Hung Yen is an agricultural province in the centre of the Bac Bo plain. With an area of 923.1 sq.km, divided into 10 districts and towns, 161 communes and wards and with a population of 1.1 million, Hung Yen has attracted a large amount of domestic and foreign investment for socio-economic development.
Taking the advantage of being close to the capital, Hanoi, rich resources and a favourable transportation system, in its socio-economic development strategy, Hung Yen has paid particular attention to attracting domestic and foreign investment to develop industry and services, considering its leverage. In the 2000 - 2005 period, Hung Yen attracted 410 investment projects including 354 domestic and 56 foreign ones. With a total registered capital equivalent to US$ 1,223 million, 160 projects have been operating. Their production value has increased by thousands of billions of dong, contributing to nearly 70 percent of the province’s budget revenue and generating regular jobs for more than 40,000 people.
The development investment fund has rapidly increased in size. The total social investment fund reached VND 17,126 billion in five years, in which the central Government budget made up 10 percent, provincial budget, 12.3 percent, State-owned enterprises, 47.8 percent, the private sector, 21.2 percent, and others. The province has attracted four ODA projects with a total fund of US$ 17.8 million and Euro 6.2 million. In 2006 alone, total social investment fund reached VND 6,120 billion, 17.5 more than the previous year. Hung Yen has newly built and improved 1,024 km of rural roads, 36 bridges, including Yen Lenh crossing the Red river and linking National Highway No. 1 running through the province to the Hanoi - Hai Phong - Quang Ninh, a key economic triangle bringing advantage to Hung Yen for economic, industrial and servicing development. The construction of National Highway 39A was completed in 2003, and the portion crossing Hung Yen’s provincial capital is being expanded to eight lanes with a road surface of 54m wide.
Industrial production has rapidly developed with an annual increase of 26.7 percent against the target set by the Party Congress of 20 percent. In 2006 the province obtained an industrial production value of VND 9,855 billion, 28.8 more than the previous year. Key industries such as electronics, textile and garments, engineering and steel have been established with advanced technologies. They have produced diverse products of better quality, many of which are competitive in the market.
Trade and servicing activities have changed for the better, meeting the needs of production and people’s daily life. The value of services has increased over 15.0 percent a year against the target set by the Party Congress of 18 percent. Exports have maintained a high growth rate of 41.9 percent a year. In 2005, the province obtained an export turnover of US$ 230 million against the target set by the Party Congress of US$90 million, and the figure in 2006 was US$270 million, 27.8 percent higher than the previous year.
Much progress has been made in socio-cultural fields. Hung Yen completed lower secondary education popularisation in 2001 and upper secondary education in 2004. By now, 116 schools have reached national standards.
Social policies have been effectively realised. Movements such as “Gratitude showing” and humanitarian and charity activities have strongly developed and obtained practical outcomes. Socio-politics have been stabilised and national defence and security have been further strengthened, creating favourable conditions and environment for socio-economic development.