High-quality foreign investing takes shape in industrial areas

For 2023, Quang Ninh province is focused on improving investment attraction efficiency and people’s life quality. In particular, the goal of attracting foreign direct investment (FDI) capital into industrial zones (IZs) is set to reach at least $1 billion, with priorities in luring financiers from countries and territories such as Japan, South Korea, China, and the EU, among others, to ensure the socioeconomic development consistent with the province’s potential.

One of the bright spots of the province this year is the results in attracting investment capital.

According to Hoang Trung Kien, director of Quang Ninh Economic Zones Management Authority, by September the total FDI attraction was estimated at nearly $854 million, reaching 85 per cent of the target of Quang Ninh Party Committee and People’s Council, and 71 per cent of the plan of Quang Ninh People’s Committee.

Currently, Quang Ninh has about 550 hectares of industrial land that has been invested in infrastructure and ready for lease. By 2025, it is expected to have 3,660ha and by 2030 there will be about 5,900ha.

The number of newly-licensed foreign-invested projects is 19, with the total registered investment capital of nearly $827 million. There are two ventures adjusted to increase investment capital with an additional sum of over $26 million.

New projects are mainly in processing and manufacturing, including three large-scale projects capitalised over $100 million, implemented in IZs. For these ventures, Singapore leads in the total investment capital, followed by Taiwan, Sweden, China, Japan, the Seychelles, Hong Kong, and South Korea.

Additionally, continuing to draw in FDI from traditional market investors, for the first time Quang Ninh received flows from Sweden with the project of Autoliv Viet Co., Ltd. Nam invested in Song Khoai IZ, Quang Yen Town.

The project has the total investment capital of $154 million, producing safety products for cars and other motor vehicles for export, with a design capacity of 10 million products per year, thereby contributing to diversifying partners of Quang Ninh, increasing the total number from 19 to 20 countries and territories.

At the end of June, Quang Ninh granted investment certificates to two projects proposed by Foxconn Group located in Song Khoai IZ of Quang Yen Town.

These two projects are expected to create jobs for nearly 2,000 local workers, while increasing the number of the group’s ventures in Quang Ninh to three with the total investment capital of over $300 million. The aforementioned two initiatives were granted approval by the province in just 12 working hours from the time the investor submitted their application online through the province’s Public Service Portal, shortening the application processing time by two weeks.

Also in Song Khoai IZ, at the end of June, AMATA City Halong JSC and Castem Vietnam Co., Ltd. signed a contract to lease land use rights for 45 years to build a factory to produce precision mechanical parts, with the total investment capital of nearly $19 million. This is the first Japanese group to invest in Song Khoai IZ, and seven more are expected to join.

Also, Bac Tien Phong IZ, located in the DEEP C Quang Ninh IZs cluster, is currently attracting about $2.59 billion in sectors such as industrial real estate, vehicle manufacturing, machinery, PPE, electronic components, and petrochemicals, coming from investors such as BW in Singapore; Shinetsu in Japan; Sunrise, Fanstech in China; Eva Precision in Hong Kong, and Boltun in Taiwan.

Moreover, in Texhong Hai Ha IZ, up to now there have been 19 secondary projects with a total area of land and infrastructure leased about 262ha. The total registered investment capital of these secondary projects and another infrastructure venture is more than $1.4 billion.

In addition, there are eight projects that have signed land lease principles and cooperation agreements with a total area of nearly 140ha, and a total expected investment amount of more than $1.7 billion.

Among them, there is a venture from Jinko Solar, specialising in producing solar batteries with the total investment capital of about $1.5 billion, which is expected to be approved later this year, thereby increasing the total investment capital of the five Jinko Solar factories to $2.6 billion.

To achieve these results, Quang Ninh has already implemented its Investment Promotion Programme for 2023 and is working on a scheme to draw in other prominent FDI. In the remaining three months of 2023, the province aims to draw in about $1.5 billion in FDI.

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