Nghe An province set goals in attractng more FDI in 2025
For three consecutive years, the north-central province has ranked among the leading localities nationwide in attracting FDI.
According to data from the Ministry of Planning and Investment (MPI), Nghe An province attracted over $1.74 billion in foreign direct investment (FDI) capital in 2024, up 8.8 per cent compared to 2023.
The north-central province approved 19 new projects with a total registered capital of $867.8 million. Meanwhile, total capital adjusted for 14 existing projects stood at $881.76 million.
As a result, Nghe An has been ranked 8th among the top ten centrally-run cities and provinces nationwide in terms of FDI attraction. This marked the third consecutive year that the province has been among the top 10 localities attracting the most FDI in Vietnam.
Nghe An province has become an appealing investment destination for major corporations from all across the globe.
Notably, prominent global investors in Nghe An include leading brands such as Foxconn, Goertek, Everwin, JuTeng, and Luxshare ICT. These are well-established, large-scale enterprises known for their effective operations, environmentally friendly practices, and strict adherence to international and local laws.
In 2023, Nghe An’s FDI attraction surpassed the $1 billion milestone for the first time, reaching over $1.6 billion, a 66.8 per cent increase from $961.3 million recorded in 2022, securing its position as the 8th leading province nationwide.
Cumulatively, as of the end of 2024, Nghe An has attracted 169 valid FDI projects, with a total registered capital exceeding $5.68 billion.
Alongside capital inflows, FDI enterprises have introduced advanced technologies, modern production lines, and innovative management methods to Nghe An province, thus enhancing the competitiveness of local businesses, while offering technology transfer and training and skills development programs to the locality.
According to Mr. Nguyen Van Truong, Deputy Director of the Nghe An Department of Planning and Investment, the province has set a target of GRDP growth rate at 10.5 per cent or more, and an export turnover of $4.5 billion for 2025, thus laying a firm formation for the province to enter the new era of development.
Along with this, the province plans to focus its 2025 investment promotion strategy on attracting more FDI into high-tech, green growth, and sustainable development projects.
To that end, the province will further accelerate administrative reforms, digital transformation, and improvements of investment and business environment, while adjusting land lease prices in industrial parks, thus creating more favorable conditions for businesses and residents to thrive.
Significantly, Nghe An province is adopting a targeted approach to investment promotion, shifting from extensive to intensive investment, with focus on high-tech production facilities.
