The northeastern province of Quang Ninh granted licences for fourforeign-invested projects worth 412 million USD in the first nine monthsof this year, 15 times the value of projects approved in 2011.
The increase is attributed to the province’s natural conditions, whichfacilitate economic and socio-cultural development, as well as animproved investment climate and additional incentives.
QuangNinh is currently home to 93 valid foreign direct investment (FDI)projects, with a total registered capital of 4.2 billion USD.
The US leads 17 countries and territories with investment in sixprovincial projects, accounting for 2.4 billion USD of registeredcapital, or 59 percent of the total FDI in Quang Ninh.
FDIcomes at different phases and each phase varies in project quality. Themajority of Quang Ninh’s FDI projects stem from Asia . China andHong Kong account for 57 percent of the province’s total investmentprojects but only 18 percent of total registered capital. In other word,they are small-scale projects. Meanwhile nations such as Germany , theUK and Japan with financial and high-technology expertise invest amoderate figure.
To achieve the province’s socio-economicdevelopment targets, Quang Ninh needs both the further involvement ofthe FDI business sector and improved quality of FDI activities in itseconomy, said Do Minh Tuan, Deputy Director of the Quang Ninh ProvincialDepartment of Planning and Investment.
Quang Ninh aims torenew its economic growth model from extensive to intensive developmentrelying on efficiency, productivity, competitiveness and qualityproducts, instead of attracting investment capital, exploiting naturalresources and using manual labour, and will call for investment alongthis direction.
In addition, the province sets the targetto increase the quality and scale of each investment project, strivingto raise the technological content of each project to 40 or 50 percentof the value, switching focus from heavy industry to hi-tech supportingindustries in order to mitigate negative impacts on the environment,reduce raw exports and fully utilise the tourism potential of Ha LongBay and Bai Tu Long Bay.
It has offered detailed incentives tobusinesses participating in 18 key projects in the five key areas oftourism and entertainment services; seaport, border gate and logisticsystems; trade; infrastructure; training and high-quality human resourceservices.
Secretary of the Quang Ninh provincial PartyCommittee, Pham Minh Chinh, stressed that the province recognises theimportance of improving the investment climate to draw FDI, ODA andinvestment from private sector into Quang Ninh.
This will be the foundation to create a breakthrough in attracting FDI to Quang Ninh in the future.-VNA
The increase is attributed to the province’s natural conditions, whichfacilitate economic and socio-cultural development, as well as animproved investment climate and additional incentives.
QuangNinh is currently home to 93 valid foreign direct investment (FDI)projects, with a total registered capital of 4.2 billion USD.
The US leads 17 countries and territories with investment in sixprovincial projects, accounting for 2.4 billion USD of registeredcapital, or 59 percent of the total FDI in Quang Ninh.
FDIcomes at different phases and each phase varies in project quality. Themajority of Quang Ninh’s FDI projects stem from Asia . China andHong Kong account for 57 percent of the province’s total investmentprojects but only 18 percent of total registered capital. In other word,they are small-scale projects. Meanwhile nations such as Germany , theUK and Japan with financial and high-technology expertise invest amoderate figure.
To achieve the province’s socio-economicdevelopment targets, Quang Ninh needs both the further involvement ofthe FDI business sector and improved quality of FDI activities in itseconomy, said Do Minh Tuan, Deputy Director of the Quang Ninh ProvincialDepartment of Planning and Investment.
Quang Ninh aims torenew its economic growth model from extensive to intensive developmentrelying on efficiency, productivity, competitiveness and qualityproducts, instead of attracting investment capital, exploiting naturalresources and using manual labour, and will call for investment alongthis direction.
In addition, the province sets the targetto increase the quality and scale of each investment project, strivingto raise the technological content of each project to 40 or 50 percentof the value, switching focus from heavy industry to hi-tech supportingindustries in order to mitigate negative impacts on the environment,reduce raw exports and fully utilise the tourism potential of Ha LongBay and Bai Tu Long Bay.
It has offered detailed incentives tobusinesses participating in 18 key projects in the five key areas oftourism and entertainment services; seaport, border gate and logisticsystems; trade; infrastructure; training and high-quality human resourceservices.
Secretary of the Quang Ninh provincial PartyCommittee, Pham Minh Chinh, stressed that the province recognises theimportance of improving the investment climate to draw FDI, ODA andinvestment from private sector into Quang Ninh.
This will be the foundation to create a breakthrough in attracting FDI to Quang Ninh in the future.-VNA
