Thanh Hoa province is continuing to invest in infrastructure to facilitate connectivity and attract new, high-quality investment flows (In the photo: A view of Nghi Son Economic Zone).
An opportunity to elevate your status.
SK Innovation Co., Ltd. (South Korea), the company proposing the Nghi Son LNG Thermal Power Plant Project, recently expressed its determination to invest in the integrated Quynh Lap - Nghi Son LNG gas-fired thermal power plant complex during a meeting with the Provincial People's Committee. This option is considered highly feasible, simultaneously meeting technical requirements, investment efficiency, and ensuring commercial operation by 2030 as per the revised Power Development Plan VIII.
With a total investment of approximately US$2 billion, this will be Thanh Hoa 's third largest FDI "mega-project," estimated to contribute around VND 79,575 billion to the budget throughout its lifespan. Not only will it contribute to the flexible supplementation of the national power grid and realize Thanh Hoa's goal of becoming a regional energy hub, but the project will also create a foundation for stable and reliable electricity supply for key industries in the province and the North Central region.
Notably, according to Mr. Kim Nam Ho, Vice President of the Global Business Development Office, SK Innovation Co., Ltd., the company is not only focused on the LNG power plant project. SK Innovation has also expressed interest in developing AI data centers, distributed energy models (DER), and direct power purchase agreements (DPPA) integrating LNG and renewable energy; and is exploring the possibility of investing in an additional power plant with a capacity of approximately 1,500 MW in Thanh Hoa in the future.
Alongside the energy sector, the province's industrial park infrastructure is experiencing strong growth, opening up many new prospects. The WHA Smart Technology 1 Industrial Park in Thanh Hoa has officially commenced construction, while the Thang Long Thanh Hoa Industrial Park (phase 1) is also expected to begin implementation right from the beginning of the new year.
Mr. Kenta Kawanabe, General Director of Thang Long Industrial Parks in Vietnam, Sumitomo Corporation, said: “We expect to attract 50 to 250 secondary investors, creating jobs for approximately 13,000 to 40,000 workers, with a cumulative FDI capital of up to 2 to 8 billion USD, mainly from multinational corporations in the processing, manufacturing and supporting industries.”
To date, Thanh Hoa has successfully attracted 180 FDI projects, with a total registered capital of approximately US$15.6 billion, ranking 8th nationwide in FDI attraction. In 2025 alone, the province aims to attract 13 new FDI projects, with a total registered capital of US$437.5 million, a 29% increase compared to the same period. Notably, these new projects tend to prioritize high technology, green standards, and ESG (environmental, social, and governance) standards, reflecting a clear shift in the province's FDI attraction strategy towards sustainability.
"Unlock" to embrace the new wave
"Riding the wave" of global FDI restructuring, Thanh Hoa province recognizes that its advantages stem not only from favorable circumstances or a spirit of goodwill and cooperation. More importantly, the province is demonstrating a clear determination to innovate its investment attraction mindset, using a transparent and open investment and business environment as a foundation, while simultaneously building a system of priorities and commitments to equipping businesses with competitive advantages for long-term partnership.
Without shying away from reality, in foreign affairs forums and bilateral working trips, provincial leaders frankly acknowledge the "bottlenecks" that need to be addressed soon, especially supporting infrastructure, logistics, and highly skilled human resources. These are key conditions for the province to attract more supporting industries and high-tech projects – the strengths of multinational corporations in the global supply chain.
For example, speaking at the Vietnam-Japan Local Cooperation Forum 2025, attended by many localities and hundreds of investors from the "Land of the Rising Sun," Vice Chairman of the Provincial People's Committee Cao Van Cuong affirmed: The province is persistently pursuing three overarching directions in attracting FDI, including: innovating thinking towards selectivity; prioritizing the completion of key infrastructure associated with the development of high-quality human resources; and maintaining regular dialogue, implementing transparent and consistent policies.
According to the Department of Industry and Trade's assessment, the province's industrial infrastructure is gradually improving. In particular, the increasingly synchronized institutions, planning, and mechanisms and policies will create significant opportunities for Thanh Hoa to attract high-tech, environmentally friendly FDI projects in the 2025-2030 period.
From the perspective of an international infrastructure investor, Mr. Pajongwit Pongsivapai, General Director of WHA Industrial Development PLC, believes that Thanh Hoa has many fundamental conditions to become an attractive destination for new investment capital. Its relatively synchronized infrastructure system, experience in hosting large-scale industrial projects in the Nghi Son Economic Zone, along with its transportation connectivity and proximity to deep-water seaports, have created a clear competitive advantage for the locality.
According to Mr. Pajongwit, continued investment in upgrading and expanding the highway system, especially routes directly connecting to seaports, will help reduce logistics costs, improve supply chain efficiency, and increase the attractiveness of industrial zones. At the same time, key energy projects such as the LNG terminal and the LNG gas-fired power plant at Nghi Son need to be put into operation soon to ensure a stable energy supply – a crucial factor for investors to confidently implement their projects.
Our province aims for double-digit growth in the coming years. The road ahead is still full of challenges, but with a new approach: using project quality, sustainability, and spillover effects as "measures," Thanh Hoa will gradually "unlock" a new generation of FDI to confidently move forward in its transformation!
Text and photos: Minh Hang
Source: https://baothanhhoa.vn/bat-nhip-fdi-the-he-moi-273576.htm
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