|Pho Noi Industrial Park A attracts 200 domestic and foreign direct investment projects. (Photo: hoaphat.com.vn)|
The long-established industrial parks like Pho Noi and Thang Long, and emerging ones in Van Giang, Khoai Chau, and Yen My are giving Hung Yen a facelift.
Hung Yen has advantages in a convenient transport network which is connected with the capital city of Hanoi, the seaports in Hai Phong and Quang Ninh, and other provinces in the Red River Delta. Hung Yen has capitalized on its geographical advantages.
Hung Yen has 10,000 enterprises with a registered capital of 4.3 billion USD.
Over the past years, it has adopted incentives for the business community to promote production and thrive, contributing to the Gross Regional Domestic Product (GRDP) growth of 9.6%, and economic restructuring with an export turnover of 4.2 billion USD.
The results are attributed to the province’s focus on administrative reform, improving the provincial competitiveness index, and upholding the local administrations’ dynamics in investment attraction.
Tran Duc Dien, Director General of MAX Vietnam Company, an enterprise that has been based in Hung Yen province for a long time, said “Hung Yen has attracted many foreign investment projects and offered multiple mechanisms in favour of investment development.
For example, Hoa Phat Furniture or TNT Companies have strongly grown. They continue to thrive with more major projects. Hung Yen is home to many industrial parks where half of the total investors are foreigners.”
Beginning to operate in Hung Yen in 2016, Hoa Phat Furniture Company has recorded good performance thanks to the local favorable business and investment environment. The company’s annual growth has increased steadily between 15 and 20% a year, creating jobs for the locals.
Cargill Vietnam Company in Pho Noi Industrial Park A (Photo: hoaphat.com.vn)
Do Tuan Canh, a member of Hoa Phat Furniture Company, said “Hung Yen has many investment advantages including preferential policies and abundant and skillful workforce. In addition to favorable geographical advantages, Hung Yen is rarely affected by natural calamity, flood or storms.”
An information channel has been set up to publicize the policies on the management and planning in industrial zones. A committee to support Japanese businesses operating in Hung Yen and the Thang Long Industrial Park has been established. Support in regards of technological, and infrastructure production premises has been in place.
In addition, administrative reforms have been implemented. For example, now via the committee to support Japanese businesses, it takes about 3 days to get a business license instead of 18 days previously.
Hung Yen will focus on attracting investment in tourism as Do Tien Sy, Secretary of the provincial Party Committee, said at a recent meeting:
“We have successfully attracted investors in developing industries and urban areas. What we need to do now is to lure investment in tourism. To this end, it’s necessary to build a system of hotels and restaurants, set up tours, mobilize more social resources, and train human resources. We should form a mechanism on the management, encouragement, and call for investment in the hospitality sector. A provincial tourism association should be set up to create a number of signature tourism products for Hung Yen.”
After 22 years of re-establishment, Hung Yen has emerged as one of localities with the fastest industrial growth rate and the biggest production value in Vietnam. The achievements have been attributed to preferential investment attraction policies.
- Should Ohio pay to attract new international flights? Pittsburgh did
- KCMO incentives study finds growth, but do school districts bear the burden?
- Lufkin ED incentive package for Wisconsin will bring 50 new jobs, $2M capital investment
- Lufkin EDC incentive package for Wisconsin will bring 50 new jobs, $2M capital investment
- Colorado tries to lure Fortune 250 company with $27 million in incentives
- Bitcoin-mania stock volatility shows the fallacy of 'efficient markets'
- 'Tax alpha' is much more than simple tax-efficiency
- GSR Capital to Invest in tZERO at $1.5 Billion Valuation
- Vista Equity Partners Invests in iCIMS to Accelerate the Next Phase in Company’s Growth
- Macau Capital Investments, Inc. Closes Acquisition of Polaris International Holdings, Inc. (PIHN)