Up to now, the province has 161 valid foreign direct investment (FDI) projects, with a total registered investment capital of 14.65 billion USD, ranking first in the North Central provinces and 8th in the country. Along with thousands of domestic investment projects that have been and are being effective, it has affirmed the attractiveness and effectiveness of the promotion activities being implemented.
SAB Vietnam Industrial Factory Project in Bim Son Industrial Park will be completed and put into operation in the first quarter of 2024.
Since the beginning of this year, foreign affairs activities associated with investment promotion have been promoted by Thanh Hoa province and related levels and sectors. Provincial leaders have received and worked with a number of large banks, corporations and investors such as: World Bank, DIC Group, SAB Group, Sovico Group, WHA Group, TH Group Joint Stock Company... Along with promoting potentials, introducing industries, occupations and projects that are prioritizing investment attraction, provincial leaders have also learned, listened and shared, and removed difficulties to promote investment activities in the area for many large and key projects, such as: Nghi Son LNG Power Plant; Duc Giang Chemical Plant; Lam Son - Sao Vang Industrial Park Infrastructure Construction and Exploitation Investment Project; Phu Quy Industrial Park Investment Project; Quang Thanh Trade Center; Golf Course Construction Investment Project in the Southwest of Thanh Hoa City...
At the Management Board of Nghi Son Economic Zone and the province's Industrial Parks, from the beginning of 2024, the board has presided over and coordinated with departments and branches to welcome 2 delegations of foreign investors and 3 delegations of domestic investors to explore investment opportunities in Thanh Hoa.
According to data from the Department of Planning and Investment, in the first quarter of this year, the province attracted 25 direct investment projects; including 4 foreign direct investment projects with a total registered investment capital of over 3,400 billion VND and 60.6 million USD, an increase of 75.5% over the same period. The projects registered for investment this year are present in all regions of the province from the plains, coastal areas to mountainous areas and concentrated in the fields of industry, handicrafts, services, agriculture, mining, etc. Along with the support of Thanh Hoa province, many new investment projects and industrial projects have also been completed and put into operation.
Mr. Tseng Jung Huei, Deputy General Director of Hoa Loi Group, shared: “Hoa Loi Group currently has a production capacity of 220 million products per year. In Thanh Hoa, after 10 years of investment, the group has 20 factories in operation, creating jobs for 120,000 workers. Although there are still many difficulties in the consumption situation, with the encouragement and support of the local government, we are determined to complete the investment in 10 factories in the districts of Thach Thanh, Ba Thuoc, Cam Thuy, Thuong Xuan, Thieu Hoa, Hau Loc..., creating more jobs for local workers”.
In particular, with investment promotion efforts, in 2024, Thanh Hoa's FDI attraction is expected to flourish with many new large-scale projects such as: Nghi Son LNG Power Plant (registered investment capital of about 2.5 billion USD), the Western Industrial Park project of Thanh Hoa City of Sumitomo Group (400 million USD); Aeon Mall Commercial Center project (170 million USD), 2 industrial park projects of WHA Group (110 million USD)...
Notably, the LNG Power Plant Project with an investment scale of about 2.5 to 3 billion USD, which is prioritized for investment in the 2021-2030 period, is currently attracting the attention of 5 large groups of world-class investors and is expected to become a new driving force for Thanh Hoa's energy industry. This is the third largest project in Thanh Hoa province, after the Nghi Son Oil Refinery and Petrochemical Plant project and the Nghi Son 2 BOT Thermal Power Plant project. The selection of investors for the project is expected to be carried out in the second quarter of 2024 and the investment is expected to be completed before 2030.
Along with that, the Thanh Hoa City Western Industrial Park Project of Sumitomo Corporation is also expected to be granted an investment certificate in 2024. Recently, Sumitomo Corporation has shown deep interest in developing and operating this project with an expected development area of 650 hectares and a logistics center and urban area around the industrial park with an expected development area of about 168.5 hectares. The project is expected to be implemented in the 2024-2025 period, with a total capital of more than 400 million USD.
Thanh Hoa expects to successfully attract 30 billion USD in direct investment capital in the period of 2021-2025. In particular, the goal is to approach and promote 3-6 companies owning original technology in the top 500 multinational companies in the world. In addition to traditional areas such as Japan, Korea, Kuwait..., the US, Europe, Russia markets, and large corporations from developed countries are the target. With strong "catalysts" from promotion and foreign affairs activities, Thanh Hoa is expected to receive more high-quality capital flows in the very near future.
Article and photos: Tung Lam
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