Foreign direct investment into Nghe An reaches the highest level ever

The regular meeting of Nghe An Provincial People's Committee took place on November 24. Photo: Pham Bang

At the regular meeting in November 2022, the People's Committee of Nghe An province heard and commented on the Report on the results of foreign affairs in 2022, directions and tasks in 2023.

In 2022, international cooperation and integration activities were actively implemented, suitable to the new situation and achieved many positive results. The province successfully organized online conferences with Gifu provincial government (Japan), Haryana state government (India); established the friendly relationship with the city of Gwangju (Korea).

Nghe An Provincial People's Committee has signed a Memorandum of Understanding with the Singapore Federation of Manufacturing on investment and trade cooperation in order to strengthen cooperation between the two sides on the basis of equality and mutual benefit.

In particular, the province successfully organized the 60th anniversary of the establishment of diplomatic relations between Vietnam and Laos and the 45th anniversary of the signing of the Friendship and Cooperation Treaty between Vietnam and Laos. Activities to attract investment, trade and tourism were enhanced. Connecting activities with central ministries and branches, Vietnamese representative agencies abroad and foreign representative offices in Vietnam were promoted to boost cooperation, attract investment and trade; attend and introduce the province's potentials and advantages in attracting investment, trade and tourism at international conferences; strengthen tourism promotion activities in many forms.

FDI into Nghe An reached the highest level ever, greatly contributing to the province's economic recovery and growth after Covid-19 pandemic. In 2022, Nghe An has for the first time joined the group of 10 localities attracting the largest FDI in the country, with a total newly funded and adjusted capital as of November 10, 2022 of US$ 935.22 million.

In terms of ODA attraction, in the first 10 months of 2022, there was 1 project with approved investment policy; 1 project was undergoing investment policy approval procedures; 3 projects were carrying out the proposed procedure. Up to now, the province has had 11 programs and projects of ODA and foreign concessional loans with a total investment of VND 9,620 billion; foreign capital disbursement in the first 10 months of the year is VND 68.694 billion/VND 482.140 billion, accounting for 14.25% of the assigned plan.

Total export turnover is estimated at about US$ 2.490 billion, up 2.55% compared to 2021, of which, export of goods is US$ 2.168 billion, up 2.6% compared to 2021. Import turnover of goods is estimated at US$ 1.195 billion, up 20.2% compared to 2021.