Thanh Hoa
Vietnam's petrochemical capital—Nghi Son Refinery (200K barrels/day, 30-40% of gasoline supply), $15.2B FDI, VND 50K billion budget contributor.
Thanh Hoa operates Vietnam's largest and most complex petrochemical facility. Nghi Son Refinery processes 200,000 barrels daily—10 million tons annually—supplying 30–40% of domestic gasoline demand. The refinery generated VND 190,000 billion in 2024 (68% of provincial industrial value), returning Thanh Hoa to the "VND 50,000 billion budget collection club." 1,500 direct jobs plus tens of thousands of indirect positions anchor the local economy.
173 active FDI projects from 20 countries total $15.2 billion registered capital. Idemitsu, Mitsui, and Korean investors cluster in Nghi Son Economic Zone—one of eight national coastal economic zones. The Nghi Son 2 Thermal Power Plant ($2.8 billion) supplies 7.8 billion kWh annually. WHA Smart Technology Industrial Park (178.51 hectares, VND 1,320 billion) broke ground in late 2024.
Post-July 2025 merger, Thanh Hoa became Vietnam's fifth-most populous province (4.32 million, 11,129 km²). Manufacturing and processing grew 20% in 2024. FDI trends shift toward clean energy, logistics, and high-tech manufacturing as the province diversifies beyond petrochemicals. By 2026, Thanh Hoa tests whether oil refining profits can fund industrial transition before energy markets shift.