Quang Ninh FDI rises to $5.1b

09:24 | 06/07/2015 Economy

North-eastern province Quang Ninh has attracted US$5.1 billion in foreign direct investment (FDI) through 104 projects so far, according to the provincial Department of Planning and Investment.

Quang Ninh FDI rises to $5.1b

A view of Van Don Economic Zone in the northern province of Quang Ninh. — File Photo

The department said it has managed to attract FDI through flexible policies and a favourable business environment together with comprehensive and modern infrastructures.

It noted that the province granted licences to two new FDI projects in the first half of the year, with the total register capital reaching $8.3 million. Investment in no project was stopped, nor was any project revoked.

Most of the province's existing projects have become operational. Its FDI disbursement during the January-June period was estimated at $179 million, with a turnover of $657 million, posting a 38 per cent year-on-year increase. Its contribution to the State budget rose by 34 per cent from last year.

The province contacted and worked with 50 business delegations and foreign investors from Japan, China, and South Korea, which sought investment opportunities in the province during the six-month period.

It plans to grant investment licences to four to six FDI projects in the second half of the year, while increasing registered capital for five to six others. It has urged relevant agencies to actively improve the province's business environment and enhance trade promotional activities.

Last year, the province granted licences and increased capital for 38 FDI projects, with the total capital reaching $820 million. Of this, 38 new projects were granted licences, with $700 million registered capital.

Meanwhile, several domestic investors have promoted their investments in the province, especially in the tourism and commerce sectors.

In 2014, it issued investment licences to 60 domestic investors, with VND25.6 trillion ($1.18 million) in total capital, an increase of 18 per cent in comparison with 2013.

With 62.16 points, the province ranked 5th in Viet Nam's annual Provincial Competitiveness Index (PCI) in 2014. The business community had pointed out improvement in the province's five sub-indexes such as business support index, labour training index, legal institution index, market entering index, and time duration. This resulted from the province's hard and constant efforts to improve the business environment and increase competitive capacities.

This year, it again strives to be in PCI's top five/.

Source: VNS

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