Quảng Ninh Province Attracts Over $1.52 Billion in FDI in First Half of 2024

Quảng Ninh, The Gulf Observer: Quảng Ninh Province has successfully attracted more than US$1.52 billion in foreign direct investment (FDI) during the first half of this year, positioning itself well to achieve its annual target of $3 billion in FDI.

According to the province’s Investment Promotion and Support Board, the influx of FDI has been primarily directed towards high-tech fields and environmentally friendly industries with high added value. This strategic investment focus enables the northern coastal province to integrate into the global value chain more effectively.

The manufacturing and processing sectors have been particularly beneficial for Quảng Ninh’s development objectives, establishing robust production chains in the electronics and garment industries. The province’s gross regional domestic product (GRDP) registered an impressive growth rate of 9.02%, ranking it fourth in the Hồng (Red) River Delta region and eighth among the 63 provinces and cities in Vietnam.

The standout performance came from the manufacturing and processing industries, which achieved a growth rate of 23.05% in the first half of this year, 10.3 percentage points higher than the same period last year. This sector’s significant expansion underscores Quảng Ninh’s industrial growth and economic resilience.

Additionally, the province collected an estimated VNĐ30.774 trillion (US$1.2 billion) for the State budget in the first six months of 2024, achieving 55% of its annual target. This fiscal achievement reflects the province’s robust economic activities and efficient revenue collection mechanisms.

The period also saw the establishment of 795 new firms in Quảng Ninh, creating approximately 17,400 jobs, marking a 12.6% increase year-on-year. This surge in business formation and employment further signifies the province’s dynamic economic environment and its attractiveness to investors.

In 2023, Quảng Ninh attracted more than $3.11 billion in FDI, making it the top destination for foreign investment in Vietnam. The province’s significant potential for attracting FDI is bolstered by the largest number of planned industrial and economic zones in the northern region, positioning it as a key player in Vietnam’s economic landscape.

With its strategic focus on high-tech and environmentally friendly industries, and strong performance in manufacturing and processing, Quảng Ninh Province continues to solidify its reputation as a premier destination for foreign investment in Vietnam.