Sunday, August 20, 2017 - 1:49:22

Quang Ninh province calls for investment

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The northern coastal province of Quang Ninh will call for investment capital for 18 projects until 2020, at an investment conference on Feb. 24 in Ha Long City.

The conference, an important economic forum, is expected to attract the participation of 800 domestic and foreign managers, economic experts and investors.

It will be an opportunity not only for Quang Ninh province to develop and investors to seek partners but also managers to review the policy system to help the province remove unnecessary barriers in the context where the world and the country are facing economic difficulties.

According to the latest statistics, Vietnam attracted less than 30 million USD in new and added foreign investment capital in January, representing only three percent of the same period last year.

Secretary of the Quang Ninh Provincial Party’s Committee Pham Minh Chinh said Quang Ninh’s financial resources can only meet 50 percent of its development needs. The attraction of external investment sources is the shortest way to success and meets the community’s desire, he said.

Over the past two decades, Quang Ninh lured 186 foreign direct investment projects worth only 4.7 billion USD in total due to poor infrastructure, inconsistent preferential treatment policy for investors, and low-skilled workers. Noteworthy among unsuccessful projects was the “Halong Pearl” project to raise oysters for pearls – which failed to ensure environmental protection.

The 18 projects calling for investment focus on transport and industrial zone infrastructure, trade, service and tourism sectors. They are designed to give Quang Ninh province a facelift and help the province become a key northern economic hub. Key projects are the 1.2 billion USD Van Don economic zone and international airport project, an 1.2 billion USD port in Cai Bau island to the north of Van Don EZ and the 3 billion USD Hai Ha industrial zone.

Eight of them are expected to be signed between domestic and international investors and a number of preferential treatment policies will also be announced at the conference. Under the policies, investors will be provided with “clean land” and there will be a “one-stop” management mechanism to speed up pace of projects.

General Director of Royal International Corporation Yang Qing Nan who will attend the conference said investment encouragement policies that Quang Ninh will present at the event are not new but more practical. He said he believes that more hindrances will be removed and the competitiveness of Quang Ninh’s investment environment will be improved following the event.-VNA
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