Growing investment, exports

Since it was re-established in 1997, Hung Yen Province has achieved encouraging socioeconomic achievements and undergone comprehensive changes. Initially a poor province, mostly reliant on agriculture and rice cultivation, Hung Yen has restructured its economy to increase the contributions of industry and services to its gross regional domestic product (GRDP).

Hung Yen has realized consistent solutions to control the COVID-19 pandemic and at the same time boost socioeconomic recovery and development. To that end, it is seeking international cooperation to attract investment.

In the first half of 2022, the province reached a GRDP value 8.6 percent higher than the same period last year, and an export value of US$3.1 billion, accounting for 55.3 percent of the 2022 target.

In the first seven months of 2022, Hung Yen attracted an additional 39 domestic and five foreign investment projects totaling VND15.8 trillion and US$44.78 million in registered capital, taking the total to 2,100 domestic and foreign projects worth more than VND256 trillion and almost US$6 billion, respectively. The index of industrial production (IIP) increased 9.92 percent over the same period last year, with the processing and manufacturing industry growing 10.16 percent, electricity production and distribution up 5.78 percent, and water supply, waste and wastewater management and treatment increasing 7.28 percent.

Chair of Hung Yen Province People’s Committee, Tran Quoc Van (standing) at a meeting with representatives of Vietnam Dairy Products Joint Stock Company (Vinamilk)

Hung Yen is implementing a project to restructure its industrial sector in the 2021-2025 period, with a vision to 2030, and planning to honor and promote outstanding rural industrial products in 2022. Project site clearance and investment in industrial parks are being boosted, and the province has paid off compensation and accomplished site clearance of about 242 hectares of land slated for use as an industrial zone.

The prime minister has approved investment policies for infrastructure in Thang Long II Industrial Park’s phase 3 and the expanded Yen My II Industrial Park. The province has established a working group to ease bottlenecks and help investors accelerate technical infrastructure development in industrial zones.

The COVID-19 pandemic is under control in the province, while commercial and service businesses have returned to normal, effective operation. The province has been doing a good job in trade management, ensuring the balance between supply and demand, and maintaining market stability.

Hung Yen Province officials attend online meeting between the prime minister and business representatives

Growth driving forces

Modern industry, development of trade and services pertaining to urbanization acceleration, and ecological and high-technology agriculture will become the three major driving forces of Hung Yen’s development in the coming years.

According to the resolution of the 19th provincial Party Congress, Hung Yen will develop on a fast and sustainable basis to become a modern industrial and highly efficient agricultural province by 2025. The province has set targets related to industrial development, urbanization, exemplary new rural areas, and efficient, safe and sustainable commodity-oriented agriculture, with a view to turning into a centrally governed city by 2030.

Hung Yen City

Hung Yen has also set a target of becoming a smart city capable of bringing into full play cultural and historical values ​​of its ancient Hien Street, and a beautiful, civilized, modern and rich province with cultural diversity renowned in the center of the Red River Delta.

Hung Yen will focus on attracting domestic and foreign investment, especially large-scale, high-tech, support industry and digital technology projects, multinational corporations and other major investors.

Plans also call for developing socioeconomic infrastructure, especially transport infrastructure, and a high-quality workforce.

Hinh Nguyen