Plenty of room for attracting Japanese investment into Quảng Ninh

Thursday, Nov 30, 2023 16:11

A container ship docks at Cái Lân port in Quảng Ninh. The province hopes to attract more Japanese investment in logistics and seaports. — VNA/VNS Photo

There is plenty of room for the northern Quảng Ninh Province to lure Japanese investment , especially in the locality's prioritised sectors such as processing and manufacturing industry, high technology, smart technology, logistics, seaports, ecological agriculture and clean energy, experts have said.

Japan is now the province's third largest foreign investor with 12 projects valued at US$2.4 billion, accounting for 17.2 per cent of the total investment capital registered in the locality. Most of the Japan-financed projects came towards electricity production, processing industry, manufacturing, agriculture, forestry and fishery.

According to experts, most Japanese investors appreciated Quảng Ninh's sufficient transport infrastructure, such as a highway connecting the province with Hà Nội and Hải Phòng and Vân Đồn International Airport. They also praised the endless efforts of local authorities in speeding up administrative reform over the years. That has offered the province a distinct comparative advantage compared to others.

Mizuta Kazunori, Director of Yazaki Hải Phòng Co, told that his company decided to open a factory in Đông Mai Industrial Park after considering the province's favourable factors such as preferential tax policies, convenient location (near the company's main factory in Hải Phòng City), competitive labour costs and quality of human resources compared to neighbouring localities and improved transport infrastructure.

The director said his company's automobile equipment manufacturing factory in the province has been operating stably since 2015.

At the same time, Quảng Ninh has also taken initiatives to facilitate foreign investment attraction, especially from Japan. It has established the Japanese Business Support Division (Japan Desk Quảng Ninh), which aims to help the provincial People's Committee implement activities to promote Japanese investment in the province.

The Japan Desk Quảng Ninh is also in charge of researching and proposing authorities to revise or issue policies to attract Japanese investment while acting as a bridge to help Japanese investors address their difficulties.

Over the past 10 years, Quảng Ninh welcomed 50 delegations of Japanese investors, including giants such as Mitsubishi, Sojitz and Sumitomo to come and seek investment opportunities in the province.

Delegates participate in the Quảng Ninh-Japan Investment Promotion Conference held this month in the locality. — VNA/VNS Photo

Earlier this month, Quảng Ninh granted licences to some Japan-invested projects capitalised at over $80 million during an investment promotion conference in the province. These projects included the Castem Vietnam precision mechanical manufacturing factory, Parts Seiko Vietnam plant, Tamagawa Vietnam factory and Fujix Vietnam industrial product manufacturing factory.

In his speech at the event, acting chairman of the Provincial People's Committee Cao Tường Huy said his province had taken full advantage of the competitive edge brought by its sufficient and developed infrastructure.

He said that the combination of Quảng Ninh's solid potential and the strength and experience of Japanese investors had created a solid foundation for success.

Local authorities said that the presence of leading corporations from Japan in the province had not only brought capital but also provided opportunities for cooperation and shared technology and management experience, contributing to improving the province's production and service capacities.

The provincial leader also said that Quảng Ninh was willing to create the most favourable conditions for investors, including those from Japan in areas where the province had competitive advantages and potentials.

Quảng Ninh remains the leading foreign investment destination

HÀ NỘI — The northern province took the lead nationwide in foreign investment attraction in the January-November period, with nearly US$3.11 billion.

The amount accounted for nearly 10.8 per cent of the country's total registered capital and rose 42.3 per cent from the same period last year, the Ministry of Planning and Investment (MPI) reported.

The province is calling for new-generation foreign-invested projects with a focus on green-clean-high-tech industrial projects in economic zones and industrial parks (IP).

It aims to form project chains and an ecosystem for local businesses to participate in supply chains like the high-tech textile industry chain in Texhong Industrial Park, the automobile manufacturing industry chain in Việt Hưng, Sông Khoai, Đông Mai, and Bắc Tiền Phong IPs, and mechanical manufacturing and electrical and electronic assembling in Đông Mai and Sông Khoa IPs.

According to Nguyễn Văn Nhân, General Director of the AMATA City Hạ Long Co – the infrastructure investor of Sông Khoai IP – said the large land reserve of IPs and the progress of land clearance to create a clean land fund were advantages that attract investors. — VNS

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