Quang Ninh striving to attract 1 billion USD in FDI

Illustrative Image (Photo: VNA)

Quang Ninh (VNA) – The goal of attracting 1 billion USD in foreign direct investment (FDI) to industrial parks, economic zones in 2023 of the coastal province of Quang Ninh is quite positive, provincial leaders have said.

For the year, the province has chosen the theme of “improving investment attraction efficiency and people’s life quality” with priorities to luring investors from countries and territories such as Japan, the Republic of Korea, China, and the EU, among others, to ensure socio-economic development orientation, particularly in the fields of the processing, manufacturing and hi-tech industries.

Head of the Quang Ninh provincial economic zone management board Hoang Dinh Kien said as the end of June 2023, the province had attracted more than 832 million USD, reaching 69.3% of the target of the provincial People’s Committee.

Kien noted that in the first half of this year, the province granted investment registration certificates for 17 FDI projects, 2.5 times higher than the same period in 2022, mainly in the areas of processing and manufacturing industries. At the same time, the province is continuing to support investors in administrative procedures.

Most of the FDI projects belong to the “new-generation” category, focusing on environmentally friendly processing and manufacturing industries that aim to reduce resource consumption with spillover socio-economic effects that prove Quang Ninh is on the right track in promoting the green development strategy, he cited.

In addition to continuing to draw FDI capital from traditional markets, the province has diversified investor partnership. So far, investors from 20 countries and territories have invested in the province.

In February, Quang Ninh granted investment certificate to Swedish investor Autoliv Vietnam to build a 3.773 trillion VND (154 million USD) automobile safety component factory in Song Khoai industrial park.

Recently, the province granted investment certificates to two factories by Foxconn Singapore PTE LTD in Song Khoai Industrial Park with a total investment of 250 million USD. Notably, the two projects were approved within 12 working hours.

The province has also developed solutions and investment promotion strategies for big and prestigious economic groups.

Over the recent years, Quang Ninh has actively collaborated with ministries and regional leaders to promote investment activities and achieved remarkable results. The province has already implemented its Investment Promotion Programme for 2023 and is working on a scheme to attract prominent FDI investors to the region, with a particular focus on key industrial parks and economic zones.

In 2022, the province topped the country’s provincial competitiveness rankings (PCI) for the sixth consecutive year, ranking first for the second time (2020 and 2022) in four indicators of Provincial Competiveness Index (PCI), Provincial Governance and Public Administration Performance Index (PAPI), Public Administration Reform Index (PAR INDEX) and Satisfaction index of public administrative services (SIPAS), and for the 10 consecutive year in the group of five provinces and cities with the best quality of economic governance in the country./.