Hung Yen proactively integrates into the international economy

With its proactiveness, Hung Yen has carried out a lot of effective and synchronous solutions to promote the international economic integration, creating positive changes in all areas of social life in the province; bringing development opportunities for businesses and supporting momentum for rapid and sustainable socio-economic development.

The Clean industrial park’s infrastructure is invested synchronously and modernly, ready to receive investors in the area

In recent years, in the context of many fluctuations in the world economy, the domestic economy has encountered a lot of difficulties, but Hung Yen's economy has continued to grow strongly and stably. In 2024, the province's economic growth rate (GRDP) is estimated to reach at 8.17% (in the plan up 7.5% - 8%). Many economic development targets have exceeded the set plan, such as: Gross domestic product per capita of 121.6 million VND (plan: 121 million VND); total social development investment capital of 75,630 billion VND (plan: 70,000 billion VND); total retail sales of goods and services of 134,381 billion VND (plan: 95,000 billion VND); export turnover of 7.2 billion USD (plan: 7 billion USD); budget revenue of 39,446 billion VND, reaching 120.1% of the estimate, up 20.5% over the same period...

These results have been achieved because Hung Yen has exploited the potential and advantages of the province in the Northern Key Economic Zone, effectively combining and boosting internal resources with attracting resources from outside, including foreign investment capital through promoting the process of international economic integration. In line with the Party and State's policies on economic diplomacy, the province has promptly issued leadership and direction documents, focused on propaganda, dissemination, and grasping of economic diplomacy work, expanded and deepened cooperative relationships with foreign partners to contribute to bolstering effective international economic integration. In 2024, many investors in infrastructure of industrial parks, industrial clusters, and large manufacturing enterprises of the province have participated in the working delegations to European countries with provincial leaders. The business trips were successful, opening up many new opportunities for enterprises in the province to link and cooperate with foreign investors, as well as mobilize and attract foreign corporations and enterprises to directly invest and carry out projects in Hung Yen province.

Along with that, sectors and localities have closely followed the content of cooperation with countries with which Vietnam has stable diplomatic relations, at the level of strategic and comprehensive partners to orient support for enterprises in the process of performing commitments to international economic integration, expanding export markets, and consuming goods. In particular, focusing on enhancing the role of warning and supporting enterprises in the province to handle difficulties in doing business with foreign enterprises, helping export enterprises avoid risks and minimize economic losses. To strengthen support for enterprises in the province to cooperate with foreign enterprises to access advanced technology, acquire management experience to improve labor productivity, competitiveness of enterprises and products. The province has resolutely conducted administrative reforms, creating an open investment environment to increase investment attraction, especially FDI enterprises, while promoting investment in completing synchronous infrastructure of transportation, electricity, water, telecommunications and land, especially in industrial parks and clusters, to be ready to meet the needs of foreign investors. In addition, international trade and investment promotion activities have been promoted, the provincial departments and branches have proactively participated in domestic and foreign trade and investment promotion events, combined through the working sessions with embassies of countries in Vietnam, the business associations of countries in Vietnam, international organizations, etc. to enhance the introduction and promotion of the province's investment opportunities, potentials and environment. Up to now, the province has attracted 598 FDI projects from 22 countries and territories around the world, which are currently carrying out investment, production and business activities with a total registered investment capital of over 7.843 billion USD. Some large FDI enterprises have invested in the province such as: Kyocera, Hoya, Panasonic, Toyota, Toto, Nikkiso, Nestlé...

Production at Nestlé Vietnam Co., Ltd., Thang Long II Industrial Park (My Hao town)

Comrade Vu Quang Thang, Director of the Department of Industry and Trade, Standing Deputy Head of the Provincial Steering Committee for International Economic Integration, shared: The Department of Industry and Trade always identifies supporting enterprises in international economic integration as a regular and key task in the work of international economic integration. The Department proactively supports enterprises in information about markets and products abroad, especially the information on technical standards, trade barriers, import and export tax policies, etc. At the same time, actively disseminate the Free Trade Agreements that Vietnam has signed, helping enterprises to maximize the opportunities and advantages brought by the Agreements, proactively approach and gradually adapt to the international market, reduce risks, promote advantages, and enhance the competitiveness of products and enterprises. Currently, many enterprises in the province have proactively completed production processes, innovated technology to improve product quality, meeting the increasing demand from the market, and confidently competing with enterprises of countries around the world.

To further improve the effectiveness of international economic integration and exploit opportunities, in the coming time, the province will continue to focus on expanding and deepening cooperative relationships with foreign partners, boosting activities to promote the image, potential and advantages of the province; doing a good job of disseminating and supporting enterprises to exploit new-generation free trade agreements that Vietnam has signed to participate in national and international supply chains; improving the effectiveness of foreign investment promotion activities, selectively attracting FDI projects, at the same time synchronously implementing solutions to improve the province's investment and business environment to attract foreign projects and investors, bolstering import and export activities of enterprises, contributing to enhancing the prestige and competitiveness of enterprises and the province in the international arena.