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Mong Cai city – new property attraction in Quang Ninh province

Following the property boom in Ha Long city, Van Don district and Quang Yen town, Mong Cai city is emerging as a new magnet for real estate developers in the northeastern province of Quang Ninh.
Mong Cai city – new property attraction in Quang Ninh province ảnh 1Mong Cai was recognised as a second-tier city of Quang Ninh province in 2018 (Photo: baoquangninh.com.vn)

Hanoi (VNA) – Following the propertyboom in Ha Long city, Van Don district and Quang Yen town, Mong Cai city isemerging as a new magnet for real estate developers in the northeasternprovince of Quang Ninh.

The attractiveness of Mong Cai is attributableto its good economic development and transport infrastructure, especiallythanks to the Mong Cai Border Gate Economic Zone (EZ).

The EZ consists of the entire Mong Cai cityalong with nine communal-level localities of Hai Ha district. It has a totalarea of 121,197ha, including 66,197ha of land and 55,000ha of sea surface.

According to a report sent to the Ministry ofPlanning and Investment last May by the Quang Ninh provincial People’sCommittee, the EZ has recorded strong socio-economic improvements over the pastyears.

Local transport infrastructure has beendeveloped synchronously. Construction of Van Don – Mong Cai Expressway kickedoff on April 3 this year, and it will directly connect with the expresswaytraversing Hanoi, Hai Phong city and Quang Ninh’s Ha Long and Van Don.Meanwhile, the temporary road linking Mong Cai with Dongxing town of China hasalso been completed.

This EZ’s contribution to the province’s economyis considerable as the trade revenue via the Mong Cai Border Gate approximated16.59 billion USD between 2016 and 2018. 

Additionally, more than 2.7 million peopleexited Vietnam via this port of entry, through which another over 2.9 million enteredthe country in 2018. The figures are expected to amount to 2.9 million and 3.1million, respectively, this year. Meanwhile, the statistics in other bordergates of Quang Ninh are less than 30,000 people per year.

The Mong Cai Border Gate EZ is also aconcentration of labourers. Last year, there were nearly 76,000 labourers inthe zone, compared to about 2,300 in the Bac Phong Sinh Border Gate EZ and4,500 in the Hoanh Mo – Dong Van Border Gate EZ, also in Quang Ninh province.It is hoped to raise this number to 78,800 by the end of 2019 and 102,000 by2025.

With these results, the Mong Cai Border Gate EZis not only the busiest one in Quang Ninh but has also helped the province rankfirst in terms of economic activities among the seven Vietnamese localitiesbordering China.

Aside from vibrant economic activities and goodtransport infrastructure, the EZ also boasts a lot of tourism potential. From2010 to 2015, tourism revenue of Mong Cai city grew 3.7 percent annually toalmost 2.88 trillion VND. The city also posted a surge in the number of touristarrivals to 2.7 million last year. This is a driving force for the investmentflow into resort property in the city.

The Mong Cai City People’s Committee said inJune that the administration of Quang Ninh province had given permission inprinciple to five big Vietnamese developers to make investment plans in thecity. Among them, Vingroup proposed three projects, FLC group four and SunGroup one.

With strong moves by giant real estate developers,the land and house segments are also warming up. Many projects with completedinfrastructure are recording strong sales like Kalong Riverside City or GreenPark.

The local property market is benefiting fromwhat is the busiest border gate EZ in the north of Vietnam in terms of trade,services and tourism.

This is also the panorama of the real estatemarket in Quang Ninh province.

Many big names in the sector have chosen toinvest in the coastal province, attracted by good infrastructure and the localgovernment’s policies designed to facilitate investment. 

Ten years ago, Quang Ninh ranked 58th in theProvincial Competitiveness Index (PCI), but it has risen quickly to the topfive and kept the place among the top group for several recent years. In particular,in 2017, the province rose to the first place and maintained this position in2018. 

This is one of the reasons why Quang Ninh provincehas been attracting more and more investors.

Since 2014, the number of real estate projectsimplemented in Quang Ninh has surpassed 100, with total investment capitalamounting to 5.5 billion USD, ranging from resort, entertainment park to shophouse and apartment building.-VNA
VNA
#Mong Cai city #Quang Ninh province #property market in Mong Cai #property market in Quang Ninh #real estate projects in Quang Ninh #Mong Cai Border Gate Economic Zone #updated Vietnam news #Vietnamplus #Vietnam News Agency Quang Ninh
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