed industrial provinces such as Thai Nguyen-Bac Giang-Vinh Phuc with an investment capital of more than 4,200 billion VND is also being urgently constructed by the province. It is expected that in the next year, two key routes with high connectivity will be put into use, creating a space to attract investment for Thai Nguyen to develop industry, urban areas, services, especially processing and manufacturing industries.
Accordingly, on the basis of convenient traffic connections, in the coming time, the province will invest in new and expand a total of 12 industrial parks, increasing the total land area of industrial parks to 4,245 hectares, 3 times higher than present, and more than 40 industrial parks with an area of about 2,000 hectares.
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| Nui Coc Lake. (Source: VNA) |
In recent times, the province has had many solutions to improve the investment and business environment, enhance provincial competitiveness; improve the quality and efficiency of foreign investment cooperation; ensure security and order in industrial parks and clusters, where many foreign investors are concentrated; focus resources on building socio-economic infrastructure to attract investment, focusing on traffic infrastructure, synchronizing infrastructure of industrial parks and clusters.
To achieve the above results, Thai Nguyen province has made efforts to implement the one-stop, one-stop mechanism in handling administrative procedures at 208 state administrative agencies in the province, including 19 out of 20 departments, branches and sectors (except the Provincial Inspectorate), all nine district-level People's Committees and 177 communes, wards and towns. Along with many initiatives and strong direction, the provincial leaders assigned specific tasks to departments, branches and sectors to support, answer and guide investors to learn about investment opportunities in the province, periodically report to remove difficulties and obstacles.
Through meetings, including online meetings, Thai Nguyen province has recorded and promptly handled investors’ proposals and recommendations during the implementation of projects. Thanks to that, many FDI projects, after going into production and business, have had investors continue to increase investment capital and expand production scale.
Notably, Thai Nguyen is also emerging as a “promised land” for investment with special preferential policies. The province will support training and retraining costs for workers. This is a unique mechanism of Thai Nguyen. The leaders of the province are all young, dynamic, daring to think, daring to do... The enthusiasm, determination and unity in direction and administration have created a creative government, making many breakthrough decisions.
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