Deloitte Vietnam and the Hung Yen Provincial Department of Planning and Investment have signed a cooperative agreement for the 2023-2024 period with the goal of boosting foreign investment in fields where the northern province encourages investment.

The signing of the cooperative agreement was within the framework of a conference with Japanese businesses, held within a series of programs celebrating the 50th anniversary of diplomatic relations between Vietnam and Japan and organized by the Hung Yen Provincial People’s Committee.

Deloitte Vietnam will accompany the Department of Planning and Investment in organizing trade and investment promotional programs, sharing experience and expertise, consulting on policies, updating good practices from the region and internationally, supporting communications to improve knowledge among staff and increase awareness among the business community, and improve the business environment in cities and provinces around Vietnam.

In addition to supporting the province at the Investment Promotion Conference with Japanese businesses in Hung Yen in 2023, cooperation between the two sides also opens up many other programs, including support and consulting activities for the Department of Planning and Investment related to investment promotion, updating investment and trade trends around the world, and proposing ideas associated with investment policies to improve the province’s competitiveness.

Mr. Pham Van Thinh, General Director of Deloitte Vietnam, said Hung Yen is a province located in the center of the Red River Delta, possessing many advantages in transportation infrastructure, resources, and high-quality workers as well as clear development planning and vision.

“I believe that Deloitte Vietnam will be an effective partner to help Hung Yen improve its ability to attract foreign investment, specifically in priority areas,” he added.

Hung Yen is gradually transforming, not only becoming a unique cultural heritage center of the Red River Delta but also a key destination for investors, as provincial leadership is focusing on investing in industrial development and has acquired a large land fund to build industrial parks.

According to the Hung Yen Department of Statistics, as of July 20, 2023, the province had 526 foreign-invested projects with a total registered capital of $6.652 billion.

Hung Yen is a destination of potential, attracting investors from Asia. Japan currently has 170 projects and capital of $3.718 billion, accounting for 55.9 per cent of total capital, South Korea has 148 projects and capital of $876 million, or 13.17 per cent, and China has 132 projects and capital of $1.062 billion, or 15.97 per cent.

With economic growth ranked seventh out of Vietnam’s 63 cities and provinces nationwide, Hung Yen is expected to take advantage of its inherent strengths, continue to enhance its competitive advantage, and affirm its potential in attracting foreign investment.