Nghệ An Province anticipates record FDI amidst economic upswing

This places the province among the top 10 nationwide in FDI attraction, showcasing its increasing appeal to international investors.

Nghệ An Province is set to achieve a new milestone in foreign direct investment (FDI) attraction, with projections indicating an unprecedented inflow of nearly US$1.7 billion this year.

This figure places the province among the top 10 nationwide in FDI attraction, showcasing its increasing appeal to international investors.

In a recent meeting led by Nguyễn Đức Trung, secretary of Nghệ An Province Party Committee and Chairman of the People's Committee, officials assessed the economic and social progress throughout the year.

Key highlights of the review include a 9.01 per cent growth in the Gross Regional Domestic Product (GRDP), positioning Nghệ An at the 13th spot in national rankings.

The agriculture, forestry and fisheries sector is anticipated to grow by 4.14 per cent, while the industrial and construction sector is expected to see a substantial 13.61 per cent increase. The service sector is projected to experience a growth rate of 7.88 per cent.

State budget revenues are forecasted to exceed expectations, reaching nearly VNĐ24.8 trillion, reflecting a 15.3 per cent rise year-on-year. This accomplishment marks the third consecutive year in which revenue has surpassed VNĐ20 trillion, nearing the target set at the 19th Provincial Party Congress.

Nghệ An's industrial production is on a robust trajectory, with an estimated 15 per cent increase in output for 2024. Export turnover is expected to hit $3.7 billion, with merchandise exports forecasted to reach over $3.2 billion.

Tourism figures remain promising, with an estimated 9.45 million visitors expected in 2024. The province is set to generate significant revenue from tourism, with projections indicating earnings of nearly VNĐ28.6 trillion.

Although challenges persist in capital disbursement, particularly in national target programmes, Nghệ An Province continues to attract investment, with a total investment value nearly VNĐ61.5 trillion in new and additional capital projects.