Quảng Ninh smashes FDI target with over $1 bln inflow

Quảng Ninh smashes FDI target with over $1 bln inflow

Total investment flowing into local economic zones and industrial parks topped VNĐ42 trillion ($1.6 billion) over the same period.

A view of Sông Khoai Industrial Park in Quảng Ninh. Quảng Ninh is focusing on hi-tech manufacturing, processing, green industries, electronics, clean energy, logistics and other high-value sectors to renew its growth model and sharpen economic competitiveness. — VNA/VNS Photo

The northern province of Quảng Ninh pulled in more than US$1.095 billion in foreign direct investment (FDI) during January-July, eclipsing its full-year target and cementing its reputation as a safe, attractive and reliable destination for global capital.

Total investment flowing into local economic zones and industrial parks topped VNĐ42 trillion ($1.6 billion) over the same period. Quảng Ninh is focusing on hi-tech manufacturing, processing, green industries, electronics, clean energy, logistics and other high-value sectors, a deliberate push to help renew its growth model and sharpen economic competitiveness.

The results come from a tightly focused makeover of investment promotion. Quảng Ninh has gone straight to multinationals and global supply chain players, using successful FDI enterprises already on the ground as connectors. It also prepared clean land banks, fast-tracked site clearance, and upgraded infrastructure within economic zones and industrial parks.

Its real edge still boils down to aggressive administrative reform and a fundamental shift in how it treats businesses, moving from just processing paperwork to walking alongside investors every step of the way. Processing times for many investment procedures have been cut by more than 32 per cent, and all eligible applications can now be filed entirely online from anywhere. During those seven months, the provincial authorities handled close to 2,000 dossiers on time or early, helping companies save both time and costs.

Trương Mạnh Hùng, deputy head of the Quang Ninh Economic Zone Authority (QEZA), said the province sees the quality of its investment climate and service efficiency as its true competitive weapons. The QEZA will accompany investors from site surveys and project preparation through rollout and day-to-day operation, clearing roadblocks fast so projects begin quickly and existing players feel good about expanding.

Looking ahead, Quảng Ninh plans to raise the bar on FDI quality by resolutely reviewing and pulling the plug on delayed projects, freeing up land for capable investors armed with modern technology. At the same time, Hùng said, the province is studying and fine-tuning breakthrough mechanisms and policies, including the Móng Cái-Dongxing cross-border economic cooperation zone, a free digital and knowledge economy zone, and new development mechanisms for Vân Đồn special zone. 

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