Vietnam northern province Quang Ninh attracts $600 mln of FDI in Q1

Quang Ninh province in northern Vietnam has attracted nearly $600 million in foreign direct investment (FDI) in the first quarter this year, accounting for 20% of its annual target.

Nine FDI projects were granted fresh investment registration certificates, with total registered capital of $500 million, while two enterprises raised their capital by a combined $48 million. The new projects and capital increases were focused in industrial and economic zones, primarily in the processing and manufacturing sectors.

In the industrial and construction sector, the processing and manufacturing industry continues to make an important contribution to growth, with an estimated increase of 19.5% year-on-year in output. Many processed and manufactured products have met or exceeded expectations, including cotton yarn, silicon panels, floor panels, solar panels, vegetable oil, speakers, headphones, pants, smart shirts, and bracelets.

With such performance of the sector, province's first-quarter GRDP has expanded by an estimated 8.51%, 0.04 percentage points above expectations. The total state budget revenue is estimated at VND13,160 billion ($526.4 million), with domestic revenue at VND9,160 billion ($366.4 million) and import-export revenue at VND4,000 billion ($166 million). The whole local budget spending is anticipated at VND4,172 billion ($166.9 million).

Quang Ninh has 16 industrial parks and eight industrial clusters. In addition, the province will set aside more than 8,000 hectares of land to establish eight new industrial parks and 28 new industrial clusters to attract more investment.

Quang Ninh also aims to raise investment into industrial parks by 10% per year by 2025, reaching $1.25 billion per year and creating around 22,000 new jobs. Occupancy of industrial parks is targeted at 60%.

Between 2026 and 2030, investment in industrial parks and clusters is expected to expand by an average of 8% per year, reaching $1.8 billion annually and creating around 30,000 new jobs with an average occupancy rate of 75%.

In the first quarter, the province's tourism industry has catered to over 5.3 million visitors, an increase of 11% over the same period last year, 5% above the target. Of which, international arrivals were estimated at 616,000, an increase of 310% over the same period last year. Total tourism revenue was estimated at over VND10,200 billion ($408 million), up 10% year-on-year.