Promising FDI Signals in Quang Ninh
In 2023, Quang Ninh province made a strong breakthrough in attracting off-budget investment, with a total attracted capital of nearly $5 billion, of which FDI reached over $3.1 billion. Quang Ninh is also one of the leading provinces in attracting FDI investment. This is also a record year for attracting new generation FDI capital after more than 20 years since the first FDI project invested in the province in 2002.
So far, the province has had nearly 200 foreign-invested enterprises from 20 countries, with a total investment capital of nearly $14 billion. FDI enterprises are mainly high-tech projects, environmentally friendly, modern management, with high added value, participating in the global value chain.
FDI is an important driving force, promoting the acceleration of the industry in the new phase for Quang Ninh. From the record results of attracting FDI of over $3.1 billion in 2023, Quang Ninh aims to continue to break through and rank first in attracting FDI nationwide.
Quang Ninh is a prosperous province at the top of Vietnam.
Right from the early days, the first month of 2024, Quang Ninh has determined to achieve the target of striving for a total FDI capital of over $3 billion. In the first days and months of the year, the confidence of foreign investors in Quang Ninh continues to increase significantly.
According to reports, in the first month of the new year, the province attracted 8 new projects with a total registered investment capital of $478 million. In which, the Gokin Solar (Hong Kong) Cell Optoelectronic Complex project has the highest capital with $274.8 million.
It is expected that, according to the plan in over one month remaining in the first quarter of 2024, there will be 7 more foreign investors from the United States, China, and Taiwan (China) investing in the province. The FDI attraction situation in the first quarter of 2024 has many promising signals, with the province expected to reach $1 billion, equivalent to 1/3 of the annual plan.
Sharing on the Quang Ninh Electronic Information Portal, Chairman of the provincial People’s Committee Cao Tuong Huy said: Quang Ninh’s viewpoint is to prioritize and focus on attracting foreign investment with key, focal importance, attracting multinational corporations in various industries, leading them into industries and sectors that the locality has superior competitive advantages and different potentials; promote appropriate development cooperation in the context of the world and the region; repositioning the investment capital flow, prioritizing the connection of global production and supply chains; attracting green investment, high technology, supporting technology…
Large FDI projects in Quang Ninh
Since officially attracting the first FDI project, up to now, there have been 170 FDI projects of investors from 20 countries and territories operating in production and business in Quang Ninh with a total registered investment capital of nearly $11.66 billion.
Aerial view of Song Khoai Industrial Park (Quang Yen Town). Photo: Quang Ninh Electronic Newspaper.
Jinko Solar – the world’s largest solar panel manufacturer is one of the large FDI investors in Quang Ninh. In October 2023, Quang Ninh issued a certificate of investment registration to the Jinko Solar Hai Ha Vietnam Optoelectronic Cell technology complex project, with a registered investment capital of $1.5 billion.
The factories currently operating in Quang Ninh of Jinko Solar account for about 50% of the group’s total production output abroad. The production facility in Quang Ninh is also the first place where Jinko operates under a complete and closed production model.
In 2023, the company’s revenue was VND 19,000 billion. Jinko Solar Industrial Co., Ltd. plans for 2024 with an expected revenue of about $2.4 billion (equivalent to VND 58,000 billion), three times higher than the previous year.
Foxconn is also one of the many world-class investors choosing Quang Ninh as an investment destination.
After the S-Vietnam Factory project in Dong Mai Industrial Park (Quang Yen Town) was implemented in 2019, in June 2023, Foxconn continued to expand its investment activities with the FECV Foxconn Quang Ninh Factory project and the FMMV Foxconn Quang Ninh Factory project in Song Khoai Industrial Park.
Up to now, Foxconn has 3 investment projects in Quang Ninh, with a total registered investment capital of over $383 million, accounting for about 1/10 of Foxconn’s investment scale in Vietnam.
In general, foreign investors have invested in 16 out of 21 national key economic sectors. The FDI area has contributed over $76 million (equivalent to nearly VND 2,000 billion) to the state budget, contributing to solving employment for nearly 43,000 workers.
The “new generation” FDI attraction policy is understood as calling for and cooperating with foreign enterprises with high technology, focusing on research and development, modern management capacity, bringing high added value to the Vietnamese economy, and linking and cooperating with domestic enterprises.
