QUẢNG NINH — The northern coastal province of Quảng Ninh has emerged as a magnet for foreign investors in recent years thanks to its youthful population, favourable business climate and administrative reforms.

According to Deputy Director of the provincial Department of Foreign Affairs Vũ Đình Xứng, the province is now home to 120 valid foreign direct investment (FDI) projects with total registered capital of more than US$6.23 billion.

Among 21 countries and territories having invested in the province, the US is the largest investor, registering $2.3 billion for its eight projects, accounting for nearly 38 per cent of the total foreign capital. It is followed by China, Singapore, Japan and Indonesia.

Most of the FDI has been poured into the fields of tourism, service, hotel, industry, mining, fibre production and building materials.

The province has a chance to attract more investment from Northeast Asia as it was the destination for a two-day field trip of delegates to the World Economic Forum on ASEAN (WEF ASEAN) 2018, which took place in Hà Nội from Tuesday to Thursday.

While Japan and the Republic of Korea (RoK) are the two leading investors in Việt Nam, Quảng Ninh Province has so far failed to catch the attention of companies from the two economic powers.

Japanese investors have poured more than $380 million into seven projects in Quảng Ninh, focusing on industry-construction and agriculture. Meanwhile, investors from the RoK have six projects with $33 million operating in agriculture, trade and service.

In the first six months of this year, the flow of Japanese investment in Quảng Ninh Province stood at only $43.4 million and that from the RoK was $31.4 million.

In addition, a majority of projects by northeast Asian investors in the province are of medium and small scale. Among the 79 investment projects by investors from the region, only 10.1 per cent have registered capital exceeding $50 million.

From the start of the year, the province has granted new investment licences and adjusted investment certificates for 28 projects valued at VNĐ9.6 trillion ($412.8 million), including 15 foreign projects worth $235.62 million.

Notably, the province presented an investment licence to AMATA Group from Thailand to carry out the facility building and business project at the Sông Khoai Industrial Zone. The Thai investor injected $155.59 million into the project.

Last year, Quảng Ninh Province for the first time ever became the most competitive locality in the country, topping the Việt Nam Provincial Competitiveness Index (PCI) 2017, which helps consolidate and increase investors’ confidence. As a result, a number of potential investors have sought opportunities to enhance their presence in the province.

In the past, Quảng Ninh received and worked with 18 delegations of investors, most of whom came from Japan, the RoK and Taiwan (China), said Chairman of the provincial People’s Committee Nguyễn Đức Long.

Furthermore, the province’s working group attended the 10th UK-Việt Nam Joint Economic and Trade Committee (JETCO) in the UK and conference on Meet Europe 2018 to meet European organisations and enterprises.

The province is now looking for measures to optimise the efficiency of border gate economic zones and sea port systems while facilitating investors to carry out projects in industrial parks, especially the Vân Đồn Economic Zone, Sông Khoai Industrial Zone and Hải Hà Industrial-Port zone, among others.

It is completing key transport infrastructure to lure foreign investment, including Vân Đồn International Airport and Hạ Long-Vân Đồn expressway, as well as making meticulous preparations for the Vân Đồn-Móng Cái Expressway project and the Hạ Long-Cẩm Phả coastal road. — VNS