Vietnam’s Quang Ninh Province Attracts $11.57 billion in FDI

Vietnam’s northern coastal province Quang Ninh has attracted $11.57 billion in foreign direct investments from 20 countries so far.

Among them, Hong Kong is the largest source of the capital with $3.81 billion invested in 49 projects, followed by Japan (over $2.34 billion) and the US ($2.31 billion). Last year the province granted new investment licenses to 25 projects worth $3.13 billion, and approved additional capital of $28.86 million for three others projects.

Amata City Ha Long (Song Khoai Industrial Park), which is one of the Industrial Parks in the province, has attracted a total investment capital of $1.4 billion till December including many projects by major investors from Sweden, Korea, China, and Japan.

Foxconn, the world’s leading contract electronics manufacturer, received approval from Vietnam in June last year to invest $246 million in two ground-breaking projects in the Quang Ninh province. The investments, overseen by Foxconn Singapore, will propel the company’s total investments in Vietnam to $3 billion. The projects will primarily focus on the production and assembly of telecom and electric vehicle (EV) components.

The province has been an attractive destination for foreign investors thanks to its efforts to promote administrative reform and build a transparent business climate, helping win confidence from the business community.

Since 2013, the province has topped the Vietnam’s Provincial Competitiveness Index (PCI) which measures the quality of economic management, the level of convenience and friendliness of the business environment, and administrative reform efforts by the provincial administration.

Projects as Per Plan

According to Director of the Quang Ninh Economic Zone Authority Hoang Trung Kien, the FDI projects are all in line with the province’s planning and development orientation, making contributions to shaping up hi-tech industries, manufacturing engineering, and component assembly, among others.

Quang Ninh holds huge potential to lure more foreign investors as the Quang Yen coastal economic zone now has more than 9,700 hectares of clean land.

Targeting at least $3 billion in FDI capital in 2024, the province will continue implementing its decree on fast and sustainable development of processing and manufacturing sector during the 2020-2025 period with a vision to 2030.

Chairman of the provincial People’s Committee Cao Tuong Huy said Quang Ninh will roll out red carpets for enterprises who land investment in the areas of local strengths and potential such as tourism, processing and manufacturing industries, supporting industry, marine economy, logistics, and eco-agriculture.

Besides, it will sharpen focus on luring prestigious groups with financial strength, modern management, and long-term and stable investment that are able to create high added values at local industrial parks and economic zones, especially those with uniform infrastructure, he said.

Right Ambience

Quang Ninh officials have assured that they will continue working to create the best conditions for enterprises, and considering incentives to lure further investments.

Currently, they are ramping up efforts to complete a set of criteria to evaluate and choose foreign investments, with priority given to hi-tech projects, environmentally friendly ones, and those that can contribute greatly to the local budget.

Since the beginning of 2023, Vietnam has attracted FDI to the tune of $28.85 billion, 14.8% increase compared with the same period last year. Especially, Quang Ninh is the leading province in FDI recruitment, with the amount of FDI capital attracted reached three times higher than the yearly plan, recorded over $3.1 billion.