Together with infrastructure and investment climate improvement, it has become a leading province in terms of FDI attraction. These FDI projects are expected to contribute to local poverty reduction and socio-economic development.
The first production line of the 2.5 million tonnes per year capacity Long Sơn cement plant in Bim Son Town entered operation at the end of 2016. Construction was shortened by about 2 years. The firm's representative said that the more efficient construction was attributed to simpler local administrative procedures.
Another favourable condition for investment in Thanh Hoa is that the province has modern infrastructure. It is linked with economic hubs in the country and the wider region through the Ho Chi Minh Highway, National Highway 1A, railway, coastal road, Thọ Xuân Airport and Nghi Sơn Port.
Nghi Son Economic Zone is one of eight key coastal economic zones, with a focus on oil refining and petrochemicals.
Thanh Hoa is one of the first three provinces in Vietnam to hire a leading international consultancy firm to design a socio-economic development master plan to 2030, with a vision to 2040. Among those, the five focused fields are processing and manufacturing, tourism, healthcare, education and hi-tech agriculture.
Although there is still room for improvement, the province is stepping up efforts in attracting FDI firms, contributing to poverty reduction as part of its target to become a major regional economic hub.
