Quang Ninh Province: An attractive investment destination for many businesses.
Production of frozen shrimp according to foreign export standards at BNA Seafood Joint Stock Company (Ba Che District, Quang Ninh Province).
Quang Ninh is becoming one of the destinations that attracts the attention of both domestic and international investors and businesses.
As evidence, from the beginning of this year, Quang Ninh has received and worked with nearly 100 business delegations, including 60 delegations that came to research and explore investment opportunities.
Notably, many companies with strengths in processing industries, manufacturing, modern technology, and environmental friendliness have invested in Quang Ninh.
For instance, recently, in the Song Khoai Industrial Zone (Quang Yen Town), Amata Halong Urban Development Joint Stock Company and the General Director of RENLI Vietnam Limited Liability Company officially signed a lease contract for 2.9 hectares of land to implement a project with an expected investment of 15 million USD, which is planned to be constructed in the later months of 2023.
RENLI Vietnam specializes in metal forging and the production of plastic products. It is expected to hire approximately 600 workers and commence operations at the end of 2024 or the beginning of 2025.
September 2023: Quang Ninh attracts 816.6 million USD in foreign direct investment (FDI)
Prior to that, Quang Ninh province had issued Investment Registration Certificates for 2 projects (FECV Foxconn Quang Ninh Plant and FMMV Foxconn Quang Ninh Plant) of Foxconn Singapore PTE LTD in the Song Khoai Industrial Zone (Quang Yen Town).
Both projects were granted Investment Registration Certificates within just 12 working hours from the moment the investor submitted the application online through the province’s public service portal (shortening the processing time by 14 working days compared to the regulations).
Mr. Cao Tuong Huy, a member of the Standing Committee of the Provincial Party Committee and Vice Chairman of the People’s Committee of Quang Ninh Province, presented the Investment Registration Certificate to the representative of Foxconn Group.
The FECV Foxconn Quang Ninh Plant project covers an area of 6.3 hectares, with a total registered investment capital of 4,755 billion VND (equivalent to 200.24 million USD). The project aims to establish a production facility for electronic components, chargers, and electric vehicle charging controllers. It is expected to be completed by January 2025 and will provide regular employment for nearly 1,200 workers.
The FMMV Foxconn Quang Ninh Plant project occupies an area of 4.1 hectares, with a total investment of nearly 1,100 billion VND (equivalent to 46 million USD). The project’s goal is to produce and process components and molds for information technology and communication products. It is expected to be completed and operational by October 2024, employing over 700 workers. Both projects will utilize modern and synchronized machinery and equipment sourced from Japan, South Korea, China, Taiwan, and Vietnam.
In addition to these projects, Quang Ninh has also attracted several foreign investors since the beginning of 2023. Notably, two projects in the processing and manufacturing industry are from Autoliv Vietnam Limited Liability Company (investor from Sweden) with a total investment of 154 million USD for the production of automotive safety products for export, and a 165 million USD project from an investor from Taiwan, Boltun Vietnam, which manufactures automotive industry support products in the Bac Tien Phong Industrial Zone.
As of September 15, 2023, the foreign direct investment (FDI) attracted by Quang Ninh province reached 853.93 million USD, achieving 85.4% of the target set in Resolution No. 12-NQ/TU of the Provincial Party Committee on the theme of “Enhancing the efficiency of investment attraction and the quality of people’s lives.” Domestic and foreign investment in the provincial budget amounted to 45,372 billion VND, a 5.5% increase compared to the plan and a 33.8% increase compared to the same period last year.
In the first 9 months of 2023, foreign direct investment (FDI) registered in Quang Ninh is estimated to exceed 816.6 million USD, making it one of the provinces and cities with the highest FDI attraction in the country.
With these positive results, the province is making concerted efforts and determination to attract more foreign direct investment projects. The goal is to strive to achieve at least 1.5 billion USD in FDI throughout the year 2023, surpassing the annual plan by 25%.
To achieve this goal, Quang Ninh is directing relevant departments, committees, and localities to focus on promoting investments with traditional markets and partners, particularly countries with advanced technology, source technology, leading supply chains, and members participating in multilateral FTA agreements with Vietnam.
The province continues to organize conferences, workshops, and trade and investment promotion events to reach out to new potential investors and groups exploring investment opportunities. Additionally, Quang Ninh is intensifying efforts to provide support and assistance in overcoming difficulties and challenges during the project implementation process through various provincial task forces.
Source: Vietnam+ | Link
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