Hanoi (VNA) – Vietnam’s northern central provinces are capitalising on their geographical advantages, deep-water seaports and regional and international transport links to attract major industrial projects, which are driving both local and national economic growth.
The rapid development of these projects is not only creating new growth momentum for individual localities but also helping establish a competitive coastal economic belt for a new phase of development.
Industrial powerhouses drive regional growth
Located on the southern coast of Thanh Hoa province, Nghi Son Refinery and Petrochemical Complex, with total investment exceeding 9 billion USD, began commercial operations in 2018 after four years of construction. The project has laid the groundwork for sustainable energy development while generating strong momentum for socio-economic growth in Thanh Hoa and neighbouring coastal areas.
According to Nghi Son Refinery and Petrochemical LLC, the complex has an annual crude oil processing capacity of 10 million tonnes, producing major fuels including RON 92 and RON 95 petrol and diesel. In March 2024, it successfully produced and commercialised premium diesel with an ultra-low sulphur content of 10 parts per million (ppm).
In the first eight months of 2026, the refinery operated at an average of 110.9% of its designed capacity, generating 185.5 trillion VND (7.18 billion USD) in revenue, contributing approximately 18 trillion VND to the State budget and recording nearly 14 trillion VND in after-tax profit. This marked the company's first positive annual operating result since commercial operations began.
By the end of August, the complex had processed 78.5 million tonnes of crude oil and supplied nearly 52.8 million tonnes of petroleum products to the domestic market, helping ensure national energy security.
In Ha Tinh province, the Formosa Ha Tinh integrated steel complex and Son Duong deep-water port project is another major foreign direct investment (FDI) undertaking contributing significantly to local socio-economic development.
Vo Ta Nghia, deputy head of the Ha Tinh Economic Zone Management Board, said the project provides regular employment for more than 10,000 workers, including those employed by contractors and supporting businesses, with Vietnamese nationals accounting for over 92% of its workforce.
From 2015 to 2025, the company paid approximately 3.1 billion USD in taxes, including 610 million USD to the local budget and 2.4 billion USD to the central budget. It contributed another 190 million USD in the first nine months of 2026.
From 2019 to 2024, the project accounted for an average of 20.27% of Ha Tinh's gross regional domestic product (GRDP), contributing an average of 1.35 percentage points to the province's economic growth.
Diversifying growth drivers
Mai Xuan Liem, Standing Vice Chairman of the Thanh Hoa provincial People's Committee, said the province aims to turn its advantages in energy, seaports and existing industrial capacity into competitive production, supply and service capabilities. It will strengthen links with domestic enterprises and increase local value creation, positioning Nghi Son as a long-term growth engine and helping establish Thanh Hoa as a new growth pole.
In Nghe An province, GRDP grew by 10.11% in the third quarter of 2026. Processing and manufacturing remained the key driver, expanding by 20.66% and contributing 3.51 percentage points, or 85.09% of the industrial sector's total contribution to growth.
The sector's index of industrial production rose 25.79% in the first nine months, while its labour utilisation index increased 33.93%. Employment at FDI enterprises surged 63.37% year on year, reflecting the expansion of production capacity.
During the period, the Southeast Nghe An Economic Zone and industrial parks attracted 13 new projects and 13 additional FDI capital expansions, with total investment reaching 2.47 billion USD. As of September 30, they hosted 124 FDI projects with combined registered capital of 8.88 billion USD, laying the foundation for new industrial value chains.
Teng Wei Hong, General Director of the Vietnam-Singapore Industrial Park (VSIP) Nghe An, said the province's industrialisation is becoming increasingly evident, with more projects in electronics, precision engineering and high-tech manufacturing. The growing presence of international companies is helping build a manufacturing ecosystem and strengthen Nghe An's position in regional supply chains./.
VNA
