Stellar FDI ascent gained for localities

Vietnam’s foreign investment landscape is witnessing a major reshuffle, as some emerging provinces rapidly climb the rankings thanks to billion-dollar projects and stronger infrastructure.

- By Huong Ha

Billion-dollar ventures are being inaugurated in provinces such as Bac Ninh, Thai Nguyen, and Nghe An

According to a report released two weeks ago by the Foreign Investment Agency, Vietnam has witnessed a remarkable reshuffling among the country’s leading localities for foreign direct investment (FDI) attraction.

Thai Nguyen province ranked first nationwide, attracting more than $6 billion in FDI, a 23-fold increase compared to the $250 million recorded in the same period last year, including investment data from Bac Kan province before the provincial merger. As a result, Thai Nguyen climbed eight places compared to the same period last year.

Meanwhile, Ho Chi Minh City retained second place with $3.9 billion in FDI inflows during the first four months of the year. Nghe An province ranked third with $2.255 billion, up 17.6 times on-year and rising 10 places in the rankings.

The billion-dollar projects granted approval during the past four months were all located in Thai Nguyen and Nghe An, two provinces that posted extraordinary growth in FDI attraction.

Specifically, on May 18, a consortium comprising PV Power, Nghe An Sugar Company, and SK Innovation broke ground on infrastructure works for the $2.2 billion Quynh Lap liquefied natural gas thermal power plant, which had received the go-ahead in March.