QUANG NINH AIMS TO ATTRACT 3 BILLION USD WORTH OF FDI THIS YEAR

Northern Quang Ninh province has attracted more than 1.52 billion USD worth of foreign direct investment (FDI) in the first half of this year and is poised to reach its goal of 3 billion USD in FDI for the full year.

According to the province’s Investment Promotion and Support Board, FDI was put mainly into high-tech fields and environmentally friendly industries with high added value, enabling the northern coastal province to participate in the global value chain.

FDI in the manufacturing and processing industries is particularly helpful for the province’s development goals, which helped establish production chains in the electronics and garment industries.

The northern province registered a gross regional domestic product (GRDP) of 9.02 %, ranking 4th in the Hong (Red) River Delta region and 8th out of 63 provinces and cities in the country.

The manufacturing and processing industry was the standout of the province in the first half of this year with a growth rate of 23.05%, 10.3 percentage points higher than the same period last year.

The province collected an estimated sum of 30.774 trillion VND (1.2 billion USD) for the State budget in the first six months of this year, or 55% of its target.

Over the same period, 795 new firms were founded in the province, creating about 17,400 jobs. This figure is up 12.6% year-on-year.

Quang Ninh attracted more than 3.11 billion USD of FDI in 2023, becoming the top destination for foreign investment in Vietnam.

The province has significant potential for attracting FDI with the largest number of industrial and economic zones planned for development in the northern region.

Source: VIR