Hanoi (VNA) – Investors have freshly committed over 2.4 billion USD to thenorthern coastal province of Quang Ninh after memoranda of understanding (MoUs)signed and projects licenced at a recent local investment promotion conference.

The Stavian Quang Yen Petrochemical Joint Stock Company agreed to channel 1.5billion USD into the Bac Tien Phong industrial park (IP) for a plant to producepolypropylene plastic beads. The IP, operated by the DEEP C Industrial Zones,is located in Quang Yen town’s Tien Phong commune.

TheStavian Quang Yen Petrochemical factory will be built on an area of 30 hectaresand have a capacity of 600,000 tonnes of polypropylene per year.

TheVietnam Investment Q Limited, a subsidiary of the Indochina Kajima DevelopmentCompany, meanwhile, signed an agreement to preserve 7.6 ha of land at the BacTien Phong IP for building a system of ready-built factories and warehouses,which is estimated to cost 23.9 million USD. Indochina Kajima Development is ajoint venture between Indochina Capital and the Japanese-funded KajimaCorporation.

Alsoawarded investment registration certificates at the conference were three otherprojects with combined capital topping 68.7 million USD.

As of the end of June this year, Quang Ninh housed 150 FDI projects of investorsfrom 20 countries and territories, with their total registered investmenthitting 8.26 billion USD. In the first six months of this year alone, the localityissued and adjusted investment certificates for nine FDI projects worth 149.6million USD together.

Asper the Vietnam Investment Review, it is necessary to note that the provincialinvestment promotion work has ballooned since 2012.

Transportand urban infrastructure, investment and business environment of Quang Ninhhave also seen breakthrough progress since then, becoming special advantages ofthe province in attracting investment, said Pham Tan Cong, Chairman of theVietnam Chamber of Commerce and Industry (VCCI).

NguyenVan Nhan, General Director of the Amata Ha Long Urban Joint Stock Company – theinvestor of the Song Khoai IP's infrastructure, noted that these advantages arealso factors that helped Jinko Solar inject capital in three projectsin Quang Ninh.

CsabaBundik, Vice Chairman of the Central and Eastern European Chamber of Commercein Vietnam (CEEC), said the province is known by many European investors for itsbenefits related to logistics and location, which is not naturally obtained but comes as a result of Quang Ninh's long-term strategy and vision.

BrunoJohan O. Jaspaert, General Director of Deep C Industrial Zone, said Quang Ninh should however not be in a hurry to attract FDI because therehave been many negative factors, such as COVID-19 and the Ukraine war,affecting investment attraction in Quang Ninh.

Headvised the province to be persistent with its investment attraction orientation.

Accordingto him, nowadays, every locality is working to lure capital in clean andhigh technology, so those with an open business climate and high-qualityhuman resources will have an advantage.

Thehigh-quality workforce takes time to build and now is the time to make a changefor that, he recommended.

QuangNinh is home to major economic areas such as Quang Yen, Van Don and Mong Cai,and 15 industrial parks. An additional eight industrial parks will be formed inthe future.

Theprovince has coordinated with its neighbouring localities like Hai Phong, HaiDuong, Bac Giang and Lang Son in resources and transport infrastructuredevelopment.

QuangNinh has paid special attention to the planning work. Its development strategyfor 2021-2030 with a vision towards 2050 saw the consultation of leading firmslike McKinsey of the US and Nikken Sekkei of Japan./.