Vietnam’s northern province of Quang Ninh on the border with China is likely to lure $1 billion in foreign direct investment (FDI) in the first quarter of this year after, enhancing its position as an investment magnet.
After licensing eight FDI projects worth a combined $478 million since the start of this year, the province may welcome another seven investors from the U.S., mainland China, and Taiwan at the end of this quarter.
The Quang Ninh Economic Zone Authority on Wednesday granted investment certificates to two FDI projects with combined registered capital of $332 million. They were China-based Gokin Solar’s $275 million project in Texhong Hai Ha Industrial Park and Japan-invested IKO Thompson Vietnam’s $57 million one in Song Khoai Industrial Park, also known as Amata City Ha Long.
The province, which has held top spot in the Provincial Competitiveness Index (PCI) for six consecutive years, aims to attract over $3 billion in FDI this year.
In 2023, it lured $3.1 billion in FDI, taking the third highest rank among 56 cities and provinces for FDI projects in the year.
The province has to date welcomed nearly 200 foreign-invested companies from 20 countries and territories, with combined FDI commitments approaching $14 billion.