Want to be in the loop?
subscribe to
our notification
Business News
QUANG NINH DRAWS ALMOST $2 BILLION IN FOREIGN INVESTMENT
According to Hoang Trung Kien, director of Quang Ninh Economic Zones Management Authority (QEZA), the cumulative foreign direct investment (FDI) capital in industrial and economic zones in the province under the authority's control is almost $180.6 million.
QEZA has requested an investment certification from Quang Ninh People's Committee to increase the capital for one foreign-invested project by a total of $257 million and it is assisting three others in completing their applications for an investment registration certificate with a total registered investment capital of $186 million. Thus, FDI capital will increase to $623.8 million in total.
According to Quang Ninh Department of Planning and Investment (QDPI), if direct and indirect investment projects are considered, this is the first time the province's total foreign investment capital has surpassed $2 billion.
The largest contribution is the Quang Ninh liquefied natural gas power plant project, which received a certificate of investment registration in July for a total investment capital of around $2 billion. The total foreign investment capital in Quang Ninh has reached over $2.18 billion as a result of this project.
Evaluating the likelihood of attracting foreign investment in the near future, Kien said, "In July 2022, Stavian Quang Yen Petrochemical JSC, which had spent $1.5 billion in Bac Tien Phong Industrial Zone, launched a polypropylene polymer manufacturing plant. This investor and the infrastructural investor for the industrial park have signed a land leasing agreement. Quang Ninh is being aggressively explored and invested in by a number of significant business entities. Quang Ninh plans to attract around $1 billion in FDI by 2023 based on an understanding of investor requirements."
According to Csaba Bundik, vice president of the Central and Eastern European Chamber, Quang Ninh is well-known among European investors due to its geographical and logistical advantages.
"It is not a natural accomplishment, but rather the consequence of long-term plans and ambitions, practical experience in industrial park development and logistics, and other advantages that the province can provide for investors," said Bundik.
To make Quang Ninh more appealing to investors in the high-tech, environmentally friendly sector, the province must meet their standards. According to Bruno Jaspaert, general director of DEEP C Industrial Zones – an investor in infrastructure for two industrial zones in Quang Ninh – the lack of qualified human resources is a barrier for the province.
"Quang Ninh in particular, and Vietnam as a whole, must abandon the notion that they have an edge due to inexpensive labour. Each region must establish training priorities, concentrating on businesses like electronics, machinery, and equipment production. Preparing human resources takes time, but if it can be accomplished. It will significantly alter the existing situation of labour resources,” Jaspaert said.
To address the demand for human resources, Quang Ninh is executing the Housing Development Project for workers, thereby attracting skilled labour and specialists to work and reside in the neighbourhood. In addition, the province is investing in universities, colleges, and vocational education institutions and concentrating on jobs in mining, mechanics, and information technology to promote worker acquisition and integration.
According to Nguyen Manh Cuong, director of the QDPI, Quang Ninh must continue to develop investment promotion and attraction and approach investors in a proactive, adaptable, and focused manner. Particularly, he feels it is vital to increase the operational efficiency of working groups in order to assist in the elimination of obstacles and accelerate the realisation of crucial projects. Particular emphasis should be placed on the establishment of precise and transparent investment-attraction methods, regulations, and solutions.
Source: VIR
Related News
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/bn-01.jpg)
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.