Hung Yen province’s economy has improved in recent years thanks to more investment in local industrial zones and incentives for domestic and foreign enterprises.
Hung Yen plans to build 10 industrial zones on an area of 2,400 ha. Four industrial zones have been put into operation attracting about 380 projects.
Around 70% of these industrial parks have been filled, thanks to their favorable location.
Nguyen Duc Thang, Director of Thang Long Industrial Park II Company of the Japanese Sumitomo Group which has been operating in Hung Yen since 2006, said "Sumitomo Group invested in Hung Yen because of its favorable geographical location and developed transport infrastructure. It’s easy to go to Hanoi or to major sea ports in the north including Hai Phong and Cai Lan. We have received much support from the provincial People’s Committee, particularly in land clearance."
Hung Yen has particularly focused on luring high tech and environmentally friendly projects and those on mechanics, electronics, and support industry.
Pham Thai Son, the Director of the Management Board of Industrial Zones in Hung Yen, said, "Every year since 2014 Hung Yen has attracted US$300 to US$350 million worth of foreign investment.
They include high tech projects from Japan’s Nikiso Group, Hoya Glass Disk Vietnam, and TOTO Vietnam Company with registered investment capital of between 70 and US$100 million each. Some Vietnamese companies including Hoa Phat Group and Nutifood have invested in Hung Yen."
Son said Hung Yen province is speeding up land clearance and constructing three more industrial parks.
“Hung Yen plans to develop a 3,000-hectare urban industrial park which is close to the Hanoi-Hai Phong Highway and the new Road 39 to attract more investment. The province is calling on Vietnamese, Japanese, and the Republic of Korean investors to invest in the local infrastructure. We hope to draw American and European investors whose investment in the province remains modest," Son added.
By September, FDI projects in Hung Yen came from 17 countries and territories with a total registered investment capital of more than US$3 billion.
Japan is the biggest investor with 107 projects worth more than US$2 billion, followed by the Republic of Korea with 37 projects worth more than US$412 million.
The achievements are attributed to the province’s specific solutions to create a favorable environment for investors. Hung Yen has invested in electricity, transport, water supply, and drainage, and speeded up administrative reforms.
Nguyen Duc Thang, Director of Thang Long Industrial Park II Company, praised local support for enterprises, adding, "The province has created favorable conditions for Japanese investors in Thang Long Industrial Park II. They talk with businesses every year to promptly address problems and difficulties encountered by enterprises in the production and business process."
"The provincial People's Committee has also supported investors with streamlined administrative procedures. It takes only one to three days to get an investment license or business establishment certificate. If we have any administrative difficulties, we discuss with the provincial People's Committee for a prompt solution," he added.