Quang Ninh reaffirms role as national hub for FDI
Quang Ninh reaffirms role as national hub for FDI
In the first seven months of 2024, Quang Ninh, a coastal province in Vietnam's northeast region, ranked second nationwide in attracting foreign direct investment (FDI), with over $1.56 billion in registered foreign direct investment, accounting for 8.7 per cent of the total registered investment capital.
With FDI reaching more than 2.2 times higher than the same period last year, the province is on the right track in fulfilling the goals set out in Resolution No. 20-NQ/TU by Quang Ninh Party Committee.
According to Cao Tuong Huy, Deputy Secretary of Quang Ninh Party Committee and Chairman of the Quang Ninh Provincial People's Committee, the achievements to date are the result of close coordination between provincial leaders and various departments and localities.
"From the very first days and months of 2024, Quang Ninh People's Committee directed units and localities to develop specific plans to focus on improving the quality of investment promotion and attracting FDI," Huy said. "Simultaneously, we have focused on researching, amending, and enhancing the effectiveness of the unified investment promotion model across the province, following a 'closed-loop' process from support and investment procedures to post-investment support."
To gather information and proactively seek strategic investors, the province has not only actively worked with relevant state management agencies but also coordinated with investors.
"To gather information and proactively seek strategic investors, Quang Ninh has collaborated with the Ministry of Planning and Investment to understand the investment needs of major foreign investors, thereby directly connecting and inviting them to explore investment opportunities in Quang Ninh," Huy shared.
"The province has also specifically worked with each industrial park infrastructure investor to review and assess the ability to provide clean land, while urgently investing in technical and social infrastructure according to planning to meet the needs of secondary investors, and addressing slow-moving or inefficient projects to attract new investment ones," he added.
In addition to the determined leadership of the provincial leaders and the innovation and strengthening of investment promotion efforts, Quang Ninh currently has 130 foreign-invested projects from 20 countries and territories with a total registered investment capital sum reaching nearly $14 billion.
Moreover, nearly 10 projects have requested Quang Ninh to issue investment registration certificates from investors from the United States, South Korea, China, and Taiwan.
With the current approach, Quang Ninh is well-positioned to achieve the total investment target set for 2024.
"In the final months of the year, the demand for international investment relocation will increase sharply due to the desire to build infrastructure and production facilities for the coming year. To meet development needs, investors will choose the final months of the year to deploy capital plans and register new investments. Consequently, Quang Ninh's goal of achieving at least $3 billion in FDI in 2024 looks very promising," Huy concluded.
