Nghe An rose to the top in terms of attracting the most FDI in the country in the first 8 months of the year

The business investment environment in Nghe An is becoming increasingly attractive to foreign investors, as foreign direct investment (FDI) attracted in the first 8 months has increased by 160% compared to the same period…

According to data from the Foreign Investment Agency, Ministry of Planning and Investment, in August, Nghe An rose to the 8th position in terms of FDI attraction nationwide. Specifically, in August, Nghe An province had 9 newly registered projects with a total value of over 778 million USD and 6 adjustments to project scale with an additional capital of nearly 110 million USD. As a result, the total registered capital, new registration, and adjustments in Nghe An in the first 8 months amounted to nearly 888 million USD, an increase of more than 160% compared to the same period in 2022.

In the cumulative statistics for the North Central and Central Coastal regions up to August, Nghe An also ranked 8th in the country in terms of FDI attraction, with 140 newly registered projects and a total value of nearly 3.5 billion USD.

ATTRACTING MAJOR INVESTORS

Among the foreign investors choosing Nghe An as their destination for business investment, one must mention Foxconn Interconnect Technology Singapore PTE.LTD (Foxconn Group), a leading partner in Apple’s supply chain. Specifically, in mid-May 2023, the Management Board of the Southeast Economic Zone granted an investment certificate to Foxconn for the implementation of the Fu Wing Interconnect Technology Co., Ltd project in WHA Industrial Zone 1 in Nghi Long commune, Nghi Loc district, Nghe An province, with a total investment of 100 million USD.

Furthermore, on June 22, Nghe An province approved the investment proposal of Runergy PV Technology Co., Ltd (Thailand) to produce monocrystalline silicon rods and semiconductor wafers in Hoang Mai I Industrial Zone, Hoang Mai town. The project has a total investment capital of over 400 million USD and is currently in the process of adjusting its investment certificate. The project’s factory is designed with a production capacity of nearly 40,000 tons of silicon rods per year and nearly 30,000 tons of semiconductor wafers per year.

FAST-TRACKING INVESTMENT PROCEDURES

Explaining one of the successes in attracting FDI, in a regular meeting in August 2023, the Chairman of the People’s Committee of Nghe An province, Nguyen Duc Trung, stated that it was due to the province’s positive attitude toward investors, which has been well-received. The time for processing procedures for investors is very fast, exemplified by the issuance of an investment registration certificate for Shandong Innovation Metal Technology Group (China) in just 5 working days.

Before that, on August 7, 2023, the Chairman of the People’s Committee of Nghe An province issued Decision No. 6486/2023 on the rectification, enhancement of responsibilities, and improvement of the efficiency of administrative procedure reform work, timely resolving difficulties and obstacles for the people and businesses. Accordingly, the People’s Committee of Nghe An province required departments and agencies to reduce the time for handling administrative procedures by more than 20% compared to regulations for online submissions and strictly handle officials and civil servants with negative behavior or delays.

INFRASTRUCTURE IMPROVEMENTS

In addition to efforts to improve the business investment environment, Nghe An’s infrastructure is increasingly complete and synchronized.

This includes the completion and use of many transportation infrastructure projects that contribute to the development of tourism, commerce, and economic and social development in the province and neighboring provinces, such as the Vinh – Cua Lo road (10.8 km); Coastal road from Nghi Son (Thanh Hoa) to 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), Crossroad N5 (section 2, 6.5 km long), all contributing to improving the infrastructure and promoting the economic and social development of the province.

The Cua Hoi Bridge, combined with the coastal road system, will create a transportation corridor that awakens the potential of the Nghe An coastal area. Furthermore, Nghe An is continuing to accelerate the progress of the Nghi Son (Thanh Hoa) – Cua Lo (Nghe An) coastal road project, upgrade and expand roads to Nam Dan district, and cooperate with the Ministry of Transport and related units to complete the North-South Eastern Expressway project (passing through Nghe An province) as soon as possible. They are also expediting the construction of berths 7 and 8 at Cua Lo port and several berths at Vissai Nghi Thiet port and Dong Hoi port.

With a favorable business investment environment, Nghe An is becoming an attractive destination for multinational corporations, which, in turn, is driving demand for housing for executives and high-level leaders of these corporations over the next 1-2 years. Along with its advantageous location and increasingly synchronized transportation infrastructure, this will further boost the overall economy and real estate development in Nghe An province, especially in Vinh city, with the prospect of significant profitable investments.

Source: VnEconomy newspaper