Central Vietnam province Quang Nam welcomes $562 mln investment initiatives

Vietnamese and foreign businesses on Wednesday signed agreements to explore investment opportunities totaling VND14.3 trillion ($561.9 million) in the central province of Quang Nam.

At a conference on the 2021-2030 provincial Master Plan, with a vision until 2050, local leaders awarded investment registration certificates for six projects, with a total investment of more than VND1.07 trillion ($42 million).

Among these are two South Korean projects, including the VND146.4 billion ($5.7 million) Wiring Harness automotive parts assembly factory invested by Kyungrim Tech and the VND168 billion ($7.3 million) packaging industry support factory by Oriental Commerce Vina Co., Ltd.

Another project, an R&D center for Thaco Auto, has a total investment of over VND296 billion ($11.61 million), while China's Standard Track Co., Ltd. will spend VND58 billion ($2.3 million) on a household goods production factory project.

Hong Kong-based Portillo Estudio Ltd. will construct a ready-built warehouse costing VND216 billion ($8.5 million).

Tucai SA from Spain received an investment registration certificate to manufacture flexible connectors with an investment of over VND187 billion ($7.3 million).

In addition, Quang Nam also signed memoranda of understanding on investment cooperation for four initiatives.

Thaco will spend over VND7.2 trillion ($282.4 million) researching the construction of a Cua Lo channel route to accommodate 50,000-ton ships, a road linking the Viet-Han Industrial Park to Vo Chi Cong street, the Tam Hoa bonded zone, and the Tam Hoa-Tam Tien urban area.

Capella Quang Nam JSC will inject over VND600 billion ($23.5 million) into the infrastructure of the expanded Tam Thang 2 IP.

Meanwhile, Viet Phuong Group will study investing in the infrastructure of Bac Thang Binh 1 and Bac Thang Binh 2 industrial parks, with total capital of more than VND6.5 trillion ($255 million), and Hoi An South Development Ltd will invest more than $1 billion in phase 2 of Hoiana Resort & Golf.

In addition, Capela Quang Nam JSC, the investor in the Tam Thang 2 Industrial Park, signed an agreement to lease infrastructure and land.

Tinfulong Material Singapore PET.LTD signed an MoU to invest in a high-tech polyester fiber raw material factory that is environmentally friendly, while Que Nam Medicinal Herb Pharmaceutical JSC signed a deal to develop a pharmaceutical factory using herbal extraction methods.

Chairman of the provincial People's Committee Le Van Dung stated that by 2030, the province aims to become one of the quite developed localities in the country, with a modern, integrated infrastructure network. It will develop an airport, seaports, logistics services, tourism, automotive manufacturing, mechanical industries, and regional-level energy production.

The province also seeks to establish a supporting industry center, develop deep-processing agricultural and forestry products, medicinal herbs, and silica industries on a national scale; and to create high-quality vocational training centers.

By 2050, Quang Nam targets becoming a centrally governed city with high human development indices and income levels, contributing significantly to the central budget.

At the conference, the province also announced a series of prioritized investment projects for the 2021-2030 period and beyond.

Among these are 40 projects in transportation infrastructure, 32 in economic infrastructure in industrial zones and clusters, and 53 in commercial and service infrastructure.