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FDI ATTRACTION

Positioning its people
Northern Quang Ninh province will need to improve local human
resources if it hopes to meet its target of attracting $3 billion in FDI this year.

By LY HA

oreign-invested enterprises (FIEs) the first quarter of the year, a year-on-year terms of annual growth in FDI capital, it
have made pivotal contributions to increase of 13.4 per cent, figures from the led the way, with 42.3 per cent.
F socio-economic development in Foreign Investment Agency at the Ministry In the opening two months of 2024 it
northern Quang Ninh province over recent of Planning and Investment reveal. attracted eight new FDI projects with
times, with provincial leaders long rec- This is an impressive result given that combined capital of $478 million, including
ognizing and valuing FDI as an important many economists have expressed concern two projects in manufacturing and pro-
external resource in boosting local eco- that the application of a Global Minimum cessing and the high-tech sector. Gokin
nomic growth. Tax (GMT) may impact Vietnam’s FDI Solar from Hong Kong (China) is to build
A host of solutions have already been attraction. It is clear, however, that foreign a photovoltaic cell technology complex at
introduced in a bid to ensure that Quang investors still view the country as a safe the Texhong Hai Ha Industrial Park in
Ninh is a highlight in Vietnam in terms of and viable investment destination. Hai Ha district, with the largest capital
attracting and effectively using foreign According to Mr. Nguyen Duc Do, investment of the two, of nearly $275 mil-
investment, and such efforts must continue. Deputy Head of the Financial Economy lion. The complex will have a capacity of
Institute at the Vietnam Academy of 1.4 billion products a year. The IKO Thom-
FDI highlight Finance, Vietnam possesses many advan- spon Vietnam Co., Ltd, meanwhile, will
FDI capital flows into Vietnam are tages in attracting capital from leading invest $57 million in a factory producing
forecast to continue rising in 2024 despite foreign corporations, particularly those bearings and linear motion equipment at
the global economic difficulties. seeking long-term operations. the Song Khoai Industrial Park, with an
It attracted $6.17 billion in newly-reg- Its $3.11 billion worth of registered annual capacity of 930 tons of products.
istered, additional, contributed capital, and FDI capital last year ranked Quang Ninh Quang Ninh is expected to attract $1
capital to purchase shares from foreign third nationwide, after Ho Chi Minh City billion worth of FDI during the first quar-
investors in 48 countries and territories in and the nearby port city of Hai Phong. In ter, equivalent to one-third of its annual

40 Vietnam Economic Times April 15, 2024 en.vneconomy.vn