Strongly attracting FDI capital flows

In economic development, Quang Ninh focuses on industries and fields with strengths such as: Tourism; processing and manufacturing industry; high-tech industry; construction, transportation and warehousing; trade... These are also the fields that foreign investors are always interested in and looking for investment opportunities. To effectively exploit this potential market, the province is promoting solutions to attract, promote and invite FDI capital flows into the area.

Quang Ninh Province Investment Promotion and Support Board (IPA) and the Korea Chamber of Commerce and Industry (KCCI) signed a memorandum of understanding on investment promotion cooperation.

Attracting potential investors

To facilitate investment attraction activities, the province has implemented foreign investment attraction activities, such as: Proactively improving the investment and business environment in an open, transparent and attractive manner, as demonstrated by the Provincial Competitiveness Index (PCI); effectively implementing the "one-stop" mechanism in granting investment certificates; effectively supporting investors in providing information related to investment projects, guiding investment procedures, building and implementing projects...

The province has also compiled documents introducing the investment environment and regularly adjusted and supplemented the list of projects calling for foreign direct investment over the periods as a basis for promoting and attracting investment; promoting the image, marketing, propagating, and introducing the local investment environment on mass media, websites, newspapers, and magazines; organizing investment promotion delegations in many countries, such as China, Japan, Korea, etc. At the same time, innovating the direction, management and mobilizing the participation of the entire political system in resolving and removing obstacles and difficulties for businesses.

Through investment promotion and improvement of the business investment environment, Quang Ninh has attracted many foreign investors to invest in the fields of tourism, entertainment, high-tech agriculture and environment, processing, manufacturing, etc. in the locality.

Commencement of BW Bac Tien Phong Industrial Development project (Bac Tien Phong Industrial Park, Quang Yen Town), total investment of 20.5 million USD, on an area of ​​7.4 hectares (January 2023).

Typically, Quang Ninh has attracted 13 projects with direct investment capital from Korea, with a total registered investment capital of over 97.8 million USD. Of which, 5 projects are implemented in industrial parks and economic zones and 8 projects are implemented outside industrial parks and economic zones. Projects implemented by Korean investors are concentrated in developed areas with convenient transportation, such as Ha Long, Cam Pha, Mong Cai, Quang Yen, Dong Trieu... The industries and fields that have been invested are processing and manufacturing industry; information and communication; food services; real estate business; agriculture, forestry and fisheries; wholesale and retail; education and training... Many large corporations have invested in the area such as Samsung, Charmvit, Lotte, Hyundai E&C, GS E&C...

Currently, the trade, tourism and educational cooperation relationship between Quang Ninh and Korea is being effectively implemented. Notably, in the field of trade, the import and export turnover to the Korean market of Quang Ninh enterprises in 2022 reached 84.7 million USD. In the first 3 months of 2023 alone, the import and export turnover is estimated at 17.2 million USD. The main export items include PE plastic tarpaulins, garments, coal, antimony metal, electronic equipment... The main import items include machinery and equipment, electronic components, textiles, and silicone scrap.

Vice Chairman of Quang Ninh Provincial People's Committee Bui Van Khang attended the "Meeting Korea" program in Bac Ninh, introducing the potential, strengths, and orientation to attract Korean enterprises to invest in the province (May 18, 2023).

According to Ms. Oh Young Ju, Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Vietnam, Quang Ninh is a land that promises to bring development to economic groups and enterprises both domestically and internationally, especially when the province's infrastructure system such as highways, airports, ports, etc. is continuously invested and completed. In addition, the province's open and transparent mechanisms and policies, especially administrative procedure reform, have created peace of mind and attracted investors. Certainly, in the coming time, many investors from developed countries, especially Korea, will come to explore investment opportunities in Quang Ninh.

Recently, within the framework of the program "Meeting Korea" held in Bac Ninh province, the delegation of Quang Ninh province worked with Korean enterprises wishing to explore investment opportunities in Quang Ninh. Sharing at the meeting with the province, Mr. Shim DukBo, Chief Representative of Daewoo E&C in Vietnam, said: In its development orientation, Daewoo focuses on investing in renewable energy and electricity projects. Through research, we learned that Quang Ninh province prioritizes attracting investment projects in this field. Quang Ninh is also a locality with great advantages in developing renewable energy projects. This is a great opportunity for the two sides to promote cooperation in the coming time. We hope that Daewoo E&C will be present in Quang Ninh as soon as possible.

The Provincial Investment Promotion and Support Board (IPA) is coordinating with relevant departments and branches to work with Korean enterprises that want to explore investment opportunities in Quang Ninh.

In order to promote FDI attraction, Quang Ninh province has recently issued many support policies for enterprises and investors, such as: Support policies and investment priorities in industrial parks and economic zones in the province regarding site clearance costs, investment in wastewater treatment systems, vocational training support for workers at secondary enterprises in industrial parks and economic zones, support for enterprises in applying science and technology in production and business, credit capital support, etc.

Speaking to reporters from the Provincial Media Center, Mr. Bruno Jaspaert, General Director of DEEP C Industrial Park Complex, said: In 2023, we will focus on completing the technical infrastructure of Bac Tien Phong Industrial Park. With the comprehensive solutions of Quang Ninh, investing in completing the infrastructure at Bac Tien Phong Industrial Park is an important factor to contribute to the province attracting 1.2 billion USD of FDI capital into the industrial park and economic zone this year.

Proactively innovate investment promotion

By the end of May 2023, the total newly registered capital, adjusted capital, capital contribution, share purchase, and capital contribution purchase of foreign investors in the province reached nearly 534.76 million USD, equivalent to 12,342 billion VND, 3.5 times higher than the same period in 2022, reaching 44.6% of the province's FDI attraction plan in 2023. This result continues to affirm that Quang Ninh is an attractive destination for domestic and foreign investors; demonstrating the province's determination in implementing the annual working theme "Improving the efficiency of investment attraction and the quality of people's lives".

The land fund at Dong Mai Industrial Park (Quang Yen Town) is still very large, enough to meet the needs of FDI investors.

Quang Ninh is continuing to call for foreign businesses and investors to be interested in researching and investing in the following areas: Processing and manufacturing industry; electronic component production; automobile support industry; seaports; logistics services; green, clean and environmentally friendly agriculture... Currently, the province's industrial land fund is still very large, enough to meet the needs of investors.

To attract more FDI capital flows, Quang Ninh continues to introduce attractive investment attraction policies and measures. The province commits to investing or directing relevant authorities to organize the construction of technical infrastructure to the project fence, such as: Roads, power supply systems, water supply and drainage, communications, technical connection points with infrastructure works within the project fence; planning and arranging land funds to call for investment in social infrastructure projects, housing areas, social, cultural and sports works for workers in industrial parks and economic zones; supporting labor recruitment and vocational training for workers in industrial parks and economic zones; resolving administrative procedures in the fastest and most effective time; always accompanying and supporting investors throughout the process of research, investment implementation and putting into production and business operations.

Electronic component production at Bumjin Vina Electronics Co., Ltd. (Dong Mai Industrial Park, Quang Yen Town) has achieved stable operating efficiency, creating values ​​for the locality, businesses, creating jobs and income for workers.

Along with that, Quang Ninh continues to pay attention to activities to support enterprises in production and business. In particular, focusing on establishing new models to drastically reform administrative procedures, such as the model of the Provincial Economic Zone Management Board, Van Don Economic Zone Management Board, Investment Promotion and Support Board (IPA), Provincial Public Administration Service Center. At the same time, establishing special working groups to support enterprises, quickly resolve investment and business procedures, such as: Investor Care, Working Group to support some key projects of the province, Korea Desk Quang Ninh... creating conditions for investors to implement worker housing projects in industrial parks, export processing zones, high-tech zones, expert housing; supporting enterprises to search and connect information, promote investment - trade - tourism on the province's investment promotion electronic information portal (investinquangninh.vn; qeza.gov.vn)...

With a continuously invested and completed infrastructure system reaching international standards, along with open and transparent mechanisms and policies, Quang Ninh is a "golden land" to continue to strongly attract FDI capital flows.

Source: https://baoquangninh.vn/thu-hut-manh-dong-von-dau-tu-fdi-3242983.html