Resolution creates momentum and increases income for Ninh Binh's budget

The inauguration of the second plant of Hyundai Thanh Cong (HTMV2) recently holds great significance as it not only contributes remarkably to the province's industrial production value and generates a sustainable source of income for the province, but also shows the attractiveness of Ninh Binh to strategic investors. 

HTMV2 is the biggest factory that has total registered investment of over 3.2 trillion VND. It has a designed capacity of 100,000 units per year, raising the total capacity of Hyundai Thanh Cong in Ninh Binh to 180,000 units a year by 2025. The project contributes to the development of the country's automobile industry in general and Ninh Binh's economic development in particular.

Nguyen Minh Son, General Director of  the Hyundai Thanh Cong Vietnam Auto Joint Venture Joint Stock Company, said after 15 years of construction and development, the Hyundai auto joint venture and the Thanh Cong Group have been investing in eight projects in Gian Khau industrial park in Ninh Binh province, with total registered capital of nearly 12.14 trillion VND (almost 490 million USD), covering a total area of over 115 hectares.

The projects have been operating profitably and making great contributions to the province's socio-economic development.

The successes of Thanh Cong - Hyundai auto assembly and manufacturing projects were attributed to the right orientations and policies on industrial development of Ninh Binh.

In 2021, the company'sproduction value accounted for 30% of the province's total industrial production value and contributed nearly 70% to Ninh Binh's total budget collection. It provided jobs for over 3,500 workers with high income. These have helped Ninh Binh become a self-budget-balancing province in 2022, three years ahead of schedule.

Bui Duy Quang, head of the provincial management board of industrial zones, said the preminent policies on developing industry and investment attraction have triggered a wave of foreign direct investment in supporting industries for the auto industry in Ninh Binh. To date, there are dozens of projects in the fields of producing components, spare parts and equipment serving for automobile assembly and manufacturing. 

These projects have gradually been put into operation, producing new products and making important contributions to Ninh Binh's economic growth and budget collection.

With orientations defined in Resolution No.07, Ninh Binh's industry has gradually been developing sustainably in line with the province's policy on developing a green and circular economy with the goal of turning tourism into a spearhead economic sector.

Translated by Nguyen Thuy