Thai Nguyen accelerates industrial park expansion to boost investment

To mark the 80th anniversary of National Day on September 2, Thai Nguyen People’s Committee launched and inaugurated several large-scale ventures, including the VND3.6 trillion ($144 million) Yen Binh 2 Industrial Park (IP), set to become a key magnet for new investment.

Spanning nearly 300 hectares, Yen Binh 2 IP is being developed by Yen Binh Development Investment JSC, the company behind the 8,000-ha Yen Binh high-tech industrial, urban, and agricultural complex. Scheduled for completion within 24 months of land allocation, the park will provide clean, fully equipped land plots to strengthen Thai Nguyen’s competitiveness in attracting foreign investment.

"Throughout implementation of this project, we have received great assistance from the provincial leadership, local departments, and the community, particularly in legal procedures and site clearance," said Nguyen Trung Kien, deputy general director of Yen Binh Investment and Development JSC. "With such strong support, we are determined to complete the venture ahead of schedule."

The groundbreaking of Yen Binh 2 IP holds special significance as Thai Nguyen pushes forward with industrialisation and modernisation, aiming to become a high-tech industrial hub for the northern midlands, mountainous region, and Hanoi. Alongside Yen Binh 1 and 3, the new park will form a chain of large-scale, modern zones set to strengthen the province’s appeal to investors.

Thai Nguyen People's Committee is also expediting administrative procedures to develop infrastructure for several other IPs and clusters, including Phu Binh IP and West Pho Yen IP, each covering 600-700 ha. Phu Binh district is actively clearing land and resettling approximately 500 households to secure land for nearly 10 IPs and clusters.

In the first six months of this year, Thai Nguyen Industrial Parks Management Authority, in collaboration with the Department of Construction, finalised the master plan for the West Pho Yen Industrial-Urban-Service Zone project through to 2045. They also submitted planning adjustments for the Tan Tien Resettlement Area for approval to support land clearance for Song Cong II IP. These decisions and systematic planning measures reinforce the legal framework and establish a crucial basis for attracting investment to Thai Nguyen.

"Thai Nguyen is streamlining its administrative structure to become leaner and more efficient," said Chairman of Phu Binh People's Committee Le Thanh Son. "The administrators of Phu Binh district and the province are working around the clock to complete land clearances before the district-level restructuring, ensuring timely handover to investors for industrial park and cluster development. This will help build a strong land bank to entice factories and production facilities, creating jobs and stable incomes for residents."

According to Thai Nguyen Industrial Parks Management Authority, the province has 19 parks planned with a total area exceeding 6,400 ha. As of July, six are operational, including Song Cong I, Diem Thuy, Nam Pho Yen, Yen Binh, Song Cong II, and Thanh Binh 1. These parks have largely completed essential infrastructure, while secondary investors have built factories with notably high occupancy rates. Parks such as Yen Binh, Diem Thuy (Area A), Song Cong II phase 1, and Thanh Binh 1 are already over 90 per cent occupied.

To date, these IPs have attracted 184 foreign-invested projects with a total investment of over $10.8 billion, including leading global technology corporations, and 141 domestic-backed ventures with a total investment of nearly VND27 trillion ($1.8 billion). These projects have created jobs for approximately 100,000 workers and generated an annual export value of nearly $30 billion. However, by 2021-2022, available industrial land for investment attraction was nearly exhausted.

The province has also concentrated on investing in integrated infrastructure development, especially the inter-regional transport system, industrial park infrastructure, and social amenities. According to the provincial master plan, Thai Nguyen will have 11 IPs and one centralised IT park covering ​​4,245 ha, and 41 industrial clusters covering 2,067 ha.

In response, the locality has been focusing resources on legal procedures and land clearance to attract investments in urban areas and IP infrastructure. This aims to create large-scale, clean land reserves for production and business investments.

Nguyen Dinh Viet, deputy head of Thai Nguyen Industrial Parks Management Authority, said, "The IPs under construction are large-scale and strategically located for transportation connectivity. We will prioritise attracting secondary investors with modern, environmentally friendly technologies that use minimal labour and land while delivering high added value."

Building on this, Nguyen Thi Loan, Vice Chairwoman of Thai Nguyen People's Committee, said, "Thanks to administrative reforms, accelerated land clearance for IPs and clusters, and proactive support for businesses, a new wave of infrastructure and secondary investments is flowing into the province. This will serve as a critical foundation and driving force for the province to achieve rapid, sustainable development with double-digit growth in the coming years."

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