FDI a major driving force of economic growth

Encouraging results

According to the Quang Ninh Economic Zone Authority, in 2023, the province granted investment registration certificates for 23 new FDI projects and licenses for two ongoing projects to increase their capital by a total of US$5 million.

These included three projects with the investment capital of more than US$100 million each in the processing and manufacturing industries.

Quang Ninh is currently the top FDI attractor nationwide

In the first eight months of 2023, eight countries and territories invested in Quang Ninh Province. Singapore topped the list with US$271 million, followed by Chinese Taipei with US$170 million, and Sweden with US$154 million. Other investors came from China, Hong Kong (China), and the Republic of Korea.

FDI in Quang Ninh’s industrial and economic zones reached US$729.85 million, accounting for 96.7 percent of the total. Recently, the province granted an investment registration certificate for the Stavian Petrochemical Plant project based in a coastal economic zone of Quang Yen Town with the total capital of more than VND36.03 trillion.

So far, Quang Ninh has attracted 164 FDI projects of investors from 20 countries and territories with the total registered capital of more than US$11.57 billion.

Of these, 104 projects with the total registered capital of more than US$5.34 billion are based in industrial and economic zones; 60 remaining projects have the total capital of nearly US$6.23 billion. Hong Kong (China) topped the list of foreign investors in Quang Ninh with 49 projects with the total capital of more than US$3.81 billion, followed by Japan with more than US$2.34 billion, and the US with nearly US$2.31 billion.

To facilitate FDI, the province has paid great attention to resolving problems related to site clearance, while accelerating administrative reforms and upgrading the infrastructure of industrial zones.

Quang Ninh has established a specialized working group to provide support for companies, cooperatives, household businesses and investors, helping them overcome difficulties.

Quang Ninh is concentrating on attracting new-generation FDI projects - photo: Duc Lam

Top FDI attractor

In February 2023, the Prime Minister signed a decision approving Quang Ninh’s Development Plan for the 2021-2030 period, with a vision to 2050. Quang Ninh became the first province in the Red River Delta to have its plan approved.

According to economists, Quang Ninh still has great potential for FDI attraction. The province tops the list of localities nationwide in terms of the number of industrial and economic zones. The Quang Yen coastal economic zone with more than 9,700ha of land ready for investment is an FDI magnet of Quang Ninh Province. Quang Ninh is expected to continue to be a top FDI attractor of the whole country in the coming time.

To tap its potential, Quang Ninh continues to implement effective measures to attract investment from both domestic and foreign sources. Along with putting in place new policies and mechanisms to facilitate the implementation of investment projects, the province will amend or abrogate unsuitable regulations and procedures.

At the same time, the province will renovate investment promotion activities, paying special attention to on-site investment promotion. Quang Ninh will also improve the quality of human resources and apply appropriate policies to retain workers