Attracting investment: Prioritizing quality over quantity.

With the motto of not attracting investment at all costs, over the years, Thai Nguyen province has implemented appropriate development strategies, leveraging its unique advantages. As a result, the province has achieved strong breakthroughs in attracting investment, creating momentum for economic growth.

To create momentum for attracting investment, in recent years, the province has done a good job of planning and establishing industrial parks with synchronous and modern infrastructure. In the photo: Samsung Electronics Vietnam - Thai Nguyen Co., Ltd. at Yen Binh Industrial Park (Pho Yen City).

Attracting FDI flows

Building on its historical tradition as the "cradle" of the country's metallurgical industry, in the new era, Thai Nguyen focuses on attracting foreign direct investment (FDI) projects into industrial production. Accordingly, the province has planned to expand 11 industrial parks and 1 concentrated information technology park with an area of ​​1,599 hectares; prioritizing the attraction of investment projects to develop key industries and products using advanced technology, high-tech products, deep processing, information technology, electronics and telecommunications, environmentally friendly production, energy saving, and industries using renewable energy sources...

In reality, the establishment of numerous industrial parks with synchronized, modern infrastructure and convenient transportation connections has opened up significant opportunities for attracting FDI projects. For example, the presence of the Yen Binh Industrial Park in Pho Yen City quickly attracted Samsung Group (South Korea) to invest in and implement the project to build the Group's second-largest smartphone manufacturing plant globally. Samsung's arrival in Thai Nguyen also created a strong pull, attracting dozens of suppliers and supporting investors from South Korea along the value chain, generating an unprecedented influx of FDI capital.

Starting as a project called Samsung Electronics Vietnam - Thai Nguyen Co., Ltd. (SEVT), which commenced in March 2013 with a capital of $2 billion, the project increased its investment by $3 billion within just one year. Last year, Samsung further increased its capital investment in the Samsung Electro-Mechanics Vietnam factory in Thai Nguyen province by $1,187 million, bringing the Group's total investment in Thai Nguyen to over $7.5 billion.

Along with developing industrial zones and clusters to attract investment, the province has been resolute in improving the investment and business environment in recent years. Notably, the province has strengthened its leadership and guidance to departments and agencies in promoting administrative procedure reform. Accordingly, in the three years from 2021 to 2023, the Chairman of the Provincial People's Committee issued a decision approving the proposed simplification of 139 administrative procedures across various fields. Many of these procedures relate to the business and investment activities of enterprises.

Besides administrative procedure reform, the province is focusing on training high-quality human resources to meet the needs of industries attracting investment to serve the semiconductor and electronics industries. For example, in 2024, the University of Industrial Technology opened its first full-time training course for students in the electronics, semiconductor, and integrated circuit industries with 49 students.

Mr. Shin Ho Jin, Finance Director of Young Jin Hi-Tech Vietnam Co., Ltd. (Diem Thuy Industrial Park): “During the project implementation process, we received support and favorable conditions from the local government, especially in the issuance of investment certificates and land use right certificates. In addition, Thai Nguyen has the advantage of abundant and high-quality human resources, which is why we chose to invest in Thai Nguyen.”

The "sweet fruits" of attracting investment.

Thanks to the aforementioned groundbreaking solutions, the province's investment attraction results have improved significantly in recent years. In 2024 alone, the province issued investment policy decisions and approved investors for 18 non-budgetary projects using domestic capital, with a total capital of over 3,210 billion VND; issued investor approval decisions for 24 projects with a total capital of nearly 18,600 billion VND; and issued investment registration certificates for 12 projects with a total capital of over 5,000 billion VND.

To enhance competitiveness and attract investment, the province has recently intensified its efforts to direct departments and agencies to accelerate administrative procedure reforms. (In the photo: Citizens obtaining queue numbers for administrative procedures at the Public Administrative Service Center.)

Foreign investors from countries and territories such as China, Hong Kong, South Korea, and Japan have made significant contributions to the province's economic development, creating numerous jobs and promoting the transfer of advanced technology, helping Thai Nguyen become one of the leading localities attracting foreign investment in Vietnam.

In the coming period, experts believe that Thai Nguyen has enormous potential to attract investment. The province already has a solid foundation, having been chosen by large corporations like Samsung as a location for important production facilities, further building confidence among other investors and facilitating the formation of supply chains in the area.

Furthermore, industrial land is expanding due to numerous industrial park infrastructure development projects being actively implemented by investors. Examples include: the Song Cong II Industrial Park infrastructure construction and operation project - phase 2 (296.24 hectares), which was recently commenced by Viglacera Corporation - JSC in March 2024. In addition, Thai Nguyen currently has 27 out of 41 industrial clusters with infrastructure investors, under construction with a total registered capital of nearly 11,000 billion VND…

In particular, the dynamic and decisive management and administration of the provincial government; the support and facilitation of investors and businesses; the special attention paid to administrative procedure reform; and the innovative and intensified investment promotion activities both domestically and internationally… have helped and will continue to help Thai Nguyen "score points" in the eyes of investors.

In 2024 (at 2010 constant prices), the province's industrial production value exceeded 1 trillion VND, an 8% increase compared to the same period and reaching 97.6% of the plan.

Source: https://baothainguyen.vn/kinh-te/202505/thu-hut-dau-tu-trong-chat-hon-luong-4033161/