The Jinko Solar PV Vietnam photovoltaic cell technology project officially commenced operations in October 2023, completing a large-scale production line of photovoltaic wafers in Quảng Ninh Province. — Photo baoquangninh.vn

QUẢNG NINH — Quảng Ninh Province is reported to attract over US$3 billion in foreign direct investment (FDI), temporarily securing its position as the leading province nationwide in attracting FDI.

In a recent update, Hoàng Trung Kiên, Head of the Quảng Ninh Economic Zone Authority, revealed that the total FDI capital inflow into industrial zones and economic zones in the province reached more than US$3.1 billion in the last 10 months, exceeding the target set by the provincial People's Committee by an impressive 158.6 per cent.

During this period, Quảng Ninh issued new investment registration certificates for 24 projects and adjusted the capital for one project.

Notably, in October, the province granted an investment registration certificate to the Jinko Solar Hai Ha photovoltaic cell project with a registered capital of VNĐ34.7 trillion (equivalent to $1.5 billion). This milestone not only signifies the province's success in surpassing the $3 billion FDI threshold, but also positions Quảng Ninh at the forefront of FDI attraction nationwide, outpacing major cities such as Hà Nội, Hải Phòng and HCM City.

In October, the Jinko Solar PV Vietnam photovoltaic cell technology project (Jinko 1) officially commenced operations. Coupled with the Jinko Solar Vietnam Silicon Wafer Technology Project (Jinko 2), which began operating in January 2022, the projects have successfully completed a large-scale production line of photovoltaic wafers in Quảng Ninh. Once operating at full capacity, Jinko 1 is expected to generate revenue of more than VNĐ100 trillion (approximately $4.37 billion), exporting 100 per cent of its products to European and American markets.

To become a "safe, reliable and attractive" destination for investors globally and within the region, the province has been actively streamlining procedures in investment, land, construction, tax and customs. It has promptly proposed amendments and abolitions of legal regulations and procedures that present obstacles, ensuring timely resolution of difficulties and providing support to investors.

In tandem with this, the province is maximising the effectiveness of pioneering models and breakthrough initiatives, such as administrative centres at all levels, provincial investment promotion and support agencies, special task forces supporting businesses and investors, the "Entrepreneur Café" model, and business conferences.

Quảng Ninh is particularly focused on addressing challenges for businesses and investors during legal procedures, investment, construction and production activities. It is urgently improving construction plans, land use plans, and encouraging industrial zone infrastructure investors to complete technical infrastructure systems, ensuring a clean land fund ready to attract high-quality FDI projects.

Investment promotion activities are also given significant attention by the province, with a focus on implementing innovative approaches both in content and methods, yielding noteworthy results. Of particular significance is the robust digitisation of investment promotion activities, enhancing the province's investment promotion materials and data to swiftly and accurately showcase to investors the potential, strengths and developmental directions of the province. Simultaneously, there is a proactive and positive engagement in promoting investments with delegations of foreign investors visiting the province for research, exploration of investment opportunities, and expansion of investment scope within the province.

The Quảng Ninh-Japan Investment Promotion Conference on November 17. — VNA/VNS Photo

Since the beginning of the year, the province has engaged with over 100 delegations of foreign investors, conducting research and exploring investment opportunities and expansion possibilities. These delegations include prominent corporations such as BP (UK), JTA (Qatar), Jinko Solar, TCL (Hong Kong-China), Lite-On Technology, Tera, Neotek (Taiwan-China), Mitsubishi, Yaskawa Electric, Tamagawa Seiki, Sojitz (Japan), China Pacific Construction Group, China First Highway Engineering Company Limited (CFHEC), and more.

In late August 2023, the provincial Promotion and Investment Support Board organised an investment promotion programme with major FDI investors from exemplary markets. Participants included Samsung Electronics Vietnam (South Korea), VSIP (Singapore), Unilever Vietnam (United Kingdom), GreatStar Industrial Vietnam Co Ltd and Deli Vietnam Co Ltd (China).

To achieve its goal of attracting over $1 billion in FDI into industrial zones and economic zones in 2023, the province is focusing on five key tasks: enhancing the quality of investment attraction, improving investment promotion efficiency, ensuring ownership rights and benefits linked to investor responsibilities, strengthening the leadership of party committees and the management of local authorities, and involving political and social organisations in investment.

The province is determined to selectively attract foreign investment, prioritising projects with new, advanced technologies, modern management, high added value, significant spillover effects, and global production and supply chain connections. The province emphasises the development of high-tech industrial zones, supporting industrial zones, industrial zones dedicated to specific industries, and supporting industries, forming production and supply chain linkages, and prioritising the development of industries at the forefront of the Fourth Industrial Revolution.

As of now, Quảng Ninh Province stands at the 9th position nationally in FDI attraction and remains steadfast in its commitment to becoming a top destination for foreign investment, fostering economic growth and development. — VNS