Growth Driver for Nhon Hoi Economic Zone and Industrial Parks

With attractive investment incentives, Nhon Hoi Economic Zone (EZ) and industrial parks (IPs) in Binh Dinh province have become key destinations for investors, driving significant socioeconomic development in the province. To find out more, our reporter has an exclusive interview with Mr. Cao Thanh Thuong, Deputy Director of the Binh Dinh Economic Zone Administration.

Could you please highlight the bright spots in the current picture of Nhon Hoi Economic Zone and IPs in Binh Dinh province?

After 26 years of investment and development, Nhon Hoi EZ and IPs in Binh Dinh province have become important catalysts to local industrialized and modernized economic restructuring; strongly contributed to infrastructure development and economic and social space expansion in the province; and created a foundation for synchronous development between localities with new urban areas. These economic zones and industrial parks have greatly contributed to industrial growth, export, employment and material and spiritual life improvement for the people.

Industrial parks in Binh Dinh province possess many outstanding advantages like geographical locations, natural resources, transport infrastructure, and potential for developing processing and tourism industries. Besides, the province has abundant, young human resources and reasonable labor costs. Local schools like Quy Nhon University help provide high-quality human resources for the processing, mechanical and information technology industries.

Regarding preferential policies, investment projects in Nhon Hoi Economic Zone will enjoy the highest incentives stipulated by the Vietnamese government, applied to places with difficult socioeconomic conditions. The province is also committed to supporting technical worker training, developing technical infrastructure, supporting trademark registration and brand building, and enabling sustainable business development.

How do you regard investment attraction results and business performance of Nhon Hoi Economic Zone and industrial parks in Binh Dinh province in recent years?

In 2024, the Binh Dinh Economic Zone Administration licensed nearly VND8,500 billion, accounting for 61.18% of the province’s total investment capital registered in the province (VND13,629.3 billion. Of the sum, VND6,363.3 billion came from 20 new projects and VND2,102 billion was from 45 existing projects. Nhon Hoi Economic Zone and industrial parks have attracted 413 projects with a total registered capital of VND153,725 billion (US$6.5 billion), of which VND50,320 billion has been disbursed.

Currently, 235 tenants are operational in Nhon Hoi Economic Zone and industrial parks, hiring 25,600 workers. In 2024, they were forecast to make total revenue of over VND60,100 billion and an export value of US$760 million, accounting for 44.4% of the province's total export value. They paid about VND1,180 billion to the State budget plus nearly VND2,000 billion of land use fees and land leases.

These results have proved the important role of Nhon Hoi Economic Zone and industrial parks in promoting economic development, enhancing competitiveness and facilitating the province to deliver sustainable and comprehensive development goals.

How has the Binh Dinh Economic Zone Administration managed the planning and construction in Nhon Hoi Economic Zone and industrial parks?

Planning and construction management in Nhon Hoi Economic Zone and industrial parks is always a central task of the Binh Dinh Economic Zone Administration. All planning complies with current regulations, including national and local planning. In 2024, the administration carried out important tasks like adjusting the master and detailed plannings of Nhon Hoi Economic Zone and developed underground space and urban and tourism projects.

Strategic traffic infrastructure, power grid, water facilities and telecommunications systems have been well invested for tenants and local communities. The administration also launched traffic and resettlement constructions, aiming to complete the infrastructure in Nhon Hoi Economic Zone and improve the quality of life and sustainable development in the locality.

Could you tell us about the direction and solutions for developing Nhon Hoi Economic Zone and industrial parks in the future?

Nhon Hoi Economic Zone Management Board always works with the “creating all favorable conditions for investors” philosophy and ensures a good investment environment from the brainstorming stage to the project operation stage. The board is developing a key task plan for 2025 and the 2025-2030 period, including specific targets on investment attraction and economic and industrial zone development.

The board also promotes administrative procedure reform, applies digital technology to management and solves work for businesses to facilitate investment. Land compensation and site clearance will be implemented firmly to ensure available land for licensed projects.

At the same time, the board joins hands with related parties to organize domestic and international investment promotion campaigns, targeting large-scale sustainable high-tech development projects. Infrastructure construction will also be promoted, helping attract more investors and promote local economic development in the coming time.

Thank you so much!

By Duy Anh, Vietnam Business Forum