Resurgence of FDI projects in Quang Nam

Translated by HO THU Jun 18, 2024 08:47

(QNO) - In the first five months of 2024, Quang Nam province licensed 14 new projects with a total registered capital of over VND 4.2 trillion. FDI (foreign direct investment) attraction is on the rise.

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Chu Lai Open Economic Zone. Photo: Baoquangnam

Reportedly, there were 564 newly registered enterprises, with a registered capital of VND 4.001 billion, in Quang Nam as of May 31, 2024, an increase of 4.1% compared to the same period last year. As such, the number of new enterprises in the first five months of this year increased both in terms of number of enterprises and registered capital.

It is noteworthy that there were seven new FDI projects with a total registered capital of USD 124.2 million, doubling the number of projects and the amount of capital compared to last year.

Quang Nam issues investment registration certificates to investors. Photo: Nhadautu

So far, Quang Nam has had 1,148 domestic investment projects with a total capital of nearly VND 230 trillion and 199 foreign investment projects in place with a registered capital of over USD 6.2 billion.

At the conference on the announcement of Quang Nam province’s master plan for the period 2021-2030, with a vision to 2050, held on March 16, 2024, Quang Nam handed over investment registration certificates to investors in 16 projects with a total investment capital of over VND 20,000 billion.

Among the licensed projects are several large-scale FDI ones, such as the cleaning equipment manufacturing plant, with a total investment of VND 500 billion, by Kaercher Beteiligungs-GmbH (Germany); the super white glass manufacturing factory, with a total capital of over VND 820 billion, by Uc Thinh Viet Nam Glass Science Development Co. Ltd. (China); the magnetic magnet project, with a total capital of a magnetic magnet project, with a total investment of VND 1,920 billion, by Star Group Industrial Co., Ltd. (South Korea); and the project on producing sound equipment, with a total capital of VND 960 billion, by Guoguang Electric Co., Ltd. (China).

These projects are crucial for the specification and realisation of the provincial master plan. They are also good signals for Quang Nam to attract more domestic and foreign investors.

Potential for investment in Quang Nam. Photo: Nhadautu

According to Ho Quang Buu, Acting Chairman of the Quang Nam provincial People’s Committee, the province will give priority to projects that can ensure a balance between growth objectives, local revenue generation, and the technological level of the project, using domestic resources.

Quang Nam will not accept projects that use outdated technology, pose environmental pollution risks, or affect national security.

In terms of FDI attraction, Quang Nam will regularly coordinate and provide information for local and international investment promotion organisations, such as the Foreign Investment Agency, the Investment Promotion Centre for Central Vietnam, KOTRA, KORCHAM, JETRO, JICA, EUROCHAM, AMCHAM, and investment and trade counsellors in various countries, investment advisory firms, and brokers.

The collaboration aims to leverage support and assistance in promoting, introducing investment potential, the environment, and opportunities in the province.

At the same time, Quang Nam will improve the quality of investment promotion, intensify efforts in compensation, land clearance, and ensuring a clean land bank to attract foreign investors.

The province also proposes that the government increase the industrial land allocation quota in order to facilitate applications for investment approval to build new industrial zones, thereby attracting potential foreign investors.

(Source: vietnamdaily)

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Resurgence of FDI projects in Quang Nam