Quang Ninh (VNA) –♌ Investors from 20 countries and territoriesacross the globe have registered more than 11.57 billion USD in 170 foreigndirect investment (FDI) in the northern coastal province of Quang Ninh so far.

HongKong (China) is the largest source of the capital with 3.81 billion USDfunneled in 49 projects, followed by Japan (over 2.34 billion USD) and the US(2.31 billion USD). Last year, the province granted new investment licenses to 25 projects worth3.13 billion USD, and approved additional capital of 28.86 million USD forthree others. The province has been an attractive destination for foreign investors thanks toits efforts to promote administrative reform and build a transparent businessclimate, helping win confidence from the business community. Since 2013, the province has topped the Vietnam’s Provincial CompetitivenessIndex (PCI) which measures the quality of economic management, the level ofconvenience and friendliness of the business environment, and administrativereform efforts by the provincial administration. Accordingto Director of the Quang Ninh Economic Zone Authority Hoang Trung Kien, the FDIprojects are all in line with the province’s planning and developmentorientation, making contributions to shaping up hi-tech industries,manufacturing engineering, and component assembly, among others. Quang Ninh holds huge potential to lure more foreign investors as the Quang Yencoastal economic zone now has more than 9,700 hectares of clean land. Targeting at least 3 billion USD in FDI capital in 2024, the province willcontinue implementing its decree on fast and sustainable development ofprocessing and manufacturing sector during the 2020-2025 period with a visionto 2030. Chairman of the provincial People’s Committee Cao Tuong Huy said Quang Ninh will roll out red carpets for enterprises who land investment in the areas oflocal strengths and potential such as tourism, processing and manufacturingindustries, supporting industry, marine economy, logistics, and eco-agriculture. Besides, it will sharpen focus on luring prestigious groups with financialstrength, modern management, and long-term and stable investment that are ableto create high added values at local industrial parks and economic zones, especiallythose with uniform infrastructure, he said. Quang Ninh will continue working to create the best conditions for enterprises,and considering incentives to lure further investments. Currently, it is ramping up efforts to complete a set of criteria to evaluateand choose foreign investments, with priority given to hi-tech projects,environmentally friendly ones, and those that can contribute greatly to thelocal budget./.