Quang Ninh stable on foreign investor radar

Quang Ninh-based industrial park infrastructure developers reported that about 18 foreign-invested projects are expected to land at the provincial industrial zones (IZs) this year.

Cao Tuong Huy, acting chairman of Quang Ninh People's Committee, just convened a meeting to examine the execution of the master plan on foreign direct investment (FDI) attraction to the provincial IZs.

Based on the registration of the IZ infrastructure developers, Quang Ninh’s IZs are likely to attract 18 foreign-invested projects this year, of which, 16 are fresh projects and two seek capital addition with a total value approximating $1.2 billion, up more than 10 per cent over projections.

Accordingly, 13 new projects are based in the Bac Tien Phong, Song Khoai and Dong Mai IZs in Quang Yen town, one new project is based in Hai Yen IZ in Mong Cai city whereas Texhong IZ in Hai Ha district are expected to attract two new projects, while two existing ones have registered for supplemental capital.

Quang Ninh is particularly keen on attracting investment and assisting businesses investing in local IZ infrastructure.

FDI attraction is one of the key tasks to materialise on the Quang Ninh work agenda in 2023 ‘Improving investment attraction efficiency and quality of citizen lives’ as the province is particularly keen on attracting investment and assisting businesses investing in local IZ infrastructure.

At the meeting, the top leader of Quang Ninh People's urged Quang Ninh Economic Zone Authority to make a detailed plan to award investment certificates for each project on a quarterly basis and report to management.

Meanwhile, relevant management agencies were told to coordinate with localities to complete the procedures and plan site clearance for these projects before February 15.

For infrastructure investors in the IZs, it is necessary to accelerate the completion of infrastructure in accordance with the requirements on committed quality and schedule to create attractiveness and selectively attract secondary investors.

Despite headwinds caused by geopolitical tensions, Vietnam has seen solid overseas investment, laying the ground for the country to boost inflows and realise its socioeconomic goals.

The consecutive on-year reduction of newly registered capital since early this year may dampen the foreign-invested capital landscape for the whole 2022 compared to initial expectations, but a rise in disbursement is showing investors’ growing confidence in the economy for the long term.

Vietnam’s northern province of Quang Ninh is emerging as an attractive investment destination for foreign investors. Nakajima Takeo, chief representative of the Hanoi Office of the Japan Trade Promotion Organisation and vice president of the Japanese Chamber of Commerce and Industry in Vietnam, talked to VIR’s Minh Anh about Japanese interest in the area and the future trends ahead.