Quang Ninh draws almost $2 billion in foreign investment

According to Hoang Trung Kien, director of Quang Ninh Economic Zones Management Authority (QEZA), the cumulative foreign direct investment (FDI) capital in industrial and economic zones in the province under the authority's control is almost $180.6 million.

QEZA has requested an investment certification from Quang Ninh People's Committee to increase the capital for one foreign-invested project by a total of $257 million and it is assisting three others in completing their applications for an investment registration certificate with a total registered investment capital of $186 million. Thus, FDI capital will increase to $623.8 million in total.

According to Quang Ninh Department of Planning and Investment (QDPI), if direct and indirect investment projects are considered, this is the first time the province's total foreign investment capital has surpassed $2 billion.

The largest contribution is the Quang Ninh liquefied natural gas power plant project, which received a certificate of investment registration in July for a total investment capital of around $2 billion. The total foreign investment capital in Quang Ninh has reached over $2.18 billion as a result of this project.

Evaluating the likelihood of attracting foreign investment in the near future, Kien said, "In July 2022, Stavian Quang Yen Petrochemical JSC, which had spent $1.5 billion in Bac Tien Phong Industrial Zone, launched a polypropylene polymer manufacturing plant. This investor and the infrastructural investor for the industrial park have signed a land leasing agreement. Quang Ninh is being aggressively explored and invested in by a number of significant business entities. Quang Ninh plans to attract around $1 billion in FDI by 2023 based on an understanding of investor requirements."

According to Csaba Bundik, vice president of the Central and Eastern European Chamber, Quang Ninh is well-known among European investors due to its geographical and logistical advantages.

"It is not a natural accomplishment, but rather the consequence of long-term plans and ambitions, practical experience in industrial park development and logistics, and other advantages that the province can provide for investors," said Bundik.

To make Quang Ninh more appealing to investors in the high-tech, environmentally friendly sector, the province must meet their standards. According to Bruno Jaspaert, general director of DEEP C Industrial Zones – an investor in infrastructure for two industrial zones in Quang Ninh – the lack of qualified human resources is a barrier for the province.

"Quang Ninh in particular, and Vietnam as a whole, must abandon the notion that they have an edge due to inexpensive labour. Each region must establish training priorities, concentrating on businesses like electronics, machinery, and equipment production. Preparing human resources takes time, but if it can be accomplished. It will significantly alter the existing situation of labour resources,” Jaspaert said.

To address the demand for human resources, Quang Ninh is executing the Housing Development Project for workers, thereby attracting skilled labour and specialists to work and reside in the neighbourhood. In addition, the province is investing in universities, colleges, and vocational education institutions and concentrating on jobs in mining, mechanics, and information technology to promote worker acquisition and integration.

According to Nguyen Manh Cuong, director of the QDPI, Quang Ninh must continue to develop investment promotion and attraction and approach investors in a proactive, adaptable, and focused manner. Particularly, he feels it is vital to increase the operational efficiency of working groups in order to assist in the elimination of obstacles and accelerate the realisation of crucial projects. Particular emphasis should be placed on the establishment of precise and transparent investment-attraction methods, regulations, and solutions.

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