Investment Surge in Hung Yen Province: A Closer Look at Recent Developments
By Tri Duc
Sun, November 13, 2022 | 9:04 am GMT+7
In a significant stride towards enhancing its industrial landscape, the northern province of Hung Yen recently granted investment certificates to projects totaling VND2,300 billion (approximately $93 million). This remarkable development signals a robust interest in the region from both local and international investors.
Significant Investments
Among the notable projects is Titan Corporation Limited, a subsidiary of the Singapore-based Frasers Property. This company has committed to investing VND1,800 billion (around $72.54 million) to construct an impressive 169,200 square meters of warehouses, factories, and other supporting facilities. Located in the Yen My Industrial Park, this initiative is poised to bolster the local economy and create numerous job opportunities.
Yen My II Industrial Park in Hung Yen province, northern Vietnam. Photo courtesy of Hoa Phat Group.
AIG Asia Ingredients Corporation
Another key player in this investment influx is AIG Asia Ingredients Corporation, headquartered in Ho Chi Minh City. This subsidiary of Asia Group plans to invest VND500 billion (approximately $20.15 million) in developing a factory and warehouse dedicated to food materials. Their focus encompasses a range of products, including vegetarian protein, spices, mixed cereals, noodle ingredients, and various food additives.
With a production capacity of 1,200 tons and storage capacity of 50,000 tons, the AIG facilities will occupy a space of 39,700 square meters within the Yen My Industrial Park. Asia Group, known as a reliable supplier for major food brands like Vinamilk, Nestlé, and Nutifood, has successfully attracted notable investments from several funds over the years, enhancing its financial stability and growth prospects.
Strategic Location
Geographically, Hung Yen is strategically situated, being just 45 minutes from Hanoi’s Noi Bai International Airport and 60 minutes from the Haiphong seaport. This prime location not only provides logistical advantages for businesses but also appeals to investors looking for accessible and efficient supply chain solutions.
Strong Investment Climate
The investment climate in Hung Yen has been thriving, as reflected in the data from the provincial industrial park authority. In the first ten months of 2022 alone, industrial parks in the province have attracted $555 million in registered investment capital, surpassing the annual target by an impressive 23%. This surge demonstrates the confidence of investors in the region’s potential and its ability to facilitate industrial growth.
Conclusion
Hung Yen’s burgeoning industrial sector, driven by significant investments from both local and foreign entities, exemplifies a promising future. With enhanced infrastructure, strategic location, and a commitment to fostering a conducive business environment, the province is paving the way for economic progress, ultimately benefiting its employment landscape and regional economy.