Quang Ninh boasts advantages for foreign investment attraction
Quang Ninh boasts advantages for foreign investment attraction
The northern province of Quang Ninh has been attracting significant foreign direct investment (FDI) thanks to effective solutions in removing difficulties for businesses and investors.
Endless efforts to improve the investment climate has led to the region becoming an attractive destination for many foreign investors.
Competitive advantages
Quang Ninh has a politically and economically strategic position with unique potential and competitive advantages when it comes to attracting foreign direct investment, being the only municipality of Viet Nam with both a land and maritime border with China, including three border gates.
In recent years, Quang Ninh has focused on developing its transport infrastructure, particularly its transport connections to highways, airports, and sea ports. To date, the province has 176km of highways, accounting for 16.8 per cent of the country’s total.
The province has coordinated with its neighbouring localities like Hai Phong, Hai Duong, Bac Giang and Lang Son in resources and transport infrastructure development.
At the same time, the locality has been also keen on perfecting infrastructures of industrial zones (IZs) and economic zones (EZs) as it is home to the largest total area of industrial and economic zones in the country with two Coastal EZs, three Border Gate EZs, and 16 IZs.
Meanwhile, it has also focused on improving the quality of labour resources to better meet demand for skilled labourers of foreign investors. Currently, the rate of trained workers in the province reached 85 per cent, of which those with degrees and certificates reaching nearly 50 per cent, among the leading groups in the country.
Abundant energy resources is also one of Quang Ninh's advantages for investment attraction. It is now one of the country's largest power generation centres. Annually, the province produces about 39 billion kWh of electricity and contributes about 16 per cent of the total electricity output of the country.
The province has also been researching and investing in green energy sources such as LNG, wind power and biomass power.
Along with these advantages, Quang Ninh has seen its administrative reform, business climate, and competitiveness continuously improve. Since 2013, the province has maintained nine consecutive years in the group of five provinces and cities with the best quality of economic management in the provincial competitiveness index (PCI) rankings. The province led the Red River Delta region in that period and the nation for five consecutive years from 2017 to 2021.
According to Nguyen Van Nhan, General Director of Amata City Halong JSC which is the investor of Song Khoai IZ, Quang Ninh's advantages and its business climate were key factors Jinko Solar Group continuously invested in the IZ.
To date, Jinko Solar has pumped nearly US$900 million into optical cell projects at Song Khoai IZ.
Bruno Jaspaert, CEO of DEEP C Industrial Zones told baoquangninh.com.vn that his firm was very careful when choosing an investment location and Quang Ninh was a destination that had met all requirements of a foreign investor.
In Quang Ninh, businesses could access high-quality, well-trained and experienced human resources. In addition, the province offered businesses an abundant land fund, many preferential policies while removing difficulties for businesses in a timely manner.
These were the province's strong points that made businesses ready to invest here in the near future, he told the online newspaper.
Ready to receive "huge" capital flow
Over the past nine months of this year, Quang Ninh issued new licences and adjusted licences for 13 FDI projects with a total value of $186.2 million.
By the end of September, the province was home to 153 valid FDI projects with total registered capital of over $10.31 billion. Of the total, 91 projects, worth $4.36 billion, came towards to IZs and EZs while the remainder of 62 projects, capitalised at over $5.95 billion, were invested outside these zones.
According to analysts, these impressive figures have demonstrated the province's success in FDI attraction over the past time.
Chairman of the provincial People's Committee Nguyen Tuong Van said his locality always considered the successes of investors in the province as those of the province itself.
Local authorities, relevant departments and sectors determined to accompanying and facilitating investors and businesses, Van said, adding that the province welcomed all forms of cooperation, ensuring security and safety, and providing the best service and conditions for businesses to invest.
In the future, the province will focus on seeking for investment in the fields in which it has competitive advantages.
Among them include tourism and services; processing and manufacturing industries, supporting industries, high-tech and smart technology industries; marine economy, logistics, seaports and seaport services.
Other prioritised areas are ecological agriculture and industries promoting green economy such as clean energy, renewable energy, gas power, wind power and digital economy.
