The central Vietnam province of Binh Dinh is emerging as a key destination for foreign direct investment (FDI), with many companies exploring large-scale, high-tech projects that will drive sustainable economic growth in the locality.
A surge in investment interest
Binh Dinh, which aims to attract over 100 projects in 2025, has seen a surge in interest from global corporations across various sectors. One of the most significant proposals is a high-tech polyester fiber recycling plant, worth between $700 million and $1 billion, proposed by Swedish textile producer Syre.
At a meeting with the Ministry of Industry and Trade and the provincial People’s Committee on February 19, Tim King, operations director at Syre, committed to applying modern technology to the polyester recycling project to meet world-leading environmental protection standards, while also adhering to Vietnam’s environmental regulations.
The group has prepared financial plans for the project and hopes to receive support from Vietnamese authorities to finalize it, he added.
A corner of Binh Dinh province. Photo by The Investor/Nguyen Tri.
Environmental Landscape Pte Ltd (EL) from Singapore has proposed five projects in Binh Dinh, involving land reclamation and fertilizer production, solar energy combined with shrimp farming and seafood processing, wood pellet and biochar production, development of multifunctional industrial clusters, and solar energy industrial zones (including a solar-water farm).
Nguyen Tuan Thanh, standing Vice Chairman of the provincial People’s Committee, has assigned relevant departments to introduce local partners capable of producing organic fertilizers for cooperation with EL on the land reclamation and fertilizer project.
Other departments were tasked with introducing suitable industrial zones or clusters for the wood pellet and biochar project.
The departments will also assist EL in implementing the multifunctional industrial cluster project at the Cat Hanh Industrial Cluster in Cat Hanh commune, Phu Cat district, once the Saigon-Nhon Hoi Industrial Park’s infrastructure is completed.
For the solar energy-shrimp farming and seafood processing project and the solar energy industrial zone project, Thanh suggested the investor continue their surveys, prepare detailed plans, and propose suitable land areas based on current land resources of the province.
Samsung E&A Vietnam Co., Ltd. (SE&A) is seeking investment opportunities in Binh Dinh for clean water supply, wastewater treatment, and urban solid waste treatment (waste-to-energy) projects, acting as an investor and provider of technical solutions, EPC contractor, and project operator under the public-private partnership (PPP) model.
In response to SE&A’s proposal, Binh Dinh leaders introduced the Hoai Nhon Waste Incineration Plant project with a capacity of 250 tons per day, which can be raised to approximately 500 tons, for SE&A to consider investing in.
Binh Dinh has also proposed wastewater treatment projects in three localities with official development assistance (ODA) funding, including Hoai Nhon township with a capacity of 7,000 cubic meters per day, An Nhon township (10,000), and Tay Son district (5,000).
Currently, the districts and industrial zones (IZs) and industrial clusters (ICs) in Binh Dinh province need wastewater treatment infrastructure investments. If SE&A provides suitable technology and reasonable pricing, the province will allocate funds for cooperation with the company to implement these projects and introduce the company to infrastructure developers of IZ and IC projects.
Infrastructure development to support growth
At a meeting with investors from Ho Chi Minh City earlier this year, Binh Dinh Chairman Pham Anh Tuan introduced the province’s infrastructure projects inviting investments.
These include a semiconductor AI high-tech park and a 700-hectare cultural industrial park. Investors have committed to developing several industrial clusters in the locality.
Tuan emphasized the importance of connecting industrial zones with urban areas to improve living conditions for workers. The Becamex VSIP Binh Dinh service-urban-industrial complex, covering 1,000 hectares, is one such example, with four accompanying urban areas planned for development.
He also noted that the Quy Nhon-Pleiku Expressway, slated for completion in 2027, will significantly improve connectivity, while the expansion of Phu Cat Airport, starting in August, is expected to increase accessibility to the province.
Binh Dinh is also set to develop a deep-water port in Phu My, expected to be operational by 2028, which will serve as a hub for industrial activities, while Quy Nhon Port will transition to serving tourism.
Despite the positive outlook, Tuan acknowledged several challenges, particularly in terms of human resources and the region’s slower pace of attracting investment. However, he reassured potential investors that the provincial government is committed to completing critical infrastructure projects to create a conducive environment for business.
“We are committed to investing in infrastructure up to the boundary of the industrial zones. For instance, for Phu My Industrial Park, we are investing approximately VND2 trillion ($78.3 million) in connecting roads to the expressway. Once the industrial park’s infrastructure is completed, we will ensure the roads are fully integrated,” he added.
The Ninh Binh Provincial People’s Committee held a groundbreaking ceremony for the Khanh Loi Industrial Cluster Infrastructure Investment and Business Project in Yen Khanh District on February 18.
This is the first newly initiated project among 21 key projects selected to commemorate the 23rd Provincial Party Congress.
Tran Thi Kim Thanh, CEO of Bao Minh-Khanh Hong Infrastructure Investment and Development JSC (the project investor), stated that the project covers 63 hectares and has recieved a total investment of approximately 700 billion VND.
It aims to attract high-quality investment in advanced, eco-friendly industries, integrating local businesses into global supply chains. The project is expected to create 3,000–5,000 jobs and attract skilled labour. Infrastructure construction and equipment installation are set to be completed by the end of 2026.
Nguyen Cao Son, Vice Chairman of Ninh Binh Provincial People’s Committee, urged the investor to ensure synchronised, modern infrastructure, exceed project deadlines, and comply with legal regulations. He also called on local authorities to facilitate project implementation and swiftly resolve any arising issues.
He affirmed the province’s commitment to supporting businesses, fostering a favourable investment environment and driving socio-economic development while improving local living standards.
Vietnam targets to add 6,000 MW of offshore wind power to its masterplan by 2030 and put the related projects into operation in 2030-2035, said Deputy Minister of Industry and Trade Nguyen Hoang Long.
Long made the statement at a Wednesday meeting with a German delegation, featuring Ambassador Helga Margarete Barth; Heiko Wuttke, CEO of renewable energy developer Pure New Energy (PNE); and Thorsten Fastenau, vice president of PNE.
Deputy Minister of Industry and Trade Nguyen Hoang Long at a working session in Hanoi on March 5, 2025. Photo courtesy of Cong Thuong (Industry & Trade) newspaper.
Vietnam aims to have 113,503-139,097 MW of offshore wind power by 2050, he added.
The country also plans to develop offshore wind energy and other renewables, including solar power, nearshore wind power, and land-based wind power, to manufacture new energy (green hydrogen and ammonia), serving both the domestic and export markets, Long said.
The country targets 15,000 MW of offshore wind power in 2035 and 240,000 MW in 2050 for new energy production, he added.
In reply, Ambassador Helga Margarete Barth said Germany highly rates Vietnam’s plans for new energy and renewable energy and is willing to cooperate with Vietnam, especially in wind power.
PNE started studying the $4.6 billion Hon Trau offshore wind power project in Vietnam in 2019. In November 2022, the company and the central coastal province of Binh Dinh signed a memorandum of understanding to deploy the project.
According to PNE, the project will be executed on Hon Trau island, 10 kilometers off the coast of De Gi estuary. The project is designed to have a capacity of 2,000 MW and be implemented in three phases. Some 50 turbines are slated to be installed in each phase.
Ten kilometers is less than the requirement of six nautical miles (11.1 kilometers) per the definition of offshore wind energy stipulated in the Electricity Law 2024.
The Hanoi People’s Committee held a ceremony on December 13 to honour Major Industrial Products (MIP) in 2024, with Sigma OTT ecosystem developed by Thu Do Multimedia, being recognised as one of the three IT High-tech products.
This distinction highlights the significance of innovation in the media sector, exemplified by Sigma OTT.
As many as 36 products from 25 businesses and organisations were honoured at the ceremony. In the information technology and high-tech sector, three products were recognised, including the Sigma OTT ecosystem from Thu Do Multimedia.
The initiative, launched by the Hanoi People’s Committee, aims to identify and promote high-quality products that enhance the competitiveness of local enterprises. These products receive support through partnerships and promotional activities both domestically and internationally, helping them expand globally. Recognised products benefit from promotional efforts throughout 2025, including increased visibility and prioritisation in trade promotion activities.
Hanoi plays a central role in industrial development, with industrial enterprises contributing around 35% of the city’s industrial production value and nearly 2 billion USD in exports. These companies also provide employment for about 80,000 people, underscoring their importance to the local economy.
Sigma OTT stands out for its innovative multimedia solutions, helping Vietnam’s digital transformation. Launched in 2018, it offers an alternative to expensive foreign technologies, with applications in broadcasting, online education, and telehealth. Its cost-effective solutions reduce dependency on international products, advancing Vietnam’s technological self-reliance.
Sigma OTT’s Sigma Multi-DRM is internationally recognised for digital content security, addressing significant concerns around copyright infringement and piracy. Audited by Cartesian in 2020, it places Thu Do Multimedia among Southeast Asia’s leaders. This recognition strengthens Sigma OTT’s position in global markets, including Thailand, the USA, and India, enhancing Vietnam’s presence in digital technology.
