Business

Quang Ninh sets land clearance as priority for FDI attraction

The northern province of Quang Ninh is on a mission to cement its status as one of Vietnam's premier destinations for foreign direct investment (FDI), with a strategic focus on land clearance for industrial park infrastructure projects this year.

Illustrative photo (Photo: VNA)
Illustrative photo (Photo: VNA)

Quang Ninh (VNA) – The northern province of Quang Ninh is on a mission to cement its status as one of Vietnam's premier destinations for foreign direct investment (FDI), with a strategic focus on land clearance for industrial park infrastructure projects this year.

The Quang Ninh Economic Zone Authority issued a call to optimise resources, ensuring that essential infrastructure, including electricity supply and other critical utilities, is in place to support industrial zones and manufacturing.

The province is ramping up its investment promotion schemes, providing a seamless experience for investors from the moment they decide to invest through to project completion, with streamlined processes and dedicated post-investment support.

It is also proactively adapting to global economic shifts by formulating strategic plans that stay ahead of global trends and supply chain movements, aiming for a substantial investment leap.

Localities were urged to tackle bottlenecks and challenges affecting key projects in their areas. A thorough look at the special mechanisms for the Van Don Economic Zone is also in play, with plans to propose new, tailored policies to leverage its unique advantages under the evolving economic landscape

Despite natural adversities like Typhoon Yagi last year, Quang Ninh still demonstrated remarkable resilience, pulling in nearly 2.9 billion USD in FDI and maintaining its position among the top five cities and provinces nationwide in this regard.

One of the major investors is Foxconn, a Taiwan-based tech giant, which has committed to five projects amounting to nearly 1 billion USD. Major investments from corporations and companies based in China, the Republic of Korea, Hong Kong (China), Japan, and Singapore are also flooding in.

The year 2024 also saw Quang Ninh approving over 20 new FDI projects, focusing heavily on manufacturing and processing, bringing the total to 188 projects from 19 countries and territories, with an investment value surpassing 14.6 billion USD.

Quang Yen township stands out, hosting 69 projects worth over 5.4 billion USD. Ha Long city isn't far behind with 56 projects valued at over 1.8 billion USD, and Hai Ha district adds to the tally with 29 projects worth more than 3 billion USD./.

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#Quang Ninh #FDI #Quang Ninh Economic Zone Authority #RoK #Hong Kong #Japan #Singapore Quang Ninh
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