General Director of Samsung Electronics Vietnam Shin Won-Hwan said at a recent investment promotion conference that strong support from the Vietnamese Government and abundant supply of laborers coupled with the good will of the province’s administration were the reasons why the group chose Thai Nguyen for its complex.

The foreign-invested sector has contributed to Thai Nguyen province’s economic development in the past years, with the gross regional domestic product (GRDP) expanding by an annual rate of over 12 percent, higher than the national average. In only three years, from 2015-2017, FDI firms contributed more than VND 5.3 trillion to the province’s budget.

In addition, Thai Nguyen is among the few northern mountainous localities having export revenue reaching billions of USD. In 2017 alone, the province raked in USD 25 billion from exports, a year-on-year increase of 30 percent.

Also, the FDI projects have created stable jobs for local workers and those in neighboring provinces. Currently, more than 112,000 people working at FDI firms as compared to 10,200 in 2013.

Moreover, FDI projects have helped the province shift its industrial structure from metallurgy and mining to high-tech and support industries. In the recent five years, local industrial production grew at over 80 percent per year.

Director of the provincial Department of Planning and Investment Hoang Thai Cuong said that Thai Nguyen has been praised for its effective strategy to lure FDI from the RoK and some other foreign countries and territories like Japan, Singapore, and Taiwan (China).

However, the province is advised to work to attract more investments from European and American countries./.