Quảng Ninh on track to lure $1 billion worth of foreign investment in Q1

Saturday, Feb 24, 2024 10:07

A view of Hạ Long City in Quảng Ninh Province. The locality aims to absorb at least $3 billion worth of foreign investment by the end of this year. — VNA/VNS Photo

The northern province of Quảng Ninh is well on track to attract US$1 billion in foreign investment in the first quarter of this year or one-third of the plan set for the year, as an additional seven investors from the US, China and Taiwan (China) plan to invest in the locality in the remaining months of the quarter.

In January alone, the province lured eight foreign-invested projects with a total registered capital of US$478 million.

Among these projects is the Gokin Solar of Hong Kong (China) project's photovoltaic cell technology complex, worth about $275 million. Located in Texhong Hải Hà Industrial Zone, the complex has a designed production capacity of 1.4 billion products each year. It is slated for completion in October 2025.

Last year, the province saw a breakthrough in attracting investment outside the budget, with a total capital of nearly $5 billion. Of this, foreign investment attraction topped $3.1 billion.

Quảng Ninh also emerged as one of the leading localities nationwide in attracting foreign-invested projects in the year.

This was the record-breaking year in attracting new-generation foreign investment in more than 20 years since the first foreign-invested project in the province in 2002.

The province is home to nearly 200 foreign-invested businesses from 20 countries with a total capital of nearly $14 billion. Their investments mainly focus on high-tech and environmentally friendly sectors with modern management and high added value, which join in global value chains.

Hong Kong (China) is now the province's leading source of foreign investment with 49 projects, capitalised at over $3.81 billion. It is followed by Japan with over $2.34 billion and the US with nearly $2.31 billion.

With its record results of foreign investment attraction in 2023, Quảng Ninh is set to continue making breakthroughs and emerge as a top destination for foreign investors nationwide.

It aims to absorb at least $3 billion worth of foreign investment by the end of this year.

According to Chairman of Quảng Ninh People’s Committee Cao Tường Huy, the province prioritises attracting foreign investment, focusing on key sectors and multinational conglomerates across various industries, especially areas where the locality holds significant competitive advantages and distinct potentials.

It also concentrates on repositioning its investment capital flow, prioritising the connection of global production and supply chains, and attracting green investment, high technology and supporting technologies, he said.

Foreign investors have been investing in 16 out of the 21 national economic sectors. The foreign-invested sector has contributed over $76 million to the state budget, creating nearly 43,000 local jobs. — VNS

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