Thai Nguyen Province Accelerates FDI Attraction Through Administrative Reform

Thai Nguyen Province in northern Vietnam is significantly accelerating its attraction of Foreign Direct Investment (FDI) through administrative reform. In the first half of this year, industrial parks in the province attracted over $8 billion in FDI, accounting for approximately 32% of the total FDI invested in Vietnam. This achievement is attributed to the innovation of investment attraction methods, particularly the decentralization of authority to the provincial Industrial Park Management Board. The investment volume in the province has reached a scale exceeding the total of the past 15 years, primarily concentrated in high-tech manufacturing industries such as semiconductor substrates, displays, electronic components, mobile phones, and environmentally friendly automotive batteries. The Thai Nguyen Provincial Industrial Park Management Board actively engages in investment promotion activities and business meetings with major corporations possessing advanced technology from countries like Japan, South Korea, Australia, and the United States, promoting the province's advantages in geographical location and connectivity to airports and seaports. To facilitate investors' access to land and smooth administrative procedures, the province has implemented systems such as the "24-hour Green Lane" and "60% Green Lane" since 2025, aiming to shorten processing times and reduce costs. The Provincial People's Committee has delegated numerous administrative processing authorities to the Industrial Park Management Board, thereby streamlining procedures and reducing compliance costs for investors and businesses. According to Mr. Nguyen The Hoan, Head of the Industrial Park Management Board, legal consulting and prompt assistance in completing application documents ensure that most cases are processed within deadlines. Specifically, the speed of issuing investment certificates within 12 hours, approving construction designs in 1.5 days, environmental permits in 5 days (compared to the regulated 14 days), environmental protection registration certificates in 10 days (compared to the regulated 33 days), and labor permits in a few hours has been highly praised by investors. In the first half of the year, nearly 20 FDI projects increased their investment capital, with approximately $2.3 billion being reinvested in industrial parks. The Industrial Park Management Board, empowered with delegated authority, has expedited the import of equipment, procurement of materials, and staffing by issuing construction design approvals in 1.5 days and labor permits in a few hours. Recently, Dowooinsys Vina Co., Ltd., under South Korea's NP Group, commenced construction of its second factory in the Song Cong II Industrial Park. In the first phase, the company invested $120 million to produce ultra-thin glass for foldable displays supplied to Samsung Electronics, contributing to the global electronic industry supply chain. The company projects revenues of $62 million in 2025 and provides stable employment for over 670 Vietnamese workers, with an average monthly income of approximately 18.3 million VND. Company executives stated that the support and prompt administrative processing by provincial authorities and relevant agencies have been a driving force behind the commencement of the second factory, with a total investment of $130 million. Moving forward, the Industrial Park Management Board will continue to coordinate with local authorities and provincial agencies to accelerate land clearance, oversee the development of industrial park infrastructure, and strictly implement the "24-hour Green Lane" and "60% Green Lane" mechanisms to further enhance FDI attraction and disbursement. Source: Nhan Dan