Project

Hung Yen develops industrial parks to attract investment

Published

16 hours ago

March 16, 2025

In 2024, Hung Yen Province attracted a record of nearly 4 billion USD in domestic and foreign investment, significantly contributing to the province’s industrial development efforts. The province aims for economic growth targets of 8% or higher in 2025 and beyond.

Hung Yen borders Hanoi and has an advantageous transport infrastructure with connections to seaports, airports and major urban centres. To leverage these strengths, the province is focusing resources on building industrial park infrastructure to attract investment.

Building technical infrastructure for industrial parks

At the Industrial Park No. 3 construction site, workers are rushing to complete the technical infrastructure. Nguyen Cong Hong, General Director of TDH Ecoland, said, “To overcome difficulties, Hung Yen established a steering committee for site clearance of key projects, making this process smoother. Within a short time, all 160 hectares of Industrial Park No. 3 was handed over to the investor.”

Immediately after the land was cleared, TDH Ecoland and its partners focused on building technical infrastructure. In less than a year, Industrial Park No. 3 has essentially completed its technical infrastructure and begun operations. With its advantageous location adjacent to the Hanoi-Hai Phong Expressway, and particularly the policy of one-time land rental payments, it has drawn many FDI investment projects.

Hung Yen Province occupies a strategic position in the Northern Key Economic Region, bordering Hanoi, with convenient transport infrastructure, including the Hanoi-Hai Phong Expressway, National Highways 5, 38, 39, and Hanoi’s Ring Road 4, connecting to seaports, airports and major northern urban centres. To capitalise on these advantages and create breakthrough economic development, the province has consistently focused on industrial park infrastructure development to attract investment.

Vu Quoc Nghi, Head of the Hung Yen Industrial Parks Management Board, shared that to create favourable conditions for industrial park infrastructure construction, since 2021, the Provincial Party Committee Standing Board issued a directive on site clearance for infrastructure projects and a decision on establishing a steering committee for key projects during the 2021-2025 period, led by the Provincial Party Secretary. The province has mobilised the entire political system to persuade residents to agree to hand over land for socio-economic development projects.

The steering committee for key projects meets monthly to review site clearance progress and issues directives to promptly resolve difficulties and obstacles. Consequently, between 2021 and 2024, the province cleared nearly 1,300 hectares of land for industrial park infrastructure development, almost triple the total area from 2015 to 2020.

Industrial park developers have accelerated construction and invested in comprehensive technical infrastructure. In 2024, approximately 620 hectares of land were developed, nearly double from 2023, which brings the total area of industrial parks with technical infrastructure to about 2,500 hectares, representing 89% of the total area, with approximately 540 hectares remaining available for lease. Many industrial parks have become operational and attracted investment, notably the Thang Long II Industrial Park expansion, Industrial Park No. 3, Industrial Park No. 5, and the Clean Industrial Park.

Integrated industrial park infrastructure has facilitated effective investment attraction. In 2024, Hung Yen Province received 86 projects, a 33% increase from 2023, with a total registered capital of 772 million USD and 11.6 trillion VND.

The industrial parks have attracted many large high-tech projects. Notable examples include Nitto Vietnam’s 132 million USD project to manufacture LCD polarising films for smartphones and automobiles, Molex Vietnam’s 128 million USD project to produce optical cables and high-speed connection cables, and Arizon Vietnam’s 67.5 million USD project manufacturing RFID labels.

Creating momentum for breakthrough growth

According to the Prime Minister’s decision on industrial park development planning to 2030 with a vision for 2050, Hung Yen Province will have 35 industrial parks with a total area exceeding 12,000 hectares. Currently, the province has 12 industrial parks covering more than 3,123 hectares. Of these, 10 industrial parks (approximately 2,773 hectares) are operational and accepting secondary investment projects.

Hung Yen Party Secretary Nguyen Huu Nghia shared that 2024 was a record year for the province’s investment attraction, with 180 projects totalling over 61 trillion VND and more than 1.5 billion USD. To date, the province has 2,371 active projects (1,755 domestic and 616 foreign) with total registered capital exceeding 370 trillion VND and over 8.5 billion USD.

This achievement is significantly owed to the industrial parks’ contribution to attracting investment and helping drive high and stable economic growth for the province. In 2024, the province’s economy grew by 7.7% to 159.8 trillion VND and GDP per capita reached 121.3 million VND, up 8.8 million VND compared to 2023.

To achieve breakthrough development strategic goals, Nghia stated that the province is determined to pursue a new growth model based on pillars, including the enabling role of government, focusing on promoting strong digital transformation, continuously improving institutions, investment environment, business climate and competitiveness, and strengthening the leading role of public investment.

Simultaneously, the province will establish an ecosystem for clean, high-tech industrial development with selective new investment attraction policies that prioritise scale, modern technology, and environmental protection.

Hung Yen is also accelerating urbanisation, developing large, smart, ecological urban areas linked with modern trade and services development, improving provincial competitiveness, and creating favourable conditions for businesses and investors to have equal access to information, business opportunities, investment and land.

Hung Yen leaders regularly maintain contact and dialogue with businesses to promptly identify and address difficulties and obstacles facing them, strengthen investment and trade promotion activities, promote potential and business opportunities, and build the province’s brand and image domestically and internationally.

In the coming period, the province will focus on reviewing and updating land use plans for industrial parks to be developed according to the master plan and adding newly established industrial parks to the list of provincial key projects.

Provincial functional agencies have been directed to accelerate compensation, site clearance and land handover to industrial park investors for technical infrastructure construction and project reception.

They are also increasing the implementation pace of approved industrial park infrastructure investment projects, striving to have approximately 2,000 hectares of cleared land ready for lease by the end of 2025.

The province aims to have 30 industrial parks (9,588 hectares) by 2030 and 35 (over 12,000 hectares) by 2050, transforming Hung Yen into one of Vietnam’s strongest industrially developed provinces.

Project

US giant Wanek Furniture to expand production capacity in Vietnam by 30% over 5 years

Published

23 minutes ago

March 17, 2025

Industrialzone.net

Wanek Furniture Co., Ltd., a leading wood producer in the U.S., plans to expand its production capacity in Vietnam by 30% over the next five years, said Lien Andrew Michael, its vice president and general director of Asian factories.

At a meeting with Vietnamese Deputy Prime Minister Nguyen Chi Dung in Hanoi on Thursday, Michael stated that Wanek Furniture, a 100% US-invested subsidiary of Ashley Furniture Industries, Inc., has invested more than $200 million in Vietnam since 2008, with factories in the southern province of Binh Duong and the central province of Quang Ngai.

The company is now employing about 16,000 Vietnamese workers, he said, adding that its products have been shipped to 48 countries worldwide.

Deputy Prime Minister Nguyen Chi Dung and Lien Andrew Michael, Wanek Furniture's vice president and general director of Asian factories, in their meeting in Hanoi on March 13,2025. Photo curtesy of the government's news portal. — Deputy Prime Minister Nguyen Chi Dung and Lien Andrew Michael, Wanek Furniture’s vice president and general director of Asian factories, in their meeting in Hanoi on March 13,2025. Photo curtesy of the government’s news portal.

Dung welcomed Wanek’s plan to expand investment in Vietnam in the next five years. He affirmed that Vietnam will continue to improve its institutional framework and create favorable conditions for foreign investors, including those from the U.S., to engage in sustainable and long-term business operations in the country.

The Deputy PM urged the American firm to enhance cooperation with Vietnamese businesses to help Vietnam integrate more deeply into the global value chain.

He suggested Wanek continue to exchange information and coordinate with Vietnamese authorities to manage risks arising from the U.S.’s new trade policies.

“Wanek and the American business community should raise their voices to encourage the U.S. government to continue promoting relations with Vietnam and to minimize policies that could negatively impact the bilateral investment and trade ties,” Dung noted.

Appreciating Wanek’s contributions to the socio-economic development of Vietnam and the Vietnam-U.S. relationship, the Deputy PM emphasized that the U.S. is one of Vietnam’s key strategic partners, especially in the areas of trade and investment.

He affirmed that Vietnam aims to maintain and develop a harmonious, sustainable, and mutually beneficial economic cooperation with the U.S.

“Vietnam is always ready to cooperate in reducing the trade deficit the U.S. is incurring by encouraging businesses to increase imports of goods from the U.S., such as aircraft, LNG, and agricultural products,” he stressed.

Dung also confirmed that Vietnam is willing to engage with U.S. authorities to enhance mutual understanding and jointly address issues of mutual concern, while also promoting negotiations for a bilateral agreement to reduce tariffs and facilitate trade cooperation.

Project

Developing eco-industrial parks to attract FDI

Published

1 hour ago

March 17, 2025

Industrialzone.net

By 2030, about 40-50% of provinces and cities are expected to convert traditional industrial parks into eco-industrial parks, and 8-10% of localities will have plans to build new eco-industrial parks to plan and attract investment industries gradually.

In reality, industrial parks that develop sustainably are becoming the selection criteria for foreign investors with economic benefits and responsibility to the social community. In that flow, industrial parks in Vietnam face a trend of comprehensive transformation to retain investors and attract new investment projects, especially high-tech and large-scale projects.

The Ministry of Planning and Investment has just coordinated with the United Nations Industrial Development Organization (UNIDO) and the Swiss State Secretariat for Economic Affairs (SECO) to sign a project document on replicating the eco-industrial park approach to promote circular economy in Vietnam.

The project aims to promote the implementation of circular economy in enterprises in industrial parks, reduce the environmental impact of industrial production, and adapt to climate change.

Director of the Department of Economic Zones Management under the Ministry of Planning and Investment Le Thanh Quan said that since 2015, the Ministry of Planning and Investment and UNIDO have piloted the conversion of several traditional industrial parks into eco-industrial park models in four localities: Hai Phong, Da Nang, Ho Chi Minh City, and Dong Nai. In turn, 90 enterprises were supported with resource efficiency and cleaner production (RECP) solutions, and 429 out of 889 proposed solutions were implemented in Dinh Vu, Hoa Khanh, Hiep Phuoc, and Amata industrial parks.

RECP solutions helped enterprises reduce electricity consumption by 14,378 MWh/year, fossil fuel consumption by 264,127 GJ/year, water consumption by 278,690 m3/year, and greenhouse gas emissions by 55,663 tonnes of CO2 equivalent/year, bringing economic benefits to enterprises. Many industrial symbiosis and industrial-urban symbiosis solutions have been implemented, contributing to optimising waste reuse, concretising the implementation of circular economy, etc.

Currently, ecological industrial parks are becoming the selection criteria for foreign direct investment (FDI) with the goal of sustainable development, economic benefits and responsibility to the community and society. Many localities and industrial park infrastructure investors have identified that developing industrial parks according to a new model is an inevitable and urgent need to create sustainable competitive advantages.

Sharing at the recently held forum on comprehensive green solutions for industrial parks and investment promotion in Vinh Phuc Province, Chairman of Vinh Phuc Provincial People’s Committee Tran Duy Dong said that during the period of fluctuating global investment capital flows due to the COVID-19 pandemic, FDI capital in this locality was still higher than planned. From 2020 to now, Vinh Phuc has attracted an average of 500-600 million USD of FDI capital annually, the highest year reaching nearly 1 billion USD.

In just three years, from 2021 to 2023, Vinh Phuc’s investment attraction results exceeded the target set for the entire 2020-2025 term of 2 billion USD. This province also attracts high-quality investment flows from big brands such as Honda, Toyota, Piaggio and Daewoo.

According to the plan, by 2030, Vinh Phuc will have 28 industrial parks with an area of about 4,800 hectares, in which priority is given to developing new industrial parks along key traffic routes such as the Hanoi-Lao Cai Expressway, Ring Road 4, Ring Road 5, etc.

In which, orienting investment to develop industrial parks to achieve high efficiency and towards sustainable development is one of the top urgent requirements.

According to economic experts, to successfully replicate the approach of eco-industrial parks to promote circular economy in Vietnam, it is necessary to develop a specific roadmap and implementation plan, continue improving mechanisms and policies, create favourable conditions for this transformation process, propose solutions for practical values and develop criteria to identify and register eco-industrial parks and eco-enterprises certification.

Project

LNG-fired power projects under Vietnam’s PDP VIII must operate in 2028

Published

2 hours ago

March 17, 2025

Industrialzone.net

The Vietnamese government has asked relevant agencies to speed up the progress of LNG-fired power projects towards completion and operation in 2028, earlier than the deadline specified in the power development plan VIII (PDP VIII).

In a recent announcement on amending the PDP VIII, the government noted that for projects with problems, the Ministry of Industry and Trade must help to solve them or report to higher authorities for solutions.

Nhon Trach 3 LNG-fired power plant in Dong Nai province, southern Vietnam. Photo courtesy of PV Power.

Regarding those already having investors, including LNG Quang Ninh, LNG Thai Binh, LNG Quang Trach II, phase 1 of LNG Hai Lang, LNG Son My I and LNG Son My II, and LNG O Mon II III IV, the trade ministry must speed up the progress to operate them in 2028. 2028 is two years earlier than the deadline in PDP VIII.

For project without investors yet such as LNG Quynh Lap, LNG Nghi Son, and LNG Ca Na, relevant agencies must accelerate the progress to complete them in Q1/2028 at the latest.

The government also requested that under-construction power projects must complete the construction and enter operation in 2025. These include the Nhon Trach 3 and Nhon Trach 4 LNG-fired power, Nam Cum 4 hydropower, expanded Hoa Binh hydropower, Vung Ang II thermal power, and Quang Trach I thermal power plants.

In addition, it ordered amendments to PDP VIII must be approved on March 20 at the latest. Electricity sources as baseload of the system must exceed 50% of the total in the amended PDP VIII, with the increase in LNG-fired power making up for the decrease in coal-fired power, the government added.

Vietnam currently has only one operational LNG-fired power project – the Nhon Trach 3 and Nhon Trach 4 in the southern province of Dong Nai.

In its draft amendment to the power development plan VIII (PDP VIII), the Ministry of Industry and Trade said that Vietnam can import LNG from major exporters such as Australia, the United States, and Qatar. In the long term, the country can consider LNG imports from Russia and other Middle East nations.

According to the draft amendment to PDP VIII, the electricity sector is set to consume 10-11.8 billion cubic meters of imported LNG yearly until 2030, then 9-11 billion cubic meters yearly by 2045.