Quang Ninh, the coastal province in Vietnam, has set an ambitious goal of attracting $1 billion in foreign direct investment (FDI) to its industrial parks and economic zones in 2023, according to provincial leaders.
The theme chosen for this year is “improving investment attraction efficiency and people’s life quality,” with a focus on attracting investors from countries like Japan, South Korea, China, the EU, and others. The aim is to align with the socio-economic development orientation, particularly in the processing, manufacturing, and hi-tech industries.
By the end of June 2023, the province had already attracted over $832 million in FDI, achieving 69.3% of the target set by the provincial People’s Committee.
In the first half of the year, Quang Ninh issued investment registration certificates for 17 FDI projects, which is 2.5 times higher than the same period in 2022, mostly in the processing and manufacturing industries. The province is actively supporting investors in their administrative procedures.
Notably, most of the FDI projects belong to the “new-generation” category, focusing on environmentally friendly processing and manufacturing industries, which aligns with Quang Ninh’s green development strategy.
Quang Ninh is also diversifying its investor partnerships, and so far, investors from 20 countries and territories have invested in the province.
Recent investment projects include the granting of an investment certificate to Swedish investor Autoliv Vietnam for building a $154 million automobile safety component factory in Song Khoai industrial park. Additionally, Foxconn Singapore PTE LTD was granted investment certificates for two factories in Song Khoai Industrial Park with a total investment of $250 million, and these projects received approval within an impressive 12 working hours.
The province has been collaborating with various ministries and regional leaders to promote investment activities, yielding remarkable results. In 2022, Quang Ninh topped the country’s provincial competitiveness rankings for the sixth consecutive year, ranking first in four indicators: Provincial Competitiveness Index (PCI), Provincial Governance and Public Administration Performance Index (PAPI), Public Administration Reform Index (PAR INDEX), and Satisfaction index of public administrative services (SIPAS). The province has consistently maintained its position among the five provinces and cities with the best quality of economic governance in Vietnam for ten consecutive years.