Province draws growing number of investors

06:00 | 11/11/2022 Society Follow Ven.vn on

(VEN) - Quang Ninh Province has become an attractive destination for foreign investors thanks to its improved investment environment and consistent transport infrastructure.

Within only four years, Quang Ninh Province has inaugurated three major expressways – the Ha Long-Hai Phong (connecting to the Hanoi-Hai Phong Expressway), the Ha Long-Van Don Expressway (connecting to the Van Don International Airport), and the Van Don-Mong Cai Expressway (connecting to the Mong Cai International Border Crossing), in addition to Van Don International Airport and Ha Long International Cruise Port.

province draws growing number of investors

Bumjin Electronics Vina Co., Ltd, a wholly Korean-owned company, in the Dong Mai Industrial Park, Quang Yen Town, Quang Ninh Province

The176km provincial expressway, starting from Bach Dang Bridge and running through eight districts, towns and cities to the Mong Cai International Border Crossing, is connected with the 600km Lao Cai-Hanoi-Hai Phong-Ha Long-Van Don-Mong Cai expressway, which is the only expressway in Vietnam to connect three international airports of Noi Bai, Cat Bi and Van Don, seaport and logistics systems, northern economic zones and large cities, coastal economic zones of Hai Phong and Quang Ninh, and border economic zones with the Mong Cai International Border Crossing.

According to the provincial Department of Planning and Investment, in the first nine months of 2022, the province attracted an additional US$186.2 million for newly licensed projects and increased capital for 13 existing projects. As of the end of September 2022, there were 153 effective FDI projects totaling US$10.33 billion in registered capital in Quang Ninh Province.

Hoang Kim Tinh, General Director of the JinkoSolar Holding Co., Ltd, a major manufacturer of solar panels, said his company has chosen investment in Quang Ninh especially because of the province's transport and industrial zone infrastructure. The Song Khoai Industrial Park (in Quang Yen Town of Quang Ninh Province) has good infrastructure and meets the company’s production development needs, he said.

JinkoSolar Holding’s factory in Song Khoai Industrial Park in Quang Ninh Province’s Quang Yen Town

Quang Ninh has attracted investment partners from the Republic of Korea (RoK), China, Japan, Singapore, the US, and India, with their investment mainly in electronic component production, textile and garment, packaging, plastic resin, and food processing industries. In recent years, FDI enterprises have been contributing to economic restructuring, imports and exports, and increasing the provincial budget revenue.

Quang Ninh will continue to improve its transport infrastructure including roads connecting to industrial parks to best meet the needs of investors. In the context of new trends and investment shifts from China and other Asian countries and territories to Vietnam, Quang Ninh, with its developed transport infrastructure, is expected to become one of the first choices for investors, said Assoc. Prof. Dr. Tran Dinh Thien, former director of the Vietnam Institute of Economics.

Quang Ninh's economic and industrial zones are connected by a system of highways and expressways, while provincial coastal economic zones and the Quang Ninh Border Crossing enjoy the government’s highest investment incentives.

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