QUANG NINH — The northern province of Quang Ninh attracted over US$390 million in foreign direct investment (FDI) in the first six months of the year, an increase of 15 times over the entire 2011.
According to the provincial Planning and Investment Department, the number had exceeded their 2012 plan in attracting FDI.
It said the result was due to the success of an investment promotion conference held in the province in late February during which dozens of foreign groups from the US, France, Russia, Japan, South Korea, Thailand and mainland China found investment opportunities.
Administrative reform in serving investment played an additional role in attracting FDI, the department noted.
For example, Hong Kong's Texhong Ngan Long received its licence in one day, allowing it to open a $300 million fabric facility in Mong Cai District.
Currently the province has 93 foreign-invested projects with total valid registered investment of $4.1billion. By 2020, the province would have lured investment for 18 projects in tourism and entertainment services, seaports, border, logistic system, trade, infrastructure and high-quality human resources.
To attract investors, the province has committed to applying a reduced enterprise income tax rate of 10 per cent over 15 years alongside a four year tax exemption. Employees will also enjoy a 50 per cent reduction in income tax.
Quang Ninh also committed to organising land clearance and land tenures as well as facilitating infrastructure, labour and administrative procedures on behalf of investors.
Provincial Party Committee Secretary Pham Minh Chinh said the province has paid special attention to improving its investment environment by changing ways of thought in organising investment promotion policies to increase FDI, ODA and private sector investment in the future. — VNS