|At the ceremony to present investment licenses to a Jinko Solar Hai Ha photovoltaic cell technology project, with total registered capital of 1.5 billion USD
The Foreign Investment Agency of the Ministry of Planning and Investment says that in October Quang Ninh granted investment licenses to Jinko Solar Hai Ha photovoltaic cell technology project, with total registered capital of 1.5 billion USD, and the Lite-on Quang Ninh factory project, with a total investment of 690 million USD.
Chen Jing Wei, Global CEO of Jinko Solar Group, said, “Quang Ninh plays a crucial role in the group’s production lines on a global scale. Our factories in Quang Ninh account for about half of the total production output abroad. We would like to thank Quang Ninh for its practical support to the group over the years. This was one of the decisive factors in our decision to continue to choose Quang Ninh as a location for future investment.”
This year, Quang Ninh has attracted more than 3 billion USD in FDI, 41.3% more than last year and 256% of its annual target, helping it outpace Hanoi, Hai Phong, and Ho Chi Minh City.
According to Hoang Trung Kien, Head of the Quang Ninh Economic Zone Authority, the achievement is due to the province’s efforts to improve its investment environment, strengthen administrative reforms, support businesses, and build trust among investors. In addition, investment promotion programs have improved in both content and form.
Local authorities have welcomed 110 delegations of foreign investors to explore investment opportunities and expand their investment in the province, including BP (UK), JTA (Qatar), TCL (Hong Kong, China), Black Peony (China), and Mitsubishi and Yaskawa Electric of Japan.
Dang Minh Duc, Deputy Director General of Deep C Vietnam, which owns and manages several industrial zones in northern Vietnam, says that steady improvement of Quang Ninh’s investment environment over the past few years has helped the company persuade foreign investors.
“With strong support from the provincial authorities and the Economic Zone Authority, we have attracted several secondary investors. This year is a bright spot when we expect to attract 14 secondary investors with a total investment capital of 2 billion dollars,” said Duc.
Nguyen Van Nhan, Director General of Amata Ha Long Urban Company, which specializes in industrial park infrastructure, praises Quang Ninh for digitizing investment promotion activities and improving investment promotion documents and data to introduce its potential, strengths and development orientations to investors in the fastest and most accurate way.
Nhan is confident that foreign investment in Quang Ninh will increase, adding this year alone, the company has attracted 536 million dollars.
“Based on the list of secondary investors who are submitting investment applications, we expect to attract more than 600 million dollars from now until the end of the year, bringing the total of investment capital in industrial parks to approximately 2.3 billion dollars,” said Nhan.
|Quang Yen coastal economic zone is a key attractor of FDI investment in Quang Ninh with a series of industrial parks of Dong Mai, Bac Tien Phong, Nam Tien Phong, and Song.
Despite breakthrough achievements in FDI attraction over the past 10 months, Quang Ninh leaders say the current State management of industrial parks and economic zones is inadequate and these areas haven’t yet tapped their full potential which is reflected in the low occupancy rate in industrial parks.
Quang Ninh province has pledged to further improve its infrastructure, reform more administrative procedures for investment, land, construction, taxes, and customs, and eliminate legal obstacles for investors.
According to Nhan, if these things are done, Quang Ninh will maintain its leading position in FDI attraction for many years to come.
“We know that investment flows from foreign investors to Quang Ninh are abundant. In addition to investors in industrial infrastructure like Amata, we hope the administration of Quang Ninh province will give us more support, especially in preparing land for investors," Nhan noted.
Economists say Quang Ninh still has great untapped potential in FDI attraction. It has the most planned industrial parks and economic zones in the North, not to mention large land reserves of 9,700 hectares in the Quang Yen coastal economic zone. Quang Ninh is expected to become the capital of foreign investment in Vietnam.