Quang Ninh – a magnet to real estate firms
Quang Ninh – a magnet to real estate firms
With great strengths in many fields, the northern coastal province of Quang Ninh has become an attractive investment desitnation for domestic and international real estate firms.
Over the last two years, Quang Ninh attracted about 100 real estate projects with total investment of 100 trillion VND (4.4 billion USD).
In 2015, local authorities granted investment licenses and approved additional capital for 97 private investment projects worth 53 trillion VND (2.33 billion USD).
During the year, it welcomed major projects worth trillions of dong from both domestic and foreign businesses such as the Vincom Centre Ha Long and Vinpearl Ha Long invested by Vingroup, Ha Long Ocean Park invested by Sun Group, and Ha Long Star Tourism Urban and Entertainment Complex Casino invested by real estate developer Nakheel from the United Arab Emirates.
According to the provincial Investment Promotion Agency (IPA), Quang Ninh has so far lured about 5.97 billion USD in foreign direct investment (FDI). The FDI disbursement in the last nine months reached over 155 million USD.
Local authorities granted investment licenses to ten new FDI projects worth 520.8 million USD in the first ten months of this year, and accepted additional capital for seven others, lifting total FDI in the period to 523.6 million USD
Meanwhile, 24 new domestic projects with total investment of 15.9 trillion VND (nearly 700 million USD) were licensed in the period, including big projects like the FLC Ha Long resort worth 3.4 trillion VND (149.6 million USD) and a cow breeding project worth over 2.2 trillion VND (96.8 million USD).
IPA Vice Director Truong Manh Hung attributed the increasing investment inflows to consultation provided by international organisations to build the province’s planning and key transport projects.
Quang Ninh boasts great potential for industry, tourism and service-based economic development, with 2000 islands stretching along 250km of coast, he added. Its Ha Long Bay was twice recognised as a world natural heritage by UNESCO.
Local authorities have paid heed to building investment support and incentive policies, promoting administrative reform and investment promotion activities, and increasing application of technology, Hung said.
Quang Ninh is also an attractive tourist site as it draws millions of domestic and foreign tourists each year, especially those from Southeast Asian nations.
However, the locality’s tourism infrastructure facilities have yet to meet demand of luxury holiday-makers. Therefore investors have poured investment into building luxury accommodation in the province.
Local authorities aim to accelerate the construction of infrastructure projects such as Ha Long - Hai Phong and Ha Long – Van Don, Van Don – Mong Cai expressways, Quang Ninh Airport, and Hai Ha Industrial Park, among others.
A series of projects have been implemented under the private-public partnership model since late 2014.
Quang Ninh has also applied the model to social and working infrastructure, medical and educational establishments and information technology. Local authorities have also asked for approval from the Government to build Quang Ninh Airport and Van Don-Tien Yen-Mong Cai expressway under the model.
