Quang Ninh province aims for $18.6 bln FDI in 2026-2030

The northern Vietnam province of Quang Ninh, which shares 119 kilometers of border with China, has plans to attract $18.6 billion in foreign direct investment (FDI) in the 2026-2030 period, prioritizing high-quality investments.

The figure would be much higher than the $10 billion target set for 2021-2025 and $8.4 billion recorded between 2021 and July 2024.

In 2023, the province lured $3.24 billion worth of registered FDI, 28% above the year's target, giving it the third highest position among FDI recipients nationwide.

In the first seven months of this year, Quang Ninh, which has been ranked as the most business-friendly province for seven consecutive years according to the Provincial Competitiveness Index (PCI), saw FDI inflows of $1.55 billion, fulfilling 52% of the year’s goal. Investors poured money into 21 newly-licensed and 31 operational projects.

Among the notable projects are China-based Gokin Solar’s $275 million project in the Texhong Hai Ha Industrial Park; Japan-invested IKO Thompson Vietnam’s $57 million project in the Song Khoai Industrial Park; and Foxconn’s $551 million injection into existing projects in the Amata City Ha Long and Deep C Quang Ninh industrial parks.

So far, companies from 19 countries and territories have invested in 188 projects worth a combined $14.6 billion in the province.

Pham Hong Bien, director of the provincial Department of Planning and Investment, said that the province will be more selective in attracting FDI, prioritizing high-tech, green, ICT, telecommunication electronics, digital, automotive, pharmaceutical, clean energy, environmental technology, and fashion industries.