More than $1.45 billion to be invested in Thanh Hoa province’s agriculture.
The central province has made incentive policies to attract investment in the agricultural sector.
According to the statistics of the Thanh Hoa provincial Department of Agriculture and Rural Development, in the first nine months of 2024, the province has attracted nearly VND4.2 trillion (more than $169.2 million) for 12 major agricultural projects.
These projects cover various areas in agriculture, from wood processing to plywood production and high-tech agricultural projects. Notably, some of them are large-scale projects, which are expected to make breakthroughs in the local socio-economic development.
The OSB STABOO plywood manufacturing project in Ba Thuoc district is an example. With a total investment capital of nearly VND3.2 trillion (over $129 million) and on an area of 26.1 ha, the project is to manufacture bamboo oriented strand board (bamboo OSB) which are environmentally friendly products to meet the growing demand of the market, domestically and globally.
Emphasizing the importance of this project, Mr. Ngo Dinh Hai, Chairman of the People's Committee of Ba Thuoc district, affirmed that it is one of the largest projects not only in Ba Thuoc but also in many mountainous districts of Thanh Hoa province over the past years. Therefore, local authorities will create favorable conditions for the implementation of the project, he said.
According to Mr. Hai, thanks to effective investment promotion efforts, his district has attracted many agricultural projects, thus creating jobs for many local workers.
As a region with all types of geographical features such as mountains, midlands, plains, and seas, Thanh Hoa has great potentials to develop various production areas: agriculture, animal husbandry, aquaculture, forestry and maritime economy
Pineapple is one of the main agricultural products exported from Thanh Hoa.
As the fifth largest locality in the country in terms of natural area, and with abundant labor force, along with various incentive policies for investment, Thanh Hoa has become an investment destination with competitive advantages for large-scale modern agricultural production.
As of now, the province has attracted over 200 investment projects in the agricultural sector, with a total registered capital of more than VND35 trillion (over $1.45 billion), including 7 foreign direct investment (FDI) projects with a registered capital of nearly $157 million.
There are currently 43 businesses in the province participating in exporting agricultural and handicraft products to 20 markets, including China, South Korea, Japan, Sweden, France, Spain, the United States, Australia, Denmark, the Netherlands, England, Germany, India, Indonesia, Singapore, Malaysia, the Philippines, Russia, Israel, and Estonia. The value of agricultural exports from Thanh Hoa province increased from $143 million in 2015 to $270 million in 2023.
The entire province of Thanh Hoa currently has 43 businesses specializing in exporting agricultural and handicraft products to 20 markets including China, South Korea, Japan, Sweden, France, Spain, the United States, Australia, Denmark, the Netherlands, England, Germany, India, Indonesia, Singapore, Malaysia, the Philippines, Russia, Israel, and Estonia. The total value of agricultural product exports from Thanh Hoa Province increased from $143 million in 2015 to $270 million in 2023.
Currently, the province has developed over 1,200 businesses operating in the agricultural sector, including several large foreign-invested enterprises such as C.P. Vietnam Corporation (formerly CP Vietnam Livestock Joint Stock Company), Japfa Comfeed Vietnam Co., LTD, Mavin Group, and Newhope Co., Ltd, among others. There are also some livestock farming companies associated with large-scale processing and slaughtering factories like Vinamilk Group, TH True Milk Group, Xuan Thien Group, Hoa Phat Corporation, and Phu Gia Company.
Over the years, under the guidance and direction of the provincial authorities, the agricultural production of Thanh Hoa province has consistently maintained a high growth rate, ranking among the top 10 provinces nationwide in terms of agricultural production scale. The average annual growth rate for the period 2021-2023 is 3.9%, reaching 4.16% in 2023, which is the highest it has ever seen.
