Nghe An expected to attract over $1.6 billion in FDI for the second consecutive year

On the afternoon of November 27, the Standing Committee of Nghe An Provincial People’s Council held a specialized meeting to review reports and draft resolutions presented by the Provincial People’s Committee for the 25th Session of the 18th Provincial People’s Council.

The session was chaired and directed by Mr. Hoang Nghia Hieu, Permanent Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People’s Council.

Attendees included Mr. Nguyen Nam Dinh, Member of the Standing Committee of the Provincial Party Committee and Permanent Deputy Chairman of the Provincial People’s Council; Mr. Nguyen Nhu Khoi, Member of the Provincial Party Committee and Vice Chairman of the Provincial People’s Council; Mr. Nguyen Van De, Member of the Provincial Party Committee and Vice Chairman of the Provincial People’s Committee; leaders of provincial council committees; and leaders of various departments and sectors.

During the session, the Standing Committee of the Provincial People’s Council reviewed the Provincial People’s Committee report on the socio-economic situation in 2024, tasks for 2025, and the draft resolution for the 2025 socio-economic development plan.

The review results showed that in 2024, Nghe An continued to improve its business and investment environment, with FDI standing out as a highlight.

As of November 25, 2024, the province had approved 77 new projects (either investment policy approvals or investment registration certificates) with a total registered investment capital of 22.059 trillion VND.

Adjustments were made to 157 projects, including 40 with increased registered investment capital totaling an additional 22.73 trillion VND. The combined total for new approvals and adjustments reached 44.789 trillion VND.

Of this, the Provincial People’s Committee reported that FDI accounted for 13 newly approved projects and adjustments to 12 projects, with total newly registered and adjusted investment capital in the first 11 months of 2024 amounting to $977.83 million.

For the entire year, the province is expected to attract $1.696 billion in FDI, as several projects are completing investment procedures, including one project with capital of $555 million.

In 2023, Nghe An attracted over $1 billion in FDI for the first time, reaching $1.603 billion—an increase of 66.8% compared to 2022, ranking it eighth nationwide.

In 2022, Nghe An attracted $961.3 million in FDI, placing it in the top 10 localities for FDI in Vietnam for the first time.

To date, the province has 147 active FDI projects with a total registered investment capital of $5.1 billion.