Quang Ninh prepares to approve 4 projects worth $349 mln 

By Tri Duc
Tue, July 4, 2023 | 7:02 am GMT+7

The northern coastal province of Quang Ninh has asked investors to complete documentation for four projects with a total registered capital of $349 million.

The Quang Ninh Economic Zone Authority (QEZA) says the four projects are: a $200 million project for high voltage electricity and electric actuator production in Song Khoai Industrial Park; a $46 million project for production of aluminum and magnesium alloy in the same park; a $60 million project for developing the workshop zone No.3 at Texhong Hai Ha Industrial Park phase 1; and a $43 million project for production of protective gloves at the same park.

In the first six months of this year, Quang Ninh attracted $832.2 million in registered FDI capital, fulfilling 70% of the year target of $1.2 billion. It also lured VND44.02 trillion ($1.86 billion) in domestic investment.

A production line for automobile components at Dong Mai Industrial Park, Quang Ninh province, northern Vietnam. Photo courtesy of Laborer newspaper.

A production line for automobile components at Dong Mai Industrial Park, Quang Ninh province, northern Vietnam. Photo courtesy of Laborer newspaper.

The Quang Ninh Investment Promotion Agency (IPA) attributes this achievement to the province’s proactive approach. So far this year, the provincial authorities have received many investors including Japan’s Yaskawa Electric Corporation targeting a $100 million factory on 12 hectares at the Song Khoai Industrial Park and Tenma Corporation, another Japanese firm, planning a 18-hectare plastic molding plant worth $150 million.

The provincial IPA has also worked with South Korea’s Mastern Investment Management; a business delegation from Hong Kong; a Seoul Chamber of Commerce and Industry (Seoul CCI) delegation with 20 businesses; the Japan-Mekong committee under the Japan Chamber of Commerce and Industry (JCCI); Japan’s Ministry of Economy, Trade and Industry (METI); and Japanese multinationals Sojitz and Toshiba.

The IPA has focused its efforts on sectors where Quang Ninh has competitive advantages, including production of electronic equipment and components, seaport and seaport services, fisheries production and processing, and logistics.

Quang Ninh has attracted 13 South Korean-invested projects with a total registered capital of $97.8 million in the year to date, including five within and eight outside industrial parks and clusters.

Notably, the province has attracted investments from Denmark and Sweden for the first time, in addition to traditional investors from Japan, South Korea, Singapore, Taiwan and Hong Kong.

A high-tech hub

The province aims to attract international investors to transform its industrial parks and economic zones into a hub of electronic and automobile components. For example, Sweden’s Autoliv, Inc., a global leader in automotive safety systems, plans to build a new state-of-the-art airbag cushion and fabric plant worth $154 million; and South Korea’s Samsong Vina has invested $10.3 million in building a seatbelt factory.

The Bac Tien Phong Industrial Park has also attracted two automobile component projects: Taiwan-invested Boltun Vietnam plans a $165 million locking and stamping plant, with an annual capacity of 60,000 tons; and Xiamen Sunrise Group Co.,Ltd., a top wheel manufacturing group from China, has been approved to invest in a $55-million project to produce automobile rims using light metals.

A few days ago, on June 29, Quang Ninh granted investment certificates to two projects with a total registered capital of $246 million proposed by Apple supplier Foxconn, just 12 hours after the applications were submitted. The normal processing time is 14 days.

Both projects will be located in the Song Khoai Industrial Park, invested by Thailand’s biggest industrial developer Amata. 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, is scheduled to begin operations in October 2024, employing 700 people. It will manufacture components for communications and IT products.

In the year to June 20, Vietnam had attracted $13.43 billion in registered FDI, down 4.3% year-on-year, according to the Ministry of Planning and Investment. The figure included $6.49 billion of newly registered capital, up 31.3%; $2.93 billion of additional capital for operational projects, down 57.1%; and capital contributions for stake acquisitions worth $4.01 billion, up 76.8%.

Comments (0)
  • Read More
Indonesia to end incentives for imported CBU BEVs in 2026

Indonesia to end incentives for imported CBU BEVs in 2026

The Indonesian government has confirmed that it will stop providing incentives for imported completely built-up (CBU) battery electric vehicles (BEVs) from 2026.

Southeast Asia - Tue, September 16, 2025 | 9:44 pm GMT+7

Aquatic sector advised to navigate challenges, secure exports to EU, US

Aquatic sector advised to navigate challenges, secure exports to EU, US

Despite positive production signals with growth in 2025 projected at 4.25%, Vietnam's aquatic sector is facing mounting export pressures, particularly strict technical barriers in major markets such as the EU and the U.S.

Companies - Tue, September 16, 2025 | 9:41 pm GMT+7

Vietnam pledges favorable conditions for UK businesses

Vietnam pledges favorable conditions for UK businesses

Finance Minister Nguyen Van Thang has affirmed Vietnam’s commitment to improving its investment environment and creating favourable conditions for foreign enterprises, including those from the UK.

Companies - Tue, September 16, 2025 | 9:29 pm GMT+7

Lotte Shopping plans to open more shopping malls in Vietnam

Lotte Shopping plans to open more shopping malls in Vietnam

South Korean retail giant Lotte Shopping has unveiled plans to open an additional two to three large-scale shopping malls in major Vietnamese cities by 2030, underscoring the country’s growing role in the group’s international expansion strategy.

Companies - Tue, September 16, 2025 | 9:25 pm GMT+7

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam officially deposited its instrument of ratification of the Agreement on Fisheries Subsidies at the WTO General Council’s special session in Switzerland on Monday.

Companies - Tue, September 16, 2025 | 9:21 pm GMT+7

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

NobleGo – Vietnam’s pioneering AI-powered livestream real estate bidding platform developed by Sunshine Group – has completed its first 20 livestream sessions.

Real Estate - Tue, September 16, 2025 | 4:53 pm GMT+7

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese-backed Aeonmall Vietnam is ramping up construction on its Aeon Mall Ha Long project in Quang Ninh province, home to Ha Long Bay, with an aim to open it to the public by end-2026.

Industries - Tue, September 16, 2025 | 3:54 pm GMT+7

Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex

Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex

A long-stalled automotive manufacturing project by Xuan Kien Auto JSC (Vinaxuki) has been officially terminated by Hanoi authorities, and the reclaimed land in Phuc Thinh commune will be repurposed for a new commercial and service complex.

Industries - Tue, September 16, 2025 | 2:44 pm GMT+7

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.

Energy - Tue, September 16, 2025 | 1:44 pm GMT+7

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.

Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.

Economy - Tue, September 16, 2025 | 9:36 am GMT+7

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.

Finance - Tue, September 16, 2025 | 8:00 am GMT+7

E-commerce boom a major driver of Vietnam's packaging paper industry growth

E-commerce boom a major driver of Vietnam's packaging paper industry growth

Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.

Companies - Mon, September 15, 2025 | 10:20 pm GMT+7

Vietnam needs support from UK in developing international financial center: Deputy PM

Vietnam needs support from UK in developing international financial center: Deputy PM

Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).

Finance - Mon, September 15, 2025 | 10:12 pm GMT+7

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.

Banking - Mon, September 15, 2025 | 10:04 pm GMT+7

Tool for wood traceability management debuts in Vietnam

Tool for wood traceability management debuts in Vietnam

The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.

Companies - Mon, September 15, 2025 | 10:00 pm GMT+7