Over US$970 million poured into IPs in Quang Ninh

Industrial parks (IPs) and economic zones in the northern province of Quang Ninh have so far attracted over VND22.4 trillion (Over US$970 million) in the first six months of 2021.

Accordingly, Quang Ninh has granted new investment licences to five foreign-invested projects worth over US$567.5 million or VND13.1 trillion, and four domestic projects valued at over VND8.6 trillion.

Meanwhile, over VND425 billion were pumped into two existing FDI projects in the locality, including a photovoltaic cell technology project  invested by Jinko Solar Technology Ltd of Hong Kong in the Song Khoai Industrial Park.

The project is in line with the goal of developing Quang Ninh into a modern industrial and service locality and one of the dynamic and comprehensive development centres in the northern region.

As scheduled, the project will officially become operational in late October this year. It is expected to earn nearly US$1.3 billion in annual revenue and create over 2,000 jobs for labourers.

Other outstanding projects include a factory manufacturing household appliances, electric bicycles by Multi-Sunny Vietnam Co., Ltd (US$10 million), Lioncore Vietnam factory by Lioncore Vietnam Industry Co., Ltd (US$30 million), Haiyun Vietnam project of Hai Van Co., Ltd. (US$10 million), and a project of Jingsung Hitec Vina Co., Ltd (over US$13 million).

The locality has planned to coordinate with DEEP C Joint Stock Company to co-host an investment promotion conference themed "Coastal economic zones - Sustainable investment opportunities in Quang Ninh" in Ho Chi Minh City.

An investment promotion conference in pharmaceutical industry and other promotion activities are expected to be held in the year, as part of Quang Ninh’s efforts to attract more investment to the locality.

The local authorities have also paid attention to accelerating infrastructure development in IPs and economic zones in a comprehensive and modern direction, promoting administrative reform, and training high-quality workforce serving the demand in IPs and economic zones.

Quang Ninh has planned to focus on developing green, clean and environmentally friendly industries, and increase the proportion of processing, manufacturing, high-tech and smart industries in the 2020-2025 period.

It will also set aside VND58.7 trillion (US$2.53 billion) to develop modern and synchronous infrastructure during 2021-2025 to lure more investment.

Priority will be given to investment in strategic infrastructure such as transport, IT and telecommunications, as well as infrastructure in industrial parks, seaports, and port services.

Along with focusing on completing infrastructure at key seaports such as Con Ong - Hon Net, Hai Ha, Van Ninh and Nam Tien Phong, the province has outlined planning schemes to build international-standard marinas at Cua Luc Bay, while mobilising resources to complete construction of Van Don – Mong Cai highway and Ha Long – Cam Pha coastal road, Cua Luc 1 and 3 bridges in 2021, as well as road and bridge to Hon Net – Con Ong port in 2022.

During 2016-2021, the province disbursed more than VND49 trillion in public capital. Total social investment in the period was estimated at nearly VND345 trillion, or 1.6 times higher than the figure recorded during 2011 - 2015.

The gross regional domestic product (GRDP) of Quang Ninh was estimated at 10.05% in 2020 despite the adverse impact of COVID-19.

The province’s State budget collection is projected at VND49.3 trillion (US$2.13 billion), surpassing the year’s target by 9.4% and up nearly 7% compared to the same period of 2019.

Budget collection from export-import activities surged by 29% against the estimates, while domestic collection fulfilled the set target with VND37 trillion, rising 7%.

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