A decade ago, Nghe An ranked 46th nationwide in attracting foreign direct investment (FDI), with only $9.53 million in 2014. However, the province has rapidly climbed the ranks to become one of Vietnam’s top FDI destinations, securing nearly $1.75 billion in 2024 alone.

Rapid growth in FDI

According to the Foreign Investment Agency under the Ministry of Planning and Investment, Nghe An achieved a record FDI inflow of $1.75 billion in 2024, an 8.8% increase compared to 2023.

This includes 19 newly licensed projects with a total registered capital of $867.8 million and adjustments increasing investment in 14 ongoing projects by $881.76 million.

As of the end of 2024, Nghe An hosts 169 valid FDI projects with a total registered capital exceeding $5.68 billion.

In just two years, the province has leaped into the top 10 FDI destinations nationwide, a stark contrast to its 46th-place ranking in 2014 and 45th in 2018, when it attracted just $25.68 million.

A surge in investment

Nghe An’s progress accelerated significantly in 2022, when it ranked 11th in FDI attraction with $890.6 million. This momentum carried into 2023, with FDI surpassing $1 billion for the first time, reaching $1.603 billion, a 66.8% increase from 2022. By then, the province ranked 8th nationwide.

Major investors include global technology giants such as Foxconn, Goertek, Luxshare, Everwin, Juteng, and Sunny, which collectively invested over $1.5 billion in the province.

On December 31, 2024, Deputy Prime Minister Bui Thanh Son approved the WHA Industrial Zone 2 project in Nghe An’s Nam Cấm D Industrial Park. Spanning over 180 hectares, the project is valued at VND 1.2 trillion ($50.4 million), with VND 216 billion ($9.1 million) contributed by the investor, WHA Industrial Zone Nghe An JSC.

WHA Group, a Thai conglomerate, began investing in Nghe An in 2017. The group’s total investment in Vietnam has reached $310 million, with plans to expand to $1 billion.

Key operational projects in Nghe An include the Runergy monocrystalline silicon and semiconductor plant ($440 million), Luxshare-ICT ($140 million), Goertek’s electronic manufacturing plant ($325 million), and Everwin Precision Technology ($194.68 million).

Nghe An’s success stems from comprehensive preparation, including the “five readiness” approach: planning, essential infrastructure, investment sites, skilled labor, and streamlined administrative support.

Proactive measures have resolved challenges for investors, creating an ecosystem conducive to business growth.

Economic milestones

In 2024, Nghe An’s economy surpassed VND 200 trillion ($8.4 billion) for the first time. The provincial economy grew by 9.01%, adding over VND 114.4 trillion ($4.8 billion) compared to 2023 and reaching a total scale of VND 216.94 trillion ($9.1 billion).

Looking ahead, Nghe An aims for double-digit growth in 2025 to further expand its economic scale.

According to Resolution No. 162 issued in 2023, the government’s action plan for Nghe An outlines ambitious goals. By 2030, the province aims to become a regional hub for commerce, logistics, healthcare, education, science and technology, and high-tech industry and agriculture. The province targets an average annual GRDP growth of 10% during the 2021-2030 period.

Nguyen Le