Nghe An’s Rise as a Top Foreign Investment Hub

Just ten years ago, Nghe An was modestly placed 46th in Vietnam for foreign direct investment (FDI), attracting only $9.53 million back in 2014. Now, the province has blossomed into one of the most favored FDI locations in the country, amassing an impressive nearly $1.75 billion in investments in 2024 alone.

As reported by the Foreign Investment Agency under the Ministry of Planning and Investment, Nghe An’s FDI inflow reached a record $1.75 billion in 2024, marking an increase of 8.8% from the previous year. This year’s figures include 19 new projects totaling $867.8 million and adjustments to 14 existing projects, raising their investment by $881.76 million.

By the end of 2024, the province had attracted 169 active FDI projects with a cumulative registered capital of over $5.68 billion. The impressive growth in just two years has propelled Nghe An into the top ten FDI destinations in Vietnam, a remarkable achievement compared to its previous rankings of 46th in 2014 and 45th in 2018, when it drew in only $25.68 million.

Nghe An’s rapid progress began to take shape in 2022, as it ranked 11th in FDI attraction with $890.6 million. This success continued into 2023, as the province exceeded $1 billion in FDI for the first time, reaching $1.603 billion—66.8% higher than 2022. As a result, Nghe An climbed to 8th place nationally in FDI rankings.

Prominent investors in the region include global electronics firms like Foxconn, Goertek, Luxshare, Everwin, Juteng, and Sunny, which together have invested more than $1.5 billion in Nghe An.

On December 31, 2024, the WHA Industrial Zone 2 project was approved for development in Nam Cấm D Industrial Park, encompassing 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 investing body, WHA Industrial Zone Nghe An JSC.

The Thai WHA Group began its investments in Nghe An in 2017 and has since contributed a total of $310 million in Vietnam, with plans to increase this to $1 billion.

Significant operational projects in the province include a $440 million Runergy monocrystalline silicon and semiconductor plant, Luxshare-ICT’s $140 million development, Goertek’s $325 million electronics manufacturing facility, and Everwin Precision Technology’s $194.68 million factory.

Nghe An’s achievements are attributed to thorough preparation and the implementation of a “five readiness” strategy—focusing on planning, infrastructure, investment locations, a skilled workforce, and streamlined administrative processes. These initiatives have effectively addressed investor challenges, fostering a supportive business ecosystem.

In 2024, the province’s economy exceeded VND 200 trillion ($8.4 billion) for the first time, growing by 9.01% and adding over VND 114.4 trillion ($4.8 billion) relative to 2023 for a total scale of VND 216.94 trillion ($9.1 billion).

Looking ahead, Nghe An is setting sights on achieving double-digit growth in 2025 to further elevate its economic profile. As outlined in Resolution No. 162 adopted in 2023, the provincial government has ambitious objectives. By 2030, Nghe An aspires to become a prominent center for commerce, logistics, healthcare, education, science and technology, along with high-tech industry and agriculture, aiming for an average annual GRDP growth rate of 10% during the 2021-2030 period.