Quang Ninh’s advantages prove effective in attracting foreign investment

Prominent advantages in transport infrastructure with road, sea, rail and air routes have made the northeastern province of Quang Ninh “a magnet” for foreign investment.

According to the provincial Department of Planning and Investment, in the first six months of 2023, the province attracted over 832 million USD in foreign direct investment (FDI). During the period, the province granted investment certificates to 17 FDI projects, 2.5 times higher than the same period last year, mainly in the field of processing and manufacturing, particularly two large-scale projects with investment capital of over 100 million USD.

Investors from 20 countries and territories are carrying projects out in the province, with those from Hong Kong (China) taking the lead with a total investment capital of over 3.8 billion USD, accounting for 33.7% of the total FDI investment in the province.

Japan ranked second with over 2.33 billion USD, and the US came third with nearly 2.31 billion USD. Chinese investors have 31 projects in the province with total investment capital of over 314 million USD, followed by United Arab Emirates (UAE), Singapore, and Indonesia.

At a recent meeting with investors, Cao Tuong Huy, Acting Chairman of the provincial People's Committee, affirmed the province's motto is that businesses’ effective investment is the success of the locality.

The province is committed to accompanying investors throughout the project implementation process and solving problems and difficulties at any time, he said.

To attract investors, in the past years, Quang Ninh has prioritized allocating investment resources for infrastructure development, especially transport works.

The province has also paid attention to removing difficulties relating to site clearance, resettlement, land rental, land procedures, electricity demand, and project infrastructure connection to speed up the infrastructure development of industrial parks.

Regarding transport infrastructure, the province is accelerating the completion of roads to the seaports, airport and IPs. It has also proposed new projects such as the upgrade of National Highway 4B to strengthen the connection between Lang Son and Quang Ninh provinces,Van Don - Mong Cai and Quang Ninh - Lang Son - Cao Bang expressways as well as connection within the Northeastern and Northwestern regions.

Komoto Tomoshi, CEO of Castem Vietnam said that the company is the first Japanese investor to invest in Song Khoai Industrial Park in the province’s Quang Yen town with a 19 million USD factory for manufacturing and trading precision mechanical details.

The company is satisfied with the province’s investment environment, and the location of the industrial park as it’s near the airport and seaports. Moreover, Vietnam boasts a cheap and hard-working labour force, he added.