Nghe An, Vietnam's largest province, has called on American businesses to invest in the prioritized industries of semiconductors, electronics, manufacturing, materials and banking-finance.
The central province's Chairman Nguyen Duc Trung issued the investment invitation at a Tuesday (local time) seminar in Dallas, Texas, titled: “Vietnam’s economic development prospects after upgrading Vietnam-U.S. relations and investment opportunities in Nghe An province.”
He said the province has prioritized certain sectors to meet requirements related to innovation, digital economy, green economy, circular economy, climate change adaptation, new and renewable energy, serving the goal of sustainable growth.
Trung also highlighted Nghe An’s preparations to facilitate investments.
First, the central government has recently approved Nghe An’s planning for 2021-2030, with a focus on high-tech industries utilizing modern technology. The province is also expanding its Dong Nam Economic Zone to welcome investments.
Second, Nghe An is investing heavily in infrastructure, especially construction of the Cua Lo deep-water seaport and expansion of its Vinh airport. Moreover, the Nghe An section of the country’s North-South Expressway is set for completion next June.
Third, Nghe An stands ready to provide 2,000 hecares in industrial parks and economic zones to facilitate the work of foreign investors. Investments in the Dong Nam Economic Zone will receive the country’s highest preferential policies.
Fourth, the central province has 1.6 million people of working age as also many universities, colleges and vocational training centers.
Fifth, provincial authorities always strive to aid investors in all phases of the businesses, from carrying out surveys to through the licensing, construction and operation processes.
The same day, Trung and his entourage visited the factory of National Circuit Assembly, a provider of printed circuirt boards based in Texas’s Garland city.
In terms of economic size, Texas is the second-largest U.S. state (after California) with a GDP $1,876 billion in 2022. The state is home to major businesses like AT&T, Kimberly-Clark, Blockbuster, J. C. Penney, Whole Foods Market, Tenet Healthcare, and others.
Nghe An is an emerging hub of foreign direct investment in central Vietnam. The province has so far attracted 130 FDI projects with the total registered capital of $3.85 billion. This includes $1 billion in 2022 and $1.27 billlion in the first 10 months of 2023.