The northern province of Quang Ninh attracted a total newly-licenced foreign direct investment (FDI) of over 390 million USD in the first half of this year, nearly 15 fold higher than the 2011 figure.

The performance has raised the total FDI in the province to over 4 billion USD in 93 operating projects.

With these excellent results, the province has already achieved its FDI targets for 2012. Its total disbursed investment in the second quarter also stayed high, reaching 75 million USD.

The largest project is the 300 million USD fibre factory of the Texhong Ngan Long Sci-Tech Company from Hong Kong . The factory, with annual capacity of 140,000 tons, is built in Hai Yen industrial zone in Mong Cai city.

The outstanding achievement proves the effectiveness of a conference, hosted in late February for investment promotion in the province. Following the conference many fact-finding tours by international investors were organised from various countries such as the US , France , Russia , Japan , the Republic of Korea , Thailand and China .

Another reason for the surge in FDI in Quang Ninh was the province’s drastic reform in administrative procedures and development of a number of preferential policies. A project in Quang Ninh can now get a license within 24 hours from document submission, or after 8 working hours.

Pham Minh Chinh, Quang Ninh’s Party Committee Secretary, said the province has focused on comprehensively improving its investment environment in order to attract more FDI and ODA, the basis on which to promote even more future investment in the province.

To now Quang Ninh has sought investment in 18 projects in 5 main fields including tourism and entertainment, sea ports, border gates and logistics, infrastructure and human resources.

In order to create favorable conditions for investors, the province has offered businesses a 10 percent corporate income tax for 15 years; tax free in 4 years and a 50 percent reduction in taxes in the next 9 years. Workers involved in the projects are also given a 50 percent reduction in personal income tax.

The province has also been responsible for land site clearance, while offering businesses the best possible conditions establishing infrastructure, human resources and administrative formalities.-VNA