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Quang Ninh targets US$1 billion of FDI in 2023

The Saigon Times

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HCMC – The northern province of Quang Ninh looks to attract at least US$1 billion in foreign direct investment (FDI) into industrial parks and economic zones this year.

To realize the FDI attraction target, the province will focus on measures to woo investors from particular regions and markets; promote connectivity between the province and international partners in production and supply chains; and attract green investment, advanced technology, and supporting industries, news site congthuong.vn reported.

Cao Tuong Huy, acting chairman of the province, said the investment environment in Quang Ninh has been made more favorable as the province has various incentives available for investors.

In 2023, Quang Ninh will be prioritizing FDI projects in line with the nation’s goal of restructuring the economy to achieve sustainability, and promoting its competitive advantages such as its strategic location, much available land, enormous natural resources and synchronized infrastructure.

Hoang Trung Kien, head of the Quang Ninh Economic Zones Authority (QEZA), said QEZA is working to suggest plans to the provincial government to organize investment promotion events in markets with great advantages in the processing, manufacturing, electronics and auxiliary industries, especially Germany, Belgium, Japan, South Korea and Hong Kong.

In January this year, Quang Ninh worked with multiple foreign investors from Japan, Thailand, South Korea and China seeking to invest in the province.

Among the Japanese investors, Yaskawa Electric Corporation revealed its plan to develop a plant to manufacture voltage variable frequency drives and industrial robots in the Song Khoai Industrial Park in June this year, with a total investment of nearly US$100 million. Tenma Corporation introduced a plan to build a plastic injection mold factory covering 18 hectares and requiring US$150 million.

The Mastern Investment Management from South Korea and Sunwah, TAL from Hong Kong also visited Quang Ninh to sound out investment opportunities in the province.

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