Quảng Ninh seeks solutions to attract FDI in 2023

December 09, 2022 - 08:29
There are currently 153 FDI projects in the province with a total registered capital of over $10.33 billion by investors from 19 countries and territories.
Móng Cái City in Quảng Ninh Province is an attractive destination for investors. — Photo baoquangninh.vn

QUẢNG NINH — The northern province of Quảng Ninh has granted new and adjusted investment registration certificates for 26 FDI projects with a total capital of US$639.76 million in 11 months of this year, equaling 49 per cent of this year’s plan.

There are currently 153 FDI projects in the province with a total registered capital of over $10.33 billion by investors from 19 countries and territories.

In which, China and Hong Kong (China) lead the number of projects with 80 projects, followed by South Korea with 12 projects and the US with five projects.

Investment projects focus mainly on industry, handicraft, culture, society, tourism, technical infrastructure, agriculture, trade and service.

The attraction of FDI this year did not meet the set target due to objective reasons such as the complicated situation of the COVID-19 pandemic lasting more than two years; the pressure of inflation weighing on world economy; the impact of the Russian-Ukrainian conflict; and China's anti-pandemic policy "Zero COVID" which has affected the production and business activities of FDI enterprises.

Faced with the challenge of declining global FDI inflows, multinational companies and many FDI enterprises tend to limit their production and business expansion during the pandemic, seek ways to diversify their supply sources, and move investment capital flows to their country.

Subjectively, attracting FDI in the province still lacks synchronisation and strategy; investment promotion forms have not been diversified and investment promotion force is not adequate.

The results of attracting investment into the province are positive but still not as expected, not commensurate with the provincial potential and advantages.

The number of FDI projects invested in the province in recent times has increased but not much, the number of projects with high technology content and supporting technology is still small, the implementation progress of some projects still falls behind schedules.

Director of the Department of Planning and Investment of the province Nguyễn Mạnh Cường said that in order to improve the attraction of FDI capital, Quảng Ninh would focus on investment promotion and prioritising projects in the following sectors such as high technology, future technology, modern and eco-friendly services, supporting industries, clean energy, renewable energy, medical equipment manufacturing, health care services, education and training, high-quality tourism; financial services; logistics services and other modern services.

Localities needed to prepare necessary conditions to attract investment such as reviewing and supplementing the clean land fund, reviewing electricity planning and urging the implementation of power projects, said the director.

Besides, they also needed to strengthen training of high-quality human resources, supplement policies and measures to develop supporting industries and improve administrative procedures; and strengthen the activities of two-way information exchange, policy dialogue between management agencies and investors. — VNS