Qatar’s JTA looks at multi-sector northern Vietnam investments

Qatar’s JTA International Holding plans multi-sector investments in the northern province of Quang Ninh, particularly in tourism, renewable energy, and hi-tech industry.

JTA CEO Amir Ali Salemi outlined the plans at a Thursday meeting with Cao Tuong Huy, acting Chairman of Quang Ninh province. He said the province had significant development potential and advantages for foreign investors.

Huy highlighted the province’s advantages, including Ha Long Bay as a top tourism attraction; land and maritime connectivity with China; synchronous traffic infrastructure linking with seaports, airports and expressways; 6,000 square kilometers of sea surface for wind power development; and five industrial parks and economic zones that have attracted over $11 billion in registered foreign investments so far.

The provincial leader also emphasized that Quang Ninh accorded priority to manufacturing-processing, hi-tech industry, hi-tech agriculture, trade, service, logistics and tourism sectors.

Vietnam and Qatar established diplomatic relations in February 1993. Their annual two-way trade has reached $400-500 million in recent years, with Vietnam’s major exports being smartphones, electronic items and components, electrical wires, rice and seafood.

Meanwhile, the Qatar Investment Authority (QIA) is investing $300 million in several projects being implemented by private conglomerate Vingroup, according Tran Duc Hung, Vietnamese ambassador to Qatar.

In January 2018, Qatar launched three direct flights connecting the Middle Eastern country to Vietnam’s top three cities - Hanoi, Ho Chi Minh City and Danang.

As of August 20, Quang Ninh had attracted 169 FDI projects with a total registered capital of $10.58 billion, the 13th-highest among all localities in the country, according to the Ministry of Planning and Investment.

Major FDI projects in Quang Ninh this year include Japan’s Yaskawa Electric Corporation building a $100 million factory on 12 hectares at the Song Khoai Industrial Park; and Tenma Corporation, another Japanese firm, planning an 18-hectare plastic molding plant worth $150 million.

In February, the province granted investment certificates to Autoliv Vietnam for building a VND3.77 trillion ($160 million) automobile safety component factory; and to QST International Corporation and Boltun Corporation to develop an automobile component factory worth VND4 trillion ($169.67 million) at the Bac Tien Phong Industrial Park.

In June, it granted investment certificates to two projects proposed by Apple supplier Foxconn with a total registered capital of $246 million. A $200-million factory will manufacture and assemble electronic components, chargers and charger controllers for electric vehicles. The other project, a $46-million plant, will manufacture components for communications and IT products.