Quang Ninh province, an industrial and tourism hub in northern Vietnam, attracted a record $5 billion worth of investment in the first 10 months of 2023.
Of this, foreign direct investment (FDI) reached $3.1 billion, up 43% year-on-year, said Pham Ngoc Van, deputy head of the provincial investment promotion board, at a review conference this week.
Notably, most of the new large-scale FDI projects came from investors already operating in the locality, a testament to Quang Ninh’s effective administrative reform and healthy and transparent investment environment, Van said.
"This result has created a positive impact on businesses and investors, making them feel secure in choosing Quang Ninh as their investment destination," he added.
After its first project in Quang Ninh in 2019, Foxconn - one of the leading electronics manufacturers in the world - has invested in two additional projects with total registered capital of $246 million in the province’s Song Khoai Industrial Park.
The 6.3-hectare FECV Foxconn Quang Ninh factory, with an investment of $200.24 million, is set to begin operations in January 2025, employing 1,200 people. The factory will manufacture and assemble electronic components, chargers and charger controllers for electric vehicles.
The 4.1-hectare FMMV Foxconn Quang Ninh plant, with an investment of $46 million, will employ 700 people when it begins operations in October 2024. It will make components for communications and IT products.
Van said Quang Ninh has paid special attention to removing difficulties and obstacles facing businesses and investors in completing legal procedures, construction investment, and business activities.
It has also urgently completed construction and land use plans and facilitated faster work by industrial park and economic zone infrastructure investors to create clean land funds for quality FDI projects, he added.
So far this year, around 110 foreign business delegations have visited Quang Ninh to explore investment opportunities or expand operations. These include BP of the UK, JTA of Quatar, Jinko Solar and TCL of Hong Kong, Mitsubishi, Yaskawa Electric, Tamagawa Seiki and Sojitz (Japan) and China Pacific Construction Group (CPCG), and China First Highway Engineering Co., Ltd (CFHEC).
Nguyen Xuan Ky, Secretary of the provincial Party Committee, noted at the meeting that Quang Ninh has completed and exceeded all 12 socio-economic targets set for the year. It has also maintained a stable double-digit growth for eight consecutive years (2016 - 2023), he added.
The province’s gross regional domestic product (GRDP) growth is estimated at 11.02% this year; and total budget revenue is expected to reach VND55.6 trillion ($2.29 billion), up 3% year-on-year.