Quang Ngai opens its skies to attract new investment.

The participation of businesses and entrepreneurs, especially foreign businesses, is one of the key factors for Quang Ngai to achieve its socio -economic development goals in the future.

VSIP Quang Ngai Industrial Park. (Photo: Hai Phong)

A destination for investors from around the world.

At the Quang Ngai Business Meeting in Ho Chi Minh City held in early October 2024, Mr. Zhang Zhengze, General Director of Techlink Pets Vietnam Co., Ltd., stated that after investing in Binh Duong, the company continued to choose Quang Ngai as its next investment destination in Vietnam. This is because the VSIP Industrial Park offers services that exceed investors' expectations.

Mr. Zhang Zhengze stated: “In addition, Quang Ngai also provides quick and efficient procedures for investors. With the support of provincial agencies, our company's projects were completed in 227 days – exceeding our expectations. Currently, we are preparing the procedures to expand our factory in Quang Ngai.”

Meanwhile, Michael Chiu, Chairman of the Hong Kong (China) Business Association in Vietnam, affirmed that Quang Ngai has the potential to become an investment destination not only for investors in Hong Kong but for all other investors around the world.

Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee Nguyen Hoang Giang held discussions with investors on the sidelines of the Quang Ngai Business Meeting in Ho Chi Minh City.

Data from the Quang Ngai Provincial Department of Planning and Investment proves this. As of October 2024, Quang Ngai had a total of 73 active foreign direct investment (FDI) projects, with a total investment capital of over US$2,335 million. These 73 projects come from 14 countries and territories such as: South Korea, Japan, China, Taiwan (China), Austria, Hong Kong (China), Singapore, Philippines, Malaysia, the United Kingdom, the United States, Germany, Belgium, and Thailand. Among them, Doosan Heavy Industries Vietnam Co., Ltd. (South Korea) is the FDI project with the highest investment capital at US$315 million.

Why are these investors so keen on Quang Ngai? This coastal region in the South Central Coast has great potential for developing the marine economy, especially heavy industries associated with the Dung Quat deep-water port.

This area is also blessed with many scenic spots and unique geomorphology and geology, and boasts a rich cultural and historical heritage that is still evident today through its system of historical sites, cultural heritage, festivals, and unique architecture. This is a valuable resource for developing tourism in Quang Ngai, with a focus on marine and island tourism as the spearhead, cultural tourism as the core, and ecotourism as the foundation for sustainable tourism development.

"Quang Ngai always considers the success and development of businesses as the success and development of the province, the interests of businesses as the interests of the province, and our potential as your opportunity," emphasized Bui Thi Quynh Van, Member of the Central Committee of the Communist Party of Vietnam, Secretary of the Provincial Party Committee, and Chairwoman of the Provincial People's Council of Quang Ngai, at the "Introducing Quang Ngai" conference in Hanoi.

Quang Ngai is also a locality with a highly dynamic economy, with the synchronized development of various sectors including marine economy, tourism, industry, services, agriculture, forestry, and fisheries. Over the past period, the province has continuously reformed administrative procedures, improved the investment environment, leveraged its internal strengths, and strived to attract investment for socio-economic development, rising to be among the top 20 provinces and centrally-governed cities with the largest economies in the country.

Furthermore, with abundant development potential and the correct direction of the provincial leadership, momentum and resources are being created for a new period of development in Quang Ngai. This is a place that possesses great potential for dynamic and breakthrough development in the coming time.

Ready to welcome the new wave of investment

According to the Quang Ngai Provincial Planning to 2030, with a vision to 2050, Quang Ngai's development is based on the harmony between three pillars: economy, society, and environment. Priority is given to attracting domestic and foreign businesses and investors to research and invest in areas where the province has potential, advantages, spillover effects, connectivity, high added value, and is consistent with the provincial planning and the socio-economic development situation of the locality in each period.

Doosan Heavy Industries Vietnam Co., Ltd. (South Korea) is the FDI project with the highest investment capital at 315 million USD.

Currently, Quang Ngai prioritizes attracting investment into the province during the 2024-2025 period with 34 projects in fields such as: healthcare, services, tourism, environment, urban infrastructure, trade, industrial park infrastructure, industrial clusters, petrochemical and chemical manufacturing industries, semiconductor industry; textile and garment manufacturing, food and beverage processing; mechanical engineering, electronics, supporting industries, logistics...

Quang Ngai continues to focus on selectively attracting and improving the quality of businesses investing in the province that have strong potential and brands, paying attention to attracting projects with strong spillover effects to promote strong and sustainable socio-economic development in the province in the coming period.

To attract new investment capital, the province is applying investment incentive policies in accordance with the general policy framework on incentives and support of the Government, and in compliance with the investment laws of Vietnam; in addition, the province also has some incentives in the fields of agriculture and rural development and socialized sectors.

For example: Land lease fees will be waived for up to 25 years for socialized projects in urban areas; and for life for socialized projects outside urban areas. Regarding agricultural support policies, the province will provide support for the construction of infrastructure for waste treatment, transportation, electricity, water, workshops, and the purchase of equipment within the project boundaries, as well as environmental treatment, with the maximum support reaching up to 60% of the investment cost.

In addition, Quang Ngai province focuses on supporting businesses and investors in infrastructure connectivity, human resource supply, and administrative procedures. The province is committed to working alongside businesses to facilitate project access and implementation, promptly resolving difficulties and obstacles during the implementation process, creating the most favorable environment, and ensuring satisfaction for businesses and investors when investing in the province.

Panoramic view of Dung Quat Oil Refinery. (Photo: Ha Vi)

Strengthening on-site investment promotion efforts; consistently supporting and assisting investors who have invested or are investing, viewing investment support as an effective form of investment promotion in the current period. Besides focusing on attracting projects from traditional countries such as Japan, South Korea, Singapore, Thailand, and China, the province also prioritizes promoting investment from economies belonging to the Asia-Pacific Economic Cooperation (APEC) Forum and the Group of Twenty (G20) leading developed and emerging economies.

Quang Ngai aims to become a moderately developed province in the country by 2030, focusing on developing the digital economy, green economy, and circular economy; gradually forming green industries and high-tech industries in concentrated industrial parks and clusters; building a brand for high-quality service types, with tourism as a highlight…

The participation of businesses and entrepreneurs, especially foreign businesses, is one of the key factors for Quang Ngai to achieve the above goal.

Quang Ngai is committed to creating the most favorable conditions for investors through infrastructure development, administrative reforms, simplification of investment procedures, and improvement of human resource quality. At the same time, it is ready to listen to the opinions and desires of investors, making adjustments accordingly to attract more and more investment resources.

Source: https://baoquocte.vn/quang-ngai-mo-rong-bau-troi-thu-hut-dau-tu-moi-293457.html