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FDI flows into Quang Ninh province rise sharply

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.
FDI flows into Quang Ninh province rise sharply ảnh 1A corner of Ha Long Bay in Quang Ninh - Illustrative image (Photo: VNA)
Quang Ninh (VNA) – FDI flows into Quang Ninh has been rising strongly thanks to the northern province’s efforts to improve its businessclimate and remove bottlenecks in terms of policies and infrastructure.

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

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

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

In March 2018, the province granted an investment licenseto Thai industrial estate developer Amata to construct 714-hectare SongKhoai 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 toinvest over 2 billion USD in developing an eco-industrial and urban area in QuangNinh, said CEO Somhatai Panichewa.

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

The involvement of major industrial estate developers hashelped the province lure more high-quality secondary projects. For example, China’sJinko Solar, the world’s leading solar panel manufacturer, poured close to 500million USD into developing a solar PV cell factory at the Song Khoai IP in March2021.

Less than six months later, it received a license for itssecond project in Vietnam worth 365 million USD. The silicon solar panelproject 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 giantssuch as Apple, Motorola, Nokia and HP, also has a production base in QuangNinh. Its facility at Dong Mai IP in Quang Yen township was put into operation atthe end of last year.

Some 40.35 trillion VND (1.75 billion USD) worth of investmenthas landed into IPs and economic zones under the management of Quang NinhEconomic Zone Management Authority, excluding Van Don Economic Zones, in the firstnine months of this year, 39 percent higher than the yearly plan. This includednearly 1.07 billion USD from FDI./.
VNA
#FDI flows #Quang Ninh #business climate #industrial park #Vietnam #Vietnamplus #Vietnam News Agency Quang Ninh

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