Quang Ninh province lures over 2 billion USD of FDI in 11 months

Illustrative image (Photo: VNA)

Quang Ninh – The northern province of Quang Ninh has attracted over 2 billion USD in foreign direct investment (FDI) so far this year, placing it among Vietnam’s top-performing localities.

This includes 29 newly licensed projects with a total registered capital of 1.65 billion USD and 20 projects with adjusted capital increases totaling 217.4 million USD. Additionally, domestic non-budget investment has reached 28.3 trillion VND (1.1 billion USD), achieving 46% of the province’s annual target.

Quang Ninh has set an ambitious goal to attract 3 billion USD in FDI by the end of the year.

To achieve this target, the province has actively pursued investment promotion activities, welcoming delegations from key investors. These include a joint venture between the YNC Joint Stock Company and the Greenlink Da Nang Joint Stock Company, as well as B. Grimm Power, which is exploring a wind power project.

Quang Ninh has collaborated with delegations from Fujian province in China and the Korean Greyhound Association (KGA) to evaluate projects, including the development of an international sports and entertainment complex in Ha Long.

At a meeting organised by the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi, Quang Ninh representatives introduced the province’s investment environment to investors from the Republic of Korea. They also provided detailed information on investment opportunities to members of the Korea Chamber of Commerce and Industry (KCCI) and leading enterprises from Seoul and Vietnam.

The province is updating its list of investment attraction projects through 2025 and drafting a new catalog of FDI promotion projects for the 2024–2030 period. Quang Ninh is also collaborating with local business associations to strengthen investment promotion, improve its business environment, and enhance its rankings in the Provincial Competitiveness Index (PCI) and District and Department Competitiveness Index (DDCI) in 2024.

Quang Ninh aims to achieve double-digit economic growth for the 10th consecutive year in 2024.

Secretary of the provincial Party Committee Vu Dai Thang has urged all sectors to make concerted efforts to obtain the highest possible results across all 2024 targets. Key focus areas include coal mining and industries with untapped potential.

Looking toward 2025, the province plans to align its economic and social development strategies with the central government’s directives, prioritising economic growth, cultural development, and securing national defence.

Quang Ninh will concentrate on resolving bottlenecks in major projects, advancing digital transformation, and revising the special mechanisms and policies of the Van Don Economic Zone.

Since the beginning of this year, 1,501 new enterprises have been established in Quang Ninh, marking an 8.1% year-on-year increase, with registered capital totaling 16.7 trillion VND (682 million USD). Additionally, 638 businesses have resumed operations, bringing the total number of active enterprises in the province to 11,745./.