 The ceremony to hand over investment certificates to two new Foxconn projects totaling 246 million USD (Photo: VOV) |
Late last month, Quang Ninh province presented investment certificates to two new Foxconn projects totaling more than 246 million USD. One factory assembles accessories for electric vehicles. The other produces IT and communication components.
Taiwan’s Foxconn Group's total investment in Quang Ninh spans three projects worth 383 million USD. Its S-Vietnam project was put into operation in late 2020.
Most investment projects in Quang Ninh are in automobiles, electronics, and precision mechanics. Song Khoai Industrial Park, part of the Quang Yen coastal economic zone, recently approved two Japanese investment projects in mechanics.
Komoto Tomoshi, General Director of Castem Vietnam, which recently signed a land lease contract for a 19-million-USD project, said his company decided to chose Quang Ninh because it has an airport and a seaport and is suitable for export production.
“And we know Vietnamese people are very hard-working. An open investment environment is a big advantage for Quang Ninh,” said Komoto Tomoshi.
In the first 6 months Quang Ninh earned more than 832 million USD in FDI capital, 83% of the target and 69% of the 1.2-billion-USD plan for this year.
The results are attributed to a comprehensive transportation system, urban infrastructure, and industrial parks gaining many breakthroughs, in addition to geographical and natural resource advantages.
Nguyen Van Nhan, General Director of the Amata Ha Long Urban Company, an investor in Song Khoai Industrial Park's infrastructure, said the large land reserve of the industrial park and the progress of land clearance to create a clean land fund are advantages that attract investors.
“Quang Ninh’s provincial government and departments have given us strong support. Quang Yen town has facilitated land clearance and given us clean land. This has established trust and helped us convince investors to invest in infrastructure and utilities,” said Nhan.
Quang Ninh is trying to keep investors by improving public services, providing post-licensing support for FDI projects, and streamlining post-investment procedures.
Granting investment certificates to the two Foxconn projects, for example, took just 12 working hours. The establishment of special task forces to help businesses and investors is another example.
Koen Soenens, General Sales and Marketing Director of DEEP C Industrial Complex, an infrastructure investor of Bac Tien Phong and Nam Tien Phong Industrial Parks, acknowledged Quang Ninh’s progress, adding, “The biggest progress so far is that people are listening. It starts by listening. It starts by recognizing that there is a problem and we need to look for a solution.”
In the two and a half year since the Resolution on rapid and sustainable development of the processing and manufacturing industry until 2025 was promulgated, investment capital in the sector has totaled 1.7 billion USD, of which foreign investment was 1.3 billion.
The average growth rate of processing and manufacturing industry is about 20% per year, contributing over 10% of the province's GRDP and creating jobs for 16,000 workers.
 FDI projects focus on manufacturing and processing, one of drivers to lead Quang Ninh’s industry. (Photo: VOV) |
Quang Ninh province is calling for new-generation FDI projects with a focus on green-clean-high-tech industrial projects in economic zones and industrial parks.
It aims to form project chains and an ecosystem for local businesses to participate in supply chains like the high-tech textile industry chain in Texhong Industrial Park, the automobile manufacturing industry chain in Viet Hung, Song Khoai, Dong Mai, and Bac Tien Phong industrial zones, and mechanical manufacturing and electrical and electronic assembling in Dong Mai and Song Khoai industrial zones.
Cao Tuong Huy, acting Chairman of the provincial People's Committee, said that Quang Ninh will make the most of opportunities to develop economic zones, industrial parks, and industrial clusters, focusing on the Quang Yen coastal economic zone, the Van Don economic zone, and the Mong Cai border gate economic zone.
“We’ll focus on selectively attracting new-generation FDI capital in line with the Government’s direction and orientation to maximize land use efficiency and create maximal efficiency for investors,” said Huy.
From now until the end of the year, Quang Ninh has a plan to attract from nine to eleven new-generation, high-tech, environment-friendly FDI projects.
The high-tech manufacturing and processing industry projects will help the province maintain double-digit growth for the 8th consecutive year, continue to implement its green economic strategy, and develop in a sustainable manner.