Since 1990 when Quang Ninh had the first FDI project, the province has so far attracted more than 200 projects with total registered capital of over 7.5 billion USD. Attracting foreign capital plays increasingly important role in Quang Ninh’s strategy of socio-economic development.
FDI growth
According to statistics by Quang Ninh Department of Planning and Investment, 73 projects in industrial parks and economic zones have total registered capital of over 3.25 billion USD while the projects outside industrial parks and economic zones got total investment capital of more than 3.9 billion USD.
FDI projects in the province has provided jobs to 29,500 laborers, contributed to improving social welfare, bettered living condition for a specific part of population, and increased annual GRDP per capita.
It can be said that, FDI sector has partly boosted technological transfer in Quang Ninh and developed some key industries, for example, food processing (vegetable oil and flour production), coal mining and processing, volfram and rare metals, electricity production…
In the end of August, 2020, Quang Ninh organized a large-scale South Korean investment promotion conference, attracting a great number of big South Korean investors in Vietnam.
Park No Sung, Chief Representative of GS Engineering & Construction Company said “After some farm trips in Quang Ninh, we found that the province has synchronous transportation system and modern infrastructure at industrial parks and economic zones. In the coming time, we will make investment plan in seaports and logistics in Quang Ninh. We also found that Quang Ninh has a great potential in the fields of real estate, infrastructure investment, civil construction, environment projects which are our strength. Therefore, we hope the local government will creat favorable conditions in terms of supporting policy”.
Sustainably and effectively attracting foreign capital
Being persistent with the target of shifting from “brown” to “green” growth, Quang Ninh clearly defines the orientation of attracting foreign capital. Accordingly, it must be effective and sustainable. The province gives priority to the projects that apply environmentally friendly and high tech with high added values
At dialogues with FDI enterprises, Quang Ninh’s Chairman, Nguyen Van Thang, emphasized the province’s point of view in which Quang Ninh encourages and offers preferential policies to attract foreign investment in the areas of high-end services, eco-tourism, education and training, health care, trade center….meeting international standards. Quang Ninh also prioritizes the investment in transportation infrastructure which ensure faster connection with the region and the world, especially in Ha Long, Van Don Economic Zone, Mong Cai Border Economic Zone…
According to economic experts, as the global economy is strongly affected by Covid-19 pandemic, FDI inflow has shifting to new markets, including Vietnam. If Quang Ninh can seize this golden opportunity, it will have faster and more effective socio-economic development, thus contributing to national growth.
Translated by Quynh Trang
