With FDI as a crucial driving force for accelerating industrial growth in the new phase, Quang Ninh set a target of attracting $3 billion in FDI in 2024. However, due to various events during the year, the figure did not fully meet the target. Nevertheless, with nearly $2.9 billion attracted, it represents a significant effort by the province in the most challenging year of the entire term.
Many difficulties and challenges
Building on the achievements of 2023, Quang Ninh is one of the leading localities nationwide in attracting new-generation foreign direct investment (FDI). In implementing the tasks for 2024, Resolution No. 20-NQ/TU of the Provincial Party Committee has identified investment attraction as the main driving force to ensure growth, setting a target of attracting 3 billion USD in FDI.
Starting with renewed vigor, Quang Ninh, a leading investment destination nationwide with a modern administrative system, synchronized investment infrastructure, and outstanding competitiveness, has continuously innovated since the very first days and months of 2024. Accordingly, it has developed a specific investment promotion program focusing on diversifying investment promotion activities, concentrating on attracting foreign investment in key areas; selecting regions, markets, and partners to promote cooperation and development in line with the global and regional context; and focusing on attracting investment from large global economic groups (driving investors) capable of attracting many satellite manufacturing businesses, creating a global value chain. Promotional activities are linked to the development process and become an effective tool for implementing socio-economic development strategies, plans, and programs, with the expectation of setting a new record in attracting FDI in the pivotal year of completing the programs and objectives of the Resolution for the entire 2020-2025 term.
However, looking back at 2024, it was the most challenging year for Quang Ninh since the beginning of the term. It was a year when the global economy continued to be in crisis due to its broad, deep, and multifaceted impacts, strategic competition, and complex political conflicts, leading to a decrease in demand for international investment. Domestically, several laws, especially the Land Law, affected the preparation of clean land and land clearance to attract investors. Even more significantly, in September 2024, Quang Ninh suffered from Typhoon Yagi, a devastating storm that affected almost all economic sectors. This also created apprehension among international investors regarding the impact of the weather on areas where they were researching and preparing for investment.
At numerous meetings aimed at attracting investment to the province, many investors frankly shared their concerns and hesitations following the aftermath of Typhoon Yagi. Quang Ninh, a region known for its peaceful climate and low susceptibility to storms, now requires investors to reconsider the scale of their investments and upgrade their production infrastructure standards to better withstand and respond to extreme weather events. This could potentially increase investment costs, impact resources, create apprehension, and slow down the pace of investment attraction in the province, directly affecting its FDI attraction goals and progress.
This is clearly demonstrated by the province's aggregated FDI attraction figures over the quarters. By the end of June 2024, the total FDI attracted to the province reached US$1,543 million, equivalent to 141% of the plan for the first six months, 51.6% of the 2024 annual plan, and nearly 9% of the total national investment. Quang Ninh ranked third nationwide in terms of registered foreign investment, after Bac Ninh and Ba Ria - Vung Tau... However, in the third quarter of 2024, the province only attracted over US$200 million, with only 4 new FDI projects approved. Thus, the total FDI attracted in the first nine months reached nearly US$1.8 billion. To date, Quang Ninh has approximately 150 FDI projects from 20 countries with a total registered capital of over US$14 billion.
Thus, the remaining $1.3 billion in FDI capital to be attracted in the 2024 plan has become a huge pressure for Quang Ninh in the fourth quarter of 2024 - the final quarter of the year. This challenging context, with more difficulties than opportunities, forces Quang Ninh to make clear assessments and appropriate adjustments after a series of recent difficulties by demonstrating self-reliance and resilience in recovering from the storm, ensuring the best conditions for FDI investors to resume production quickly, and instilling confidence in investors when partnering with the province in its development strategies.
Determined to create new breakthroughs
By the end of 2024, according to the Provincial People's Committee, Quang Ninh had attracted $2.88 billion in foreign direct investment (FDI). Thus, in the fourth quarter of 2024 alone, the province attracted over $1 billion through new investment approvals and capital increases for nearly 30 projects. Although the $3 billion FDI target for 2024 has not yet been reached, it is clear that Quang Ninh has weathered the storm and maintained its momentum in attracting FDI.
Mr. Pham Xuan Dai, Head of the Provincial Economic Zone Management Board, said: To achieve this result, immediately after the storm, with self-reliance, self-improvement, and responsibility towards the homeland and businesses, Quang Ninh immediately began the recovery process. The goal was to prioritize resources to provide electricity and other essential conditions for industrial parks and factories, especially FDI enterprises. Simultaneously, the province continued to clearly demonstrate its approach to improving the effectiveness of the investment promotion model through a "closed cycle," from supporting investment procedures to post-investment support. Coordination with industrial park infrastructure investors and local authorities was carried out to review land resources, accelerate land clearance, prepare the labor market, and implement many specific measures to affirm that Quang Ninh remains an attractive location for foreign businesses.
In particular, accurately assessing the overall context, situation, and strong global investment and supply chain shifts towards the end of the year is crucial for developing well-structured plans and strategies for a breakthrough in attracting investment to the province. Quang Ninh has also built cooperative relationships with diplomatic agencies, international investment promotion organizations, central government agencies, industrial park infrastructure investors, and investment consulting companies in investment promotion and attraction. Quang Ninh affirms that the FDI sector is a vital component of the economy, encouraged and facilitated for long-term development, cooperation, and healthy competition with other economic sectors. Therefore, the province always respects and protects the legitimate rights and interests of investors; ensuring a harmonious balance of interests between the State, investors, and employees in enterprises.
To prepare for the FDI attraction plan in 2025 and beyond, the province is continuing to prioritize resources to accelerate the construction of comprehensive social infrastructure projects (housing, institutions, public utility facilities for workers), technical infrastructure (electricity, water supply, telecommunications, wastewater treatment, waste disposal, etc.), and transportation infrastructure connecting within and outside industrial parks, to ensure that the needs of secondary investors are met. At the same time, it is researching and proposing specific mechanisms and policies to create a competitive advantage in attracting investment for the province's industrial parks and economic zones through pilot projects on mechanisms and policies for the development of the Van Don Economic Zone; projects on the rapid and sustainable development of economic zones and industrial parks in Quang Ninh province until 2030; and research and proposals for specific preferential mechanisms and policies for a number of specialized industrial parks and key projects of the province…
Overcoming the challenges of 2024, Quang Ninh will continue its efforts to become an attractive destination for major investors. The province will remain steadfast in its goal of building a production and supply chain connected to the global network; prioritizing new-generation projects in the processing and manufacturing industries, using clean, modern, and environmentally friendly technologies to keep pace with the global smart manufacturing trend and create important momentum for modernization and economic growth.
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