The achievements stem from efforts to improve "quality".

In the first seven months of 2024, Quang Ninh attracted $1.56 billion in foreign direct investment (FDI), 2.2 times higher than the same period in 2023, ranking second nationwide only after Bac Ninh province.

Modern production line at Solar Vietnam Industrial Co., Ltd. (Song Khoai Industrial Park, Quang Yen Town, Quang Ninh Province). (Source: BQN)

Previously, in 2023, Quang Ninh was also one of the top three localities nationwide in attracting FDI. This was an impressive figure, a new record for the province after more than 20 years since the first FDI project invested in the province (2002).

Accurately identify opportunities from afar and early on.

Where does Quang Ninh's success in attracting FDI come from?

In 2023, taking advantage of being the first locality to have its provincial planning approved by the Prime Minister for the period 2021-2030; and holding the top position in the Provincial Competitiveness Index (PCI) for six consecutive years (2017-2022), Quang Ninh focused on promoting economic restructuring, innovating its growth model, and enhancing the province's position and reputation with other localities in the country and in the international market.

At the same time, the province is implementing investment promotion tasks combined with propaganda, promotion, and introduction of the image and business investment environment; preparing the necessary conditions, especially land, infrastructure, and human resources, to attract multinational corporations and large enterprises with modern technology to invest in the province...

Besides diversifying partners and investment forms, the province has accurately identified opportunities from afar and early on, proactively developing systematic plans and strategies for innovating mechanisms and policies to attract investment, and preparing synchronized infrastructure for a new breakthrough in attracting investment.

Back in 2012, Quang Ninh province proactively organized its first investment promotion conference, attended by approximately 300 domestic and international investors. Much information about competitive advantages, development potential, and innovative policies was shared, with the aim of attracting investment and creating momentum for economic growth.

A year later (in 2013), the province announced seven strategic plans. These are considered important bases and guidelines for the province to identify its values, opportunities, and challenges, and to build a roadmap, timeline, and resources to realize its long-term development vision.

Along with prioritizing and improving the quality of government administration, administrative reform, digital transformation, and supporting businesses, the province, together with strategic investors, has spent tens of billions of USD on investing in the development of synchronous infrastructure, especially transportation infrastructure, to create interconnected and comprehensive infrastructure within the province and between regions.

The development orientation closely follows the spatial framework of "One center, two routes, multi-dimensional, two breakthroughs, three dynamic zones," thereby creating transportation corridors linked to economic corridors and urban corridors, dividing and cooperating territorially, and ensuring that the potential, strengths, comparative advantages, and competitive advantages of each locality in the province are maximized.

These proactive and timely solutions have built trust with investors, welcomed new waves and opportunities, and set a record for attracting a new generation of FDI with a massive amount of capital.

Dong Mai Industrial Zone (Quang Ninh). (Source: BQN)

Choose quality over quantity.

Building on its success, from the beginning of 2024, Quang Ninh province directed and assigned its departments, agencies, and localities to focus on improving and enhancing the quality of the investment and business environment, removing difficulties, and supporting businesses.

The province has also issued resolutions and plans on the orientation for improving institutions and policies, and enhancing the quality and effectiveness of foreign investment cooperation until 2030, which set out targets and solutions to attract FDI in the short, medium, and long term.

Furthermore, Quang Ninh maintains its approach to attracting FDI, prioritizing quality over quantity. The province continues to implement traditional investment promotion methods, but to increase effectiveness, it must elevate the scale of events and demonstrate the province's commitment to investment. Instead of waiting for investors to come to it, Quang Ninh is always proactive, focusing on approaching influential organizations and individuals with decisive roles.

As a result, Quang Ninh's FDI attraction prospects for 2024 show many positive signs.

Most recently, in early July 2024, Foxconn Group - Apple's main manufacturing partner - was granted investment registration certificates for two major projects in Quang Ninh province with a total registered capital of nearly 551 million USD.

These include a smart entertainment product manufacturing project, invested in the Song Khoai (Amata) Industrial Park with an area of ​​21.5 hectares, a capital investment of 263.7 million USD, and a designed capacity of 4.18 million products per year; and a smart system equipment manufacturing project in the Bac Tien Phong (Deep C) Industrial Park with an area of ​​12.4 hectares, a capital investment of 287.2 million USD, and a designed capacity of 8.78 million products per year.

As of August 20th, industrial parks in Quang Ninh province have attracted 23 new projects, most of which are new-generation FDI projects in the processing and manufacturing industry using clean, modern technology, with minimal resource depletion, minimal impact on the ecological environment, and creating significant value for the province's economy.

These 23 projects are all in line with the local government's investment attraction goals and orientations. For example: The Gokin Solar Hai Ha Vietnam monocrystalline silicon wafer and monocrystalline silicon bar photovoltaic project in Texhong Hai Ha Industrial Park, Hai Ha district, is invested by Gokin Solar Company (Hong Kong - China) with a total investment of 274.8 million USD.

For example, the project to manufacture bearings and linear motion devices at the Song Khoai (Amata) Industrial Park in Quang Yen town is invested in by IKO Thompson Vietnam Co., Ltd. The project has a designed capacity of 930 tons of products per year; the total investment is 57 million USD...

Source: https://baoquocte.vn/quang-ninh-mo-cua-don-song-fdi-ky-i-thanh-tuu-den-tu-no-luc-nang-chat-283256.html