FDI flows into Quang Ninh province rise sharply

Quang Ninh (VNA) – FDI flows into Quang Ninh has been rising strongly thanks to the northern province’s efforts to improve its business climate and remove bottlenecks in terms of policies and infrastructure.

Since the launch of its first industrial park (IP), Cai Lan, in 1997, the province has attracted about 7.4 billion USD, 56.5 percent of which, or 4.18 billion USD, sourced from FDI, to develop infrastructure at local economic zones, IPs, industrial clusters and secondary projects.

Since 2012, Quang Ninh has seen increasing presence of major foreign investors, with two projects of Hong Kong (China)’s Texhong Group among the first. Having a combined investment of over 500 million USD, one involved the first phase of Texhong Ngan Long’s fibre factory at Hai Yen IP in Mong Cai city while the other developing infrastructure for the first phase of Texhong Hai Ha IP in Quang Dien commune, Hai Ha district.

The Texhong Hai Ha IP now houses 11 projects with a total registered investment exceeding 727 million USD.

In March 2018, the province granted an investment license to Thai industrial estate developer Amata to construct 714-hectare Song Khoai IP in Yen Hung district at a cost of more than 155.5 million USD.

It was just the first move in Amata Vietnam’s plan to invest over 2 billion USD in developing an eco-industrial and urban area in Quang Ninh, said CEO Somhatai Panichewa.

Belgium-based company DEEP C and its partners have also poured capital in developing infrastructure at 369.8-hectare Nam Tien Phong IP and 1.193-hectare Bac Tien Phong IP in Quang Yen Economic Zone.

The involvement of major industrial estate developers has helped the province lure more high-quality secondary projects. For example, China’s Jinko Solar, the world’s leading solar panel manufacturer, poured close to 500 million USD into developing a solar PV cell factory at the Song Khoai IP in March 2021.

Less than six months later, it received a license for its second project in Vietnam worth 365 million USD. The silicon solar panel project is expected to generate over 25.65 trillion VND (1.13 billion USD) in revenue, pay 461.3 billion VND in taxes and provide jobs for 2,188 local people.

Taiwan’s Foxconn, one of the main supplier of tech giants such as Apple, Motorola, Nokia and HP, also has a production base in Quang Ninh. Its facility at Dong Mai IP in Quang Yen township was put into operation at the end of last year.

Some 40.35 trillion VND (1.75 billion USD) worth of investment has landed into IPs and economic zones under the management of Quang Ninh Economic Zone Management Authority, excluding Van Don Economic Zones, in the first nine months of this year, 39 percent higher than the yearly plan. This included nearly 1.07 billion USD from FDI./.