Quang Ninh to boast foreign-investment windfall

Quang Ninh to boast foreign-investment windfall

North-eastern Quang Ninh province is expected to reap a heavy foreign direct investment crop in 2014.

A Hong Kong-backed joint venture between Hai Ha International Investment and Hai Ha Industrial Park is planning a $953.6 million project to build infrastructure works on 3,300 hectares of land in Hai Ha Industrial Park, while another Hong Kong company, Black Peony is also building a $100 million jean cloth producing factory at Hai Yen Industrial Park.

Chinese investors are also appearing with a joint venture between Chin Pech, Kinyet Pelated Enterprises and Dong Guan Kynyet Metal Products investing in a $30 million project to produce automobile wiper blades at Viet Hung Industrial Park.

Joining the list is Singapore’s Profit International, expected to implement a $150 million project to expand the province’s Hai Ha sea port, and a joint venture between Vietnam’s Tuan Chau group and Singapore’s Winglee Resources is also planning to build a $35.5 million mill to process natural minerals at Viet Hung Industrial Park.

While these are the showcase projects, Nguyen Duc Tiep, deputy head of the province’s Investment Promotion Agency’s Investment Promotion Division announced that many smaller projects would also increase their investment capital.

“Many other foreign invested enterprises are planning to increase investment capital in 2014, having poured money into projects in 2013,” he told VIR.

For example, VFM-Wilmar, a Singapore and Samoa joint venture making and exporting wheat and wheat-based products, will invest an additional $28 million in production, having invested $12.35 million in 2013.

The Singaporean-Vietnamese joint venture Cai Lan Oils and Fats Industries also reported that it would additionally invest nearly $3 million into production in 2014, in addition to the $11.3 million they spent in 2013.

Hong Kong-backed cloth maker Texhong Ngan Long said it was planning to invest another $90 million in making assorted cotton, natural and artificial fibres, cloth and by-products in 2014. The company began its investment in 2013 with a $120 million factory.

In July 2013, Texhong began operation of the $200 million first phase of a fabrics plant, while also beginning construction of the $400 million second phase of this plant, which will become operational in 2014.

Japanese-backed Yazaki, which produces electric wiring for the automobile industry, reported that it would invest $35 million into production expansion in Quang Ninh in 2014.

“In 2013, we also received a record number of more than 50 groups of foreign investors looking to invest into projects of property, tourism, entertainment and urban development,” Tiep said.

Quang Ninh is now on the radar of many other foreign enterprises. They include US’ Las Vegas Sands, China’s Phenix Macau Tailoi and Australia’s investment fund Westar that want to build an entertainment complex, Thailand’s Amata wishing to build an urban and hi-tech industrial park, and South Korea’s Chamvit that plans to build a golf course and five-star hotel in the province.

vir