Investment Attraction - Growth Momentum

Situated in the northern key economic region and serving an important role in inter-regional economic corridors and international economic corridors of Vietnam, Quang Ninh is one of a few localities that meet all conditions for the formation of and development of coastal economic zones and border gate economic zones. The development of industrial zones and economic zones not only helps draw investment capital but also leads, pulls and influences economic development of surrounding regions. This is considered a product of reform and an important factor to promote economic growth, attract investment capital, particularly FDI from world-leading firms. Economic zones and industrial zones also importantly help restructure the economy, change growth development, increase incomes for the State Budget, and create jobs for labourers.

 

In October 2009, the Quang Ninh province Economic Zone Authority was officially established from the merger of Van Don Economic Zone Management Board and the Quang Ninh Industrial Zone Management Board. The authority is responsible for managing and providing public administration services and other supporting services related to investment, production and business activities in economic and industrial zones in the province. After nearly five years of operation, the authority has completed all tasks and achieved remarkable results in all aspects, especially investment attraction and significant contributions to overall local economic development.

 

In 2013 alone, the Quang Ninh Economic Zone Authority issued investment certificates to seven foreign-led projects and three domestic projects and granted an operation registration certificate to one branch in industrial parks. Investors added nearly VND600 billion of investment capital in the year (bringing total investment capital of domestic investors to VND4,958 billion and of foreign investors to US$46.14 million or VND970.5 billion. In the year, gross revenue of FDI enterprises was US$590.780 million, while domestic enterprises raked in VND1,951.29 billion (nearly US$100 million). They paid VND2,554 billion to the State Budget. Industrial parks in the province provided 7,194 jobs as of November 2013.

 

The infrastructure system in Van Don Economic Zone is quite uniform and complete. Several key projects are being actively carried out, including Van Don Airport, extended National Road 4B linking to Van Don Economic Zone, trunk roads inside Don Economic Zone, and tourism site plus casino complex. Besides border gate economic zones like Mong Cai, Bac Phong Sinh (Hai Ha district) and Hoanh Mo (Binh Lieu district) are hiring foreign consultants to set up development plans to draw investment capital.

 

Mr Phung Danh Dai, Head of the Quang Ninh Economic Zone Authority, said "Defining that building industrial parks and economic zones as the foundation for socioeconomic development of the province, in the past years, Quang Ninh has provided a lot of incentive policies and organised many investment promotion activities to draw investment capital into industrial parks and economic zones of the province. For example, the Quang Ninh Economic Zone Authority collaborated with relevant units to organise many investment promotion activities like organising booths to introduce economic zone planning; advised the Provincial People's Committee to sign close, lawful agreements with investors; led working trips to Cai Lan Industrial Park and Cai Lan Port for investors; and met with six foreign investor delegations from Germany, Japan, Singapore, the US, Hong Kong, Australia and South Korea who came to the province to explore investment opportunities in local economic zones.”