Construction of Song Khoai Industrial Zone (IZ) kicked off last week in Quang Yen Town in the northern province of Quang Ninh.

Financed by Amata Group from Thailand, the 714ha-IZ has total investment of over VND3.53 trillion (US$154 million). The zone will be implemented in five phases.

The first phase, covering 123ha, is slated for completion in 2020.

This is the second zone that Amata has built in Viet Nam, besides the 700ha Bien Hoa IZ in the southern province of Dong Nai.

In his speech at the ground-breaking ceremony, Deputy Minister of Planning and Investment Nguyen Van Trung praised the efforts of Amata, saying that the project is not only significant to the development of Quang Yen Town, but also to the growth of Quang Ninh Province. Furthermore, it is a step towards the development of Quang Yen Coastal Economic Zone in the future, he said.

For his part, the provincial People’s Committee Chairman Nguyen Duc Long asked relevant agencies to support and create the right conditions for the investor to promptly deal with administrative procedures for the project, thus ensuring its progress.

Quang Ninh Province has emerged as a magnet for foreign investors thanks to its “golden age” population, favourable business climate, and administrative reforms.

The province is now housing 120 valid foreign-invested projects with total registered capital of more than $6.23 billion.

Among 21 countries and territories investing in the province, the US is the largest investor, registering $2.3 billion for its eight projects, accounting for nearly 38 per cent of total capital. It is followed by China, Singapore, Japan and Indonesia.

Most of the FDI has been poured into the fields of tourism, services, hotel, industry, mining, fibre production and building materials. — VNS