With the view that FDI is an important driving force, promoting the acceleration of the industry in the new period, Quang Ninh has set a target of attracting 3 billion USD of FDI capital in 2024. However, with many impacts during the year, the number of attraction has not been as round as the set target. However, with nearly 2.9 billion USD attracted, it is a great effort of the province in the most difficult year of the entire term.
Many difficulties and challenges
Continuing the results achieved since 2023, Quang Ninh is one of the leading localities in the country in attracting new generation foreign direct investment (FDI). Implementing the tasks for 2024, Resolution No. 20-NQ/TU of the Provincial Party Committee has identified investment attraction as the main driving force to ensure growth, in which the target of attracting FDI is set at 3 billion USD.
Starting with a new spirit, being the leading attractive investment location in the country with a modern administration, synchronous investment infrastructure, outstanding competitiveness... right from the first days and months of 2024, Quang Ninh has constantly innovated. Accordingly, building a specific investment promotion program in the direction of diversifying investment promotion activities, focusing on attracting foreign investment with focus and key points; selecting regions, markets, and partners to promote development cooperation in accordance with the world and regional context; focusing on promoting investment in large economic groups in the world (dynamic investors) that are capable of attracting many satellite manufacturing enterprises, forming a global value chain. Promotion activities are associated with the process of building and becoming an effective tool to implement strategies, planning, and socio-economic development plans with the expectation of creating a new record in attracting FDI in the pivotal year of completing the programs and goals of the Resolution for the entire 2020-2025 term.
However, looking back at 2024, this is the most difficult year for Quang Ninh since the beginning of the term. That is the year when the world economy continues to fall into crisis due to the wide, deep, multi-dimensional impact, strategic competition, complex political conflicts... causing the need to expand international investment to decrease. Domestically, a number of laws, especially the revised Land Law, have affected the work of preparing clean land and land acquisition to attract investors. And more specifically, in September 2024, Quang Ninh suffered from Typhoon Yagi with terrible devastation, affecting most economic sectors and fields. Among them, there is also the fear from international investors about the impact of weather on the area being studied and prepared for investment.
At many meetings to attract investment into the province, many investors have frankly shared and expressed their undecided views after the aftermath of Typhoon Yagi. Quang Ninh is a peaceful land with few storms, so if investing in the province, it is necessary to recalculate the scale of investment and improve production infrastructure standards to be ready to withstand and respond to extreme weather events. This could increase investment costs, affect resources, cause fear and also slow down the pace of investment attraction in the province during this period, directly affecting the goals and progress of FDI attraction in the province.
This can be clearly seen through the province's aggregated FDI attraction data in the quarters. If by the end of June 2024, the total FDI capital attracted in the province reached 1,543 million USD, equal to 141% of the plan for the first 6 months of the year, equal to 51.6% of the plan for 2024, accounting for nearly 9% of the total investment capital in the country. Quang Ninh ranked 3rd in the country in terms of foreign investment capital registered in the province, after Bac Ninh and Ba Ria - Vung Tau... then in the third quarter of 2024, the whole province only attracted more than 200 million USD, newly granting 4 FDI projects. Thus, the total FDI capital attracted in 9 months reached nearly 1.8 billion USD. Up to now, Quang Ninh has had about 150 FDI projects from 20 countries with a total registered capital of more than 14 billion USD.
Thus, the remaining 1.3 billion USD of FDI capital to be attracted in the 2024 plan has become a huge pressure for Quang Ninh in the fourth quarter of 2024 - the last quarter of the year. This difficult and challenging context has more challenges than advantages, forcing Quang Ninh to have a clear view and make appropriate adjustments after a series of difficulties it has just experienced by clearly demonstrating self-reliance and resilience in recovering from the storm, ensuring the best conditions for FDI investors to recover production soon, bringing confidence to investors when accompanying the province in development strategies.
Determined to create new breakthroughs
By the end of 2024, according to the Provincial People's Committee, Quang Ninh had attracted 2.88 billion USD in foreign direct investment (FDI). Thus, in the fourth quarter of 2024 alone, the province attracted more than 1 billion USD from granting new investment and adjusting capital increases for nearly 30 projects. Although the target of 3 billion USD in FDI attraction in 2024 has not been reached, it can be seen that Quang Ninh has overcome the waves spectacularly, keeping the fire burning in attracting FDI.
Mr. Pham Xuan Dai, Head of the Provincial Economic Zone Management Board, said: To achieve this result, right after the storm, with the will of self-reliance, self-improvement, responsibility to the homeland and enterprises, Quang Ninh immediately started the recovery work. The goal is to prioritize maximum resources to provide electricity, along with essential conditions for industrial parks, factories, especially FDI enterprises. At the same time, continue to clearly demonstrate the viewpoint and approach in improving the efficiency of the investment promotion model according to the "closed cycle" from supporting the implementation of investment procedures to post-investment support. Coordinate with investors in infrastructure of industrial parks and localities to review land funds, speed up site clearance progress, prepare the labor market and many specific measures to affirm the belief that Quang Ninh is still an attractive location for foreign enterprises.
In particular, accurately assessing from a distance, early on the context, general situation, investment shifting trends and supply chains taking place strongly globally at the end of the year to have a methodical plan and strategy for a new breakthrough in attracting investment to the province. Quang Ninh has also built cooperative relationships with diplomatic agencies, international investment promotion organizations, central agencies, infrastructure investors of industrial parks, investment consulting companies... in the work of promoting and calling for investment. Quang Ninh affirms that the economic sector with FDI capital is an important component of the economy, encouraged and facilitated for long-term development, cooperation and healthy competition with other economic sectors. Therefore, the province always respects and protects the legitimate rights and interests of investors; ensuring the harmony of interests between the State, investors and employees in enterprises.
In order to anticipate the FDI attraction plan in 2025 and the following years, the province is continuing to prioritize resources to accelerate the synchronous construction of social infrastructure works (housing, institutions, public utility works for workers), technical infrastructure (electricity supply, water supply, telecommunications, wastewater and waste treatment, etc.), and traffic infrastructure connecting inside and outside the industrial parks, to ensure meeting the needs of secondary investors. At the same time, research and propose specific mechanisms and policies to create competitive advantages in attracting investment for the province's industrial parks and economic zones through the Projects on building pilot mechanisms and policies for the development of Van Don Economic Zone; Project on building and developing rapidly and sustainably economic zones and industrial parks in Quang Ninh province until 2030; Research and propose specific incentive mechanisms and policies for a number of specialized industrial parks and key, driving projects of the province, etc.
Overcoming the difficulties in 2024, Quang Ninh will continue to strive to become an attractive destination for large investors. The province will remain steadfast in its goal of creating a production and supply chain connected to the global network; prioritizing new generation projects in the field of processing and manufacturing industry, using clean, modern, and environmentally friendly technology to catch up with the world's smart production trend to create an important driving force for modernization and economic growth.
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