Quang Ninh makes efforts to improve investment environment amid Covid-19

Quang Ninh targets to attract over 5 billion USD in foreign direct investment (FDI) and expect to establish about 10,000 new enterprises by 2025. The province has taken constant efforts to overcome difficulties, especially those arisen by during the Covid-19 outbreak, to achieve this respective mission.

In April 2021, Quang Ninh topped the 2020 Provincial Competitiveness Index (PCI) rankings, marking the fourth consecutive year maintaining the first place in the list announced by the Chamber of Commerce and Vietnam Industry (VCCI). It is also the first locality in the country to surpass 75 points in the past 10 years. This result has clearly signalled the province's determination to innovate and surpass itself.

VCCI experts applauded Quang Ninh’s systematic and practical solutions to improve the PCI index over the years, especially amid the "storm" of Covid-19 with damaging impacts on the whole economy and business activities.

In the context of the pandemic, Quang Ninh still organized many meetings with local businesses, ranging in scale from district, department, sector to provincial level, to grasp businesses’ problems and difficulties and then offer effective solutions to support the business community. Particulary, a stimulus package of hundreds of billions of dongs have efficiently supported service and tourism enterprises, or some policies assisting key industries such as coal and electricity. These drastic measures not only protect domestic businesses but also lure more investors, Head of the Legal Department of VCCI, Dau Anh Tuan, said.

Since the beginning of 2021, the province has implemented many solutions to assist businesses, particilary those hit by the Covid-19 pandemic, in handling their obstacles in terms of tax, insurance, interest rates, bank debt, etc.

The province has also organized regular face-to-face diloguages between the authorities and the business community and promptly promulgated many policies to support businesses in need. In early July 2021, an investment project support group (Investor Care) was established to give investors more active support.

Thanks to these specific solutions, the business development situation in Quang Ning has prospered recently. As reported by the Department of Planning and Investment, in the first 7 months of 2021, the whole province has 1,157 newly established enterprises representing a 5% increase over the same period last year. The total registered capital is 13,521 billion VND, 83% higher in comparison with the same period. Add to this 623 enterprises resumed operation, increasing by 60% over the same period; while 230 enterprises dissolved, or 22% decrease over the same period.

Regarding investment attraction, in July, the total capital to attract non-budget capital in the province reached over VND 2,236 billion, and the accumulation over 7 months reached over VND 282,236 billion. Notably, Quang Ninh authorities has issued and adjusted investment certificates for 27 projects with a total registered and additional capital of 24,926.5 billion VND.

The province will continue exerting every effort to offer investors a better business climate and improve its competiveness by the end of this difficult year.