Quang Ninh has been an attractive destination for foreign investors. (Source: dangcongsan.vn)

Hong Kong (China) is the largest source of the capital with 3.81 billion USD funneled 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 worth 3.13 billion USD, and approved additional capital of 28.86 million USD for three others.

The province has been an attractive destination for foreign investors thanks to its efforts to promote administrative reform and build a transparent business climate, helping win confidence from the business community.

Since 2013, the province has topped the Vietnam’s Provincial Competitiveness Index (PCI) which measures the quality of economic management, the level of convenience and friendliness of the business environment, and administrative reform efforts by the provincial administration.

According to Director of the Quang Ninh Economic Zone Authority Hoang Trung Kien, the FDI projects are all in line with the province’s planning and development orientation, 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 Yen coastal 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 will continue implementing its decree on fast and sustainable development of processing and manufacturing sector during the 2020-2025 period with a vision to 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 of local strengths and potential such as tourism, processing and manufacturing industries, supporting industry, marine economy, logistics, and eco-agriculture.

Besides, it will sharpen focus on luring prestigious groups with financial strength, modern management, and long-term and stable investment that are able to create high added values at local industrial parks and economic zones, especially those 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 evaluate and choose foreign investments, with priority given to hi-tech projects, environmentally friendly ones, and those that can contribute greatly to the local budget.