Quang Ninh - Leading Investment Destination in Vietnam

9:47:35 AM | 8/8/2022

Quang Ninh is always among the best economic performers in the country. Despite the huge impacts caused by the COVID-19 pandemic, Quang Ninh still excelled, with double-digit growth of 10.66% in the first six months of 2022. Besides, the province has maintained this high growth rate of over 10% for six straight years, from 2016 to 2021. The quality of economic growth has improved significantly and the scale and potential of its economy has increased markedly. Its GRDP per capita reached over US$7,000 in 2021, more than twice the national average.

VCCI President Pham Tan Cong underlined its outstanding achievements at the 2022 Quang Ninh Investment Promotion Conference themed “Quang Ninh - Combine the best”, which was held just before the Third Meeting of the APEC Business Advisory Council in Ha Long, Quang Ninh.

Many favorable factors

Many factors are attributed to the provincial success, he said, pointing to its right visions and development strategies, economic development policies, business support, advantageous geographical location, nature, culture and society. He underscored two factors that have become the special advantages and the brand of Quang Ninh. The first is the most modern transport infrastructure, which was developed most strongly in the country. Quang Ninh is the first locality in Vietnam to build a highway by itself and now has a modern highway running from the capital of Hanoi, via Hai Phong City, to its Mong Cai Border Gate linked to China – the market of more than one billion consumers. This highway is an advantage. Quang Ninh is also the first province to have a privately built international airport (Van Don Airport). Thus, businesses coming to Quang Ninh can now conveniently use many international airports at the same time. In addition to Van Don of Quang Ninh, they can access Cat Bi Airport of Hai Phong and take a two-hour drive to Noi Bai International Airport in Hanoi. Quang Ninh has a very developed seaport system, adjacent to the center of the largest seaport in the North region, Hai Phong. Doing import and export with the world and with China is extremely easy and convenient.

Besides, with a proven favorable business environment, Quang Ninh is ranked first in the Provincial Competitiveness Index (PCI) in Vietnam for five consecutive years from 2017 to 2021. In the latest PCI survey conducted by VCCI, Quang Ninh ranked first in the country in time cost. 87% of Quang Ninh-based enterprises in the VCCI survey said, administrative procedures are simple and 87% of respondents said, the time to carry out administrative procedures is shorter than the common regulatory timeframe. In conducting administrative procedures, 91% of respondents said that State officials are friendly. Business satisfaction with administrative procedures probably comes from the fact that Quang Ninh is the first province to establish and operate a centralized public administration center at provincial and district levels, linked to communes. Very professionally and efficiently operated, this model has been scaled up nationwide.

Quang Ninh is also a model of dynamic and proactive government for the whole country. Surveys into both domestic and foreign enterprises by VCCI over the years have clearly shown this. 95% of them said, the provincial government of Quang Ninh is flexible, within legal framework limits, to create an enabling business environment. 93% rated the provincial government to be dynamic and creative in solving newly arising problems.

The execution quality of the government apparatus, which investors care deeply about, is also strongly improved in Quang Ninh. A quickly rising number of companies highly appreciated departments, agencies, districts and cities of the province for strict implementation of provincial policies and directions. This rate is among the highest in the country. The outcomes come from Quang Ninh's leadership in developing and applying the District and Department Competitiveness Index (DDCI) in a methodical and professional manner to enhance the execution quality of governmental agencies at all levels.

Mr. Nguyen Xuan Ky, Secretary of the Provincial Party Committee, said, Quang Ninh has persistently carried out its space development model "one center, two multi-dimensional routes, two breakthrough spearheads and three dynamic areas", created transport corridors aligned with economic corridors and urban corridors to realize the goal of becoming centrally governed city and strengthen intra-regional and inter-regional connectivity, assignment and territorial cooperation, ensure local potential, strengths and comparative advantages in the province, in the northern dynamic triangle, in the northern key economic region, and the Red River Delta region to be promoted, maximized, complemented each other, developed together sustainably and led by growth drivers of key economic zones of Quang Yen, Van Don and Mong Cai, 15 existing industrial parks (and eight prospective ones), coastal and marine urban areas (currently, the province has four cities and two towns and has an urbanization rate of 67%, only after centrally run cities. By 2030, the province will have seven cities and one town and has an urbanization rate of 75%).

Further completing all aspects to meet the high requirements of investors

To make careful preparations to meet the increasing requirements of investors, especially big and strategic foreign investors, according to Mr. Nguyen Tuong Van, Chairman of Quang Ninh Provincial People's Committee, the province will continue to perfect its provincial planning and related plans, transparently publish them and facilitate access to information in the fastest and most convenient manner for FDI investors and businesses from APEC member economies. The province will focus on carefully conducting administrative reform, improving the business investment environment, and enhancing provincial competitiveness to make breakthroughs in investment attraction in the form of public-private partnership (PPP) in strategic infrastructure development, especially the transport infrastructure system. Quang Ninh will consolidate and renovate mechanisms and effectively improve the performance of public administration service centers, and single-window offices at all levels in line with comprehensive digital transformation trends.

In addition, according to Mr. Van, Quang Ninh has also well prepared the necessary conditions for "clean ground" and clean land fund with a synchronous infrastructure system (electricity, water supply, communication, wastewater treatment and waste treatment) to the foot of the project fence; ensured accommodation infrastructure and other facilities for specialists and workers.  

In particular, the province has prepared human resources, especially high-quality human resources and trained workers; supported recruitment and worker training for investment projects. The province has researched and developed breakthrough mechanisms and policies to attract high-quality human resources and skilled workers while restructuring the labor force, increasing size and improving population quality. Quang Ninh has reformed and raised the effect of investment attraction, especially from big and well-reputed investors; prioritized environmentally friendly high-tech industries that generate high added value to rapidly increase the occupancy rate and economic performance of economic zones and industrial zones. It has intensively developed economic zones and industrial zones to sharpen national and international competitiveness, enhanced connectivity between industrial parks and economic zones of Quang Ninh and Hai Phong, and formed large-scale production clusters for various interrelated industries.

The 2022 Quang Ninh Investment Promotion Conference witnessed the signing of MoUs and handovers of investment registration certificates to FDI projects to be invested in Quang Ninh province:

An MOU was signed by Quang Ninh Economic Zones Authority, Quang Yen Stavian Petrochemical Joint Stock Company and Bac Tien Phong Industrial Park Joint Stock Company to initiate a US$1.5-billion project of producing polypropylene (PP) resins in Bac Tien Phong Industrial Park.

Vietnam Investment Q Limited and Bac Tien Phong Industrial Park Joint Stock Company signed an MOU to launch the US$23.8 million project of building ready-built factories and ready-built warehouses for lease in Bac Tien Phong Industrial Park.

Investment Registration Certificate is awarded to Jinko Solar Vietnam Industries to invest in a US$35.56-million warehouse project (Jinko 3) in Song Khoai Industrial Park, Quang Yen. Jinko Solar is one of the world's largest and most advanced solar panel manufacturers. Jinko Solar Vietnam warehouse project (Jinko 3) is one of three projects invested by Jinko Solar Vietnam Industries Co., Ltd in Quang Ninh. Previously, in 2021, the company also invested US$498 million in the Jinko Solar PV Vietnam photovoltaic cell technology project and US$365 million in the Jinko Solar Vietnam silicon wafer technology project (Jinko 2) in Song Khoai Industrial Park, Quang Yen Town, Quang Ninh province.

Investment Registration Certificate is handed to BW Bac Tien Phong CN 2.1C Industrial Development Project to BW Bac Tien Phong Industrial Development Co., Ltd. This US$20-million investment project will build and operate factories, warehouses and offices.

Investment Certificate on Social Housing Project in Dong Mai Ward, Quang Yen Town is granted to Jinko Solar Vietnam Industries Co., Ltd. The project aims to serve workers in Song Khoai Industrial Park. This project partly helps the province to realize its policy on accommodation for workers in the coal industry and in industrial zones.

Source: Vietnam Business Forum