Nghệ An ranks third nationwide in attracting FDI in Q1 2026

In Q1 2026, Nghe An emerged as a bright spot in foreign direct investment (FDI) attraction in Vietnam, according to data from the Foreign Investment Agency (Ministry of Finance). The province attracted about 2.255 billion USD of registered FDI out of more than 15.2 billion USD nationwide, rising to third place nationally behind only Thai Nguyen and Ho Chi Minh City.

Nghe An’s ranking improved by 26 places compared with the same period last year. In share terms, the province accounted for about 14.8% of total registered FDI nationwide in Q1 2026—equivalent to nearly one-seventh of the national total.

FDI performance in the North-Central region

Within the North-Central region, Nghe An remained the leading location for FDI attraction. Other localities recorded substantially lower registered capital: Ha Tinh at 411.13 million USD (7th nationwide), Thanh Hoa at 142.22 million USD (11th), Hue City at 123 million USD (12th), while Quang Tri reached only 0.17 million USD (27th).

Key driver and near-term sustainability

The international environment in Q1 2026 remained uncertain, with slow growth, trade policy volatility, prolonged geopolitical risks, and deglobalization trends affecting multinational corporations’ investment decisions and capital flows. Against this backdrop, Nghe An’s positive FDI results were linked to efforts to improve the investment environment.

However, the Q1 surge was mainly driven by a large-scale project: the Quynh Lap LNG thermal power plant, with registered capital of over 2.2 billion USD. Excluding this project, Nghe An’s registered FDI would be significantly lower, raising the need for a cautious assessment of the short-term sustainability of the province’s investment attraction results.

Progress against the 2026 target

In 2026, the Provincial Party Committee’s Standing Board of Nghe An issued Directive No. 09-CT/TU, setting a target to attract about 3.6 billion USD of FDI. After the first three months, the province had achieved nearly 2.3 billion USD, equivalent to about 64% of the annual plan.

Despite the strong numerical progress, the remaining quarters face pressure, particularly because Q1 growth depended largely on one major project. To sustain growth, Nghe An needs to continue attracting new projects while improving the quality of capital.

Results in the Southeast Economic Zone and pipeline for new investors

In the Southeast Economic Zone—an investment attraction focus for Nghe An—results have not met expectations. As of 5 April 2026, the zone granted new FDI for only 3 projects with total registered capital of 3.3 million USD, and there was also 1 project increasing capital by 15 million USD. The cumulative total for new and increased projects reached 18.32 million USD.

To prepare for a new wave of investment, Nghe An is prioritizing the removal of bottlenecks in infrastructure and land. According to the Southeast Economic Zone Authority, secondary investors are ready to implement projects in VSIP 3 Industrial Park with about 900 million USD and in Hoang Mai II Industrial Park with about 500 million USD.

To translate these commitments into implementation, land clearance and completion of technical infrastructure are identified as key tasks. The Southeast Economic Zone Authority is coordinating with relevant units and local authorities to accelerate execution and create a clean industrial land fund to be ready to welcome investors.

Outlook and implications

With competition among localities for FDI intensifying, improving a synchronized investment environment, raising infrastructure quality, and strengthening support services will be decisive for Nghe An to maintain its ranking and support the longer-term sustainability and spillover of FDI flows.