FDI in Quang Ninh during the first eight months of 2024 reached nearly 1.78 billion USD, accounting for 8.7% of the country’s total registered investment, more than 2.3 times higher than the same period last year.
Quang Ninh ranks second in the country for FDI attraction
In the first eight months of 2024, Quang Ninh attracted nearly 1.78 billion USD in FDI, more than 2.3 times higher than the same period in 2023. With this result, Quang Ninh’s FDI for the first eight months accounted for 8.7% of the country’s total registered investment, ranking second nationwide, just behind Bac Ninh. Notably, foreign investment projects in Quang Ninh tend to have large capital investments and are heavily focused on the processing and manufacturing industries.
Quang Ninh grants investment certificates to Foxconn Group
In 2024, the province attracted two new projects from Foxconn Group with a total capital of 551 million USD, and the monocrystalline silicon sheet project from Gokin Solar with a total capital of 274.8 million USD. Additionally, Tenma Vietnam has invested 56 million USD in a project to produce plastic molding components, assembly, and molds, while IKO Thompson Vietnam is implementing a project to manufacture bearings and linear motion equipment with an investment of 57 million USD. All these projects align with Quang Ninh’s goal of prioritizing the development of environmentally friendly processing and manufacturing industries with high added value and efficient resource use.
Diverse solutions for attracting FDI
During the 2021–2025 period, Quang Ninh aims to attract 10 billion USD in FDI, and from 2026–2030, the target is 18.6 billion USD, with an average annual FDI inflow of over 3.7 billion USD. To achieve this goal, Quang Ninh has proactively developed various strategies to effectively attract FDI.
Develop modern and synchronous industrial park infrastructure
According to the plan for the 2021–2030 period, with a vision to 2050, the province will develop five economic zones and twenty-three industrial parks (IPs), with a priority on completing technical infrastructure for the remaining sixteen IPs as per the plan, covering nearly 12,000 hectares. So far, Quang Ninh has expanded the area of eleven industrial clusters (ICs) to 577.55 hectares, with six ICs having completed infrastructure and now operational, while five others are in the technical infrastructure preparation phase.
Issuing support policies for investors
Quang Ninh has developed and implemented various support policies, such as assistance with land clearance and vocational training for workers at secondary businesses in industrial parks (IPs) and economic zones (EZs). Additionally, the province has focused on investing in technical infrastructure up to the boundaries of the IPs, while also supporting FDI enterprises in Quang Ninh with the adoption of production technology and access to credit, helping investors minimize project implementation time and costs effectively.
Promoting international cooperation
Quang Ninh has actively expanded international cooperation by participating in numerous international trade fairs and exhibitions, such as the ASEAN-China Expo, the China-Vietnam Border Trade Fair, and the annual OCOP fair. The province also regularly organizes economic exchange activities combined with trade and tourism promotion to showcase Quang Ninh’s image, people, and culture to the world, attracting investment from countries like Japan, South Korea, and other ASEAN nations.
See more: Attracting investment to build factories in Quang Ninh: Economic Potential and Incentive Policies for FDI Enterprises
See more: Tax incentives for FDI businesses in VietnamT
