Capital flows into Mong Cai City
Capital flows into Mong Cai City
With both border gates and seaports with China, the city of Mong Cai in Quang Ninh Province is a top spot for realty businesses and project developers. 
Last year, the total import-export turnover in the city reached US$4.5 billion.
Vien Dinh Muoi, general director of Sacoland Real Estate Trading Exchange, said: "Many businesses are planning to survey and expand their investment in the city.”
He also said it is becoming an economic transhipment point and bridge between trade and tourism as well as a service centre for not only the province of Quang Ninh but also in the entire north east region of Viet Nam.
Muoi said the city has the key role of cooperation between "two corridors of the Viet Nam-China economic belt", the inter-regional Tonkin Gulf and the Nanning-Singapore economic corridor as well as the important bridge of ASEAN-China economic cooperation
The area is also a tourism hub. According to local data, the city is one of the four key tourist centres in Quang Ninh Province with many famous landscapes. It welcomed 14 million visitors including more than 5.7 million international tourists in 2018.
Muoi said all these factors has helped attract a lot real estate businesses. Quang Ninh Province People's Committee has so far allowed five large local economic groups and enterprises to research investment plans in the city.
Vingroup is proposing three major projects, including a shopping complex in Zone 3 in Tran Phu Ward, a realty project near Bac Luan II Bridge and an industrial, logistics and service urban complex at Bac Luan III Bridge in Hai Hoa Ward.
FLC Group proposed to invest in four realty and hospitality projects in Ninh Duong Zone, Tra Co 1 and Tra Co 2 and a high-tech agricultural application area combined with eco-tourism in Hai Dong, Hai Tien and Hai Yen wards.
Sungroup are planning an urban project of 70ha connecting the Bac Luan 1 and Bac Luan 2 bridges.
TDH ECOLAND Urban Development and Investment Joint Stock Company is proposing several urban area projects in the economic zones of Mong Cai border gate in Hai Xuan Commune.
T&T Group Joint Stock Company are planning two projects, a new urban zone and a commerce service and tourism complex of over 625ha in Hai Hoa Ward.
Together with the possible investment, Mong Cai City is also speeding up the implementation of five major projects.
These include projects that renovates and upgrades roads running through islands of Vinh Thuc and Vinh Trung communes, an urban development project along the Greater Mekong Subregion (GMS) corridor; a project of renovating and upgrading Highway 18C, a bridge at km6 + 650 provincial road 335 and a project connecting Van Don-Mong Cai highways to Van Ninh Port.
An experienced investor told baoquangninh.vn that the COVID-19 pandemic caused disruption of the supply chain in China and made many investors look at Viet Nam for investment opportunities.
With a young and more mobile workforce and low labour costs, Viet Nam is always an attractive destination for foreign businesses, he said, adding that Mong Cai City would benefit from the trend.
