Want to be in the loop?
subscribe to
our notification
Business News
QUANG NINH AIMS TO ATTRACT 3 BILLION USD WORTH OF FDI THIS YEAR
Northern Quang Ninh province has attracted more than 1.52 billion USD worth of foreign direct investment (FDI) in the first half of this year and is poised to reach its goal of 3 billion USD in FDI for the full year.
According to the province’s Investment Promotion and Support Board, FDI was put mainly into high-tech fields and environmentally friendly industries with high added value, enabling the northern coastal province to participate in the global value chain.
FDI in the manufacturing and processing industries is particularly helpful for the province’s development goals, which helped establish production chains in the electronics and garment industries.
The northern province registered a gross regional domestic product (GRDP) of 9.02 %, ranking 4th in the Hong (Red) River Delta region and 8th out of 63 provinces and cities in the country.
The manufacturing and processing industry was the standout of the province in the first half of this year with a growth rate of 23.05%, 10.3 percentage points higher than the same period last year.
The province collected an estimated sum of 30.774 trillion VND (1.2 billion USD) for the State budget in the first six months of this year, or 55% of its target.
Over the same period, 795 new firms were founded in the province, creating about 17,400 jobs. This figure is up 12.6% year-on-year.
Quang Ninh attracted more than 3.11 billion USD of FDI in 2023, becoming the top destination for foreign investment in Vietnam.
The province has significant potential for attracting FDI with the largest number of industrial and economic zones planned for development in the northern region.
Source: VIR
Related News
![Card image cap](/uploads/news/Eco4.jpg)
GDP GROWTH REACHES 6.42 PC IN FIRST HALF
Vietnam's economy grew by 6.42 pc in the first six months of 2024, slightly lower than the figure of 6.58 pc in the same time of 2022 within the 2020-2024 period.
![Card image cap](/uploads/news/FDI.jpg)
FDI INFLOW INTO VIETNAM REACHES NEARLY 15.2 BILLION USD
Vietnam attracted nearly 15.2 billion USD in foreign direct investment (FDI) in the first six months of this year, a year-on-year increase of 13.1 per cent, according to the General Statistics Office.
![Card image cap](/uploads/news/Eco3%20%281%29.jpg)
CAPITAL FLOWS STRONGLY INTO INDUSTRIAL REAL ESTATE
Industrial real estate has had easier access to bank credit since July, when the State Bank of Vietnam (SBV) reduced the credit risk coefficient for industrial real estate from 200 per cent to 160 per cent, encouraging commercial banks to lend to more projects in the segment.
![Card image cap](/uploads/news/Eco8.jpg)
SPECIAL POLICIES PROPOSED TO DEVELOP THE SEMICONDUCTOR INDUSTRY
The draft law has proposed a number of outstanding policies to promote the development of the digital technology industry, develop the brand of Việt Nam's digital technology industry and develop domestic and foreign markets, as well as investing, purchasing and selecting suppliers of digital technology products and services using State budget capital.
![Card image cap](/uploads/news/FDI3%20%281%29.jpg)
CONGLOMERATES AID FOREIGN MANUFACTURING INVESTMENT
The manufacturing and processing sector is attracting major investment from abroad, thanks to the expansion of key conglomerates, especially from South Korea. With total revenues of about $16.2 billion and profit of $400 million last year, Hyosung Group, which works in textiles and garments, industrial materials, IT, construction, and chemicals, has expressed its plan to expand operations in Vietnam.
![Card image cap](/uploads/news/CN40.jpg)
ESTABLISHING NATIONAL COMPREHENSIVE DATABASE FOR DIGITAL TRANSFORMATION
Vietnam's Ministry of Public Security is drafting the data law project to unify, synchronize and effectively use data for administration and social economic development, for digital government development and for administrative procedure reform.