In recent years, Thai Nguyen has become a leading magnet for foreign direct investment (FDI), and currently ranks second among the 14 northern midland and mountainous provinces in terms of number of businesses.
Prime Minister Nguyen Xuan Phuc said at the Thai Nguyen 2018 Investment Promotion Conference that the province was a symbol of Vietnam’s heavy industry and could become a growth pioneer of the north in particular and Vietnam as a whole.
Thai Nguyen is home to large reserves of titanium, tin, lead, gold, wolfram and copper, among other minerals. The province has huge potential to develop strong mining and intensive processing industries to cater for the country’s industrialization and export development. Thai Nguyen is taking the lead in establishing electronics industrial zones with the cooperation of the Republic of Korea’s Samsung Group. The province’s export revenues skyrocketed from US$245 million in 2013 to US$23.5 billion in 2017.
Thai Nguyen also has great potential for high technology agriculture and tourism development. While it is renowned for its high-quality tea products, the province needs to establish its goods in foreign markets in terms of brand, image, geographical indications and position. Thai Nguyen also has the potential for tourism development, as it is home to historical sites and picturesque landscapes.
Favorable investment environment
Thai Nguyen experienced an annual gross domestic product (GDP) growth of 11 and 16.7 percent in 1997-2017 and 2012-2017 periods, respectively. The province has transformed its economic structure, increasing the proportion of industry, construction, trade and services. Thai Nguyen reached an industrial production value of VND571 trillion in 2017 (22.6 times that in 2010). The industrial production value surged 82.5 percent per year from 2012-2017. The export revenues reached US$23.56 billion in 2017, representing 11 percent of the country’s total, 212 times that in 2010 and 934 times that in 1997. Thai Nguyen ranked 16th among 63 provinces nationwide in terms of budget revenue.
Hoang Thai Cuong, Director of the Thai Nguyen Province Department of Planning and Investment said the province has consistently improved the investment environment, giving priority to administrative reform. The time required to license a business has been shortened to two days, while the time for investment policy evaluation and approval has decreased to no more than 25 days, and 90 percent of administrative procedures were handled before deadline, Cuong said.
Thai Nguyen Province is determined to develop a constructive and upright government to best serve residents and investors.