Quang Ninh working to attract new-generation FDI inflows

October 28, 2022 | 10:55
(0) user say
The northeastern province of Quang Ninh has strengthened to attract new-generation foreign direct investment inflows to implement its greener economic development strategy, helping it become a top manufacturing and processing industry hub for Vietnam.

Bruno Jaspaert, general director of DEEP C Industrial Zones, has spoken about the decision to invest in two industrial zone (IZ) infrastructure projects in Quang Ninh. “We realise that Quang Ninh has a great and distinct advantage. For example, famous Halong Bay attracts labour resources, while the locality also focuses on green economic development and environmental protection solutions, which wins the heart of investors in environmentally-friendly production,” he said.

Quang Ninh working to attract new-generation FDI inflows
Quang Ninh boasts large industrial land access

The chairman of Quang Ninh People’s Committee at an investment promotion conference last month emphasised several outstanding advantages of Quang Ninh. In addition to geographical location and rich natural and mineral resources, Quang Ninh “shows initiative, makes great effort, and has internal power,” the chairman said.

Pham Tan Cong, chairman of the Vietnam Chamber of Commerce and Industry, said, “Transport infrastructure, urban infrastructure, investment, and the general business environment of Quang Ninh have made a great breakthrough since 2012.”

Quang Ninh working to attract new-generation FDI inflows
Source: IPA Quang Ninh

Moreover, local available industrial land is meeting the demand for large-scale industrial production complexes with competitive rent costs compared to neighbouring localities like Hai Duong and Haiphong. “In addition to the geographical location and synchronous infrastructure, a highly appreciated advantage is the potential and development space of industrial real estate,” said Chi Vu, head of the Industrial Park Service Department at Colliers Vietnam.

Moreover, Nguyen Van Nhan, general director of Amata Halong Urban JSC, also said, “Thanks to the advantage of a large industrial land area, Quang Ninh meets the demand of large-scale projects. Infrastructure investors need a clean land fund to quickly deploy infrastructure development. Currently, the first phase is almost filled with the projects of the secondary investor Jinko Solar. In the second phase, we are stepping up levelling and infrastructure construction on the land clearance area.”

A representative of McKinsey Vietnam, which is the consultant for formulating Quang Ninh’s master plan for the 2021-2030 period, said that when calculating resources for strategic goals in socioeconomic development, foreign direct investment accounts for about 24 per cent of the total investment capital.

“However, to be able to receive large capital flows, as well as demanding investors, Quang Ninh needs a strategic and specific mindset to prioritise the industry field and provide preferential policies,” the representative said.

Uber Mendez, operations manager of Competition Team Technology Vietnam Co., Ltd., a member of Foxconn Group, said, “When implementing the production expansion plan, our leader researched many other localities, including Quang Ninh. Through the Investment Promotion Agency Quang Ninh (IPA Quang Ninh), we were provided with complete information and decided to choose Dong Mai IZ because of its favourable location, cost, and labour advantages. We are doing very well in Dong Mai and are planning to expand the project on vacant land next to the current factory over the next two years.”

Solar panel manufacturer Jinko Solar Hong Kong has also chosen Quang Ninh to build its third production complex, with the previous two based in the United States and Malaysia. The company also built houses for employees to rent in the province, expressing Jinko Solar’s demand to stay in Quang Ninh for the long term.

The province will also welcome several new projects in the automotive industry from Sweden. The $1.5 billion project of Stavian Quang Yen Petrochemical JSC to produce polypropylene resins is now rushing to complete investment procedures.

“Quang Ninh will not go for quantity but choose quality with a lot of room for big investors to deploy their production complexes,” said Vu Thi Kim Chi, standing deputy head of IPA Quang Ninh.

Quang Ninh is standardising its investment promotion toolkit, including a database system; updated electronic marketing materials in English, Vietnamese, South Korean, Japanese, and Chinese; modern and informative promotional videos; and an investment portal that has attracted over 10 million views. Instead of waiting for investors, the province actively seeks them, and supporting procedures and problems have been quickly resolved through an investor care team, supporting the acceleration of many major projects.

Quang Ninh working hard to develop night-time economy Quang Ninh working hard to develop night-time economy

Its tourist attractions, unique culinary culture and pleasant night weather are great assets that will enable Quang Ninh Province to develop its night-time economy, according to its People's Committee.

$2 billion Quang Ninh LNG power plant behind schedule $2 billion Quang Ninh LNG power plant behind schedule

The joint venture of PV Power, Colavi, Tokyo Gas, and Marubeni is behind schedule for the completion of the $2 billion Quang Ninh liquefied natural gas (LNG) power plant.

Quang Ninh issues series of commitments to attract investors Quang Ninh issues series of commitments to attract investors

Quang Ninh People’s Committee will implement seven commitments to attract investors and simultaneously support the business community to expand operations.

Foreign investment leverage crucial for Quang Ninh’s goals Foreign investment leverage crucial for Quang Ninh’s goals

The northeastern province of Quang Ninh has been attracting significant foreign direct investment with its efforts to improve the investment climate.

By Thu Le

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional