What Makes Quang Ninh Attractive Destination to Invest?

2:20:06 PM | 24/5/2018

In addition to natural resources and geographic position, the Provincial Competitiveness Index (PCI) is obviously a certain brand for Quang Ninh province to attract the business community to make investments in the locality, said Quang Ninh Provincial People’s Committee Chairman Nguyen Duc Long, adding that the province attracted over US$6 billion of foreign direct investment (FDI) in the past five years.

Currently, over 14,000 enterprises are operating in Quang Ninh province. In 2017, the province exceeded 11 socioeconomic development targets, with the gross regional domestic product (GRDP) rising 10.2 per cent, the domestic budget revenue topping VND27,000 billion for the first time, the per capita income reaching US$4,528, and the poverty rate falling to just 2.2 per cent.

To achieve these results, Quang Ninh had drastic instructions to support enterprises to remove hardships, promote production and business expansion. The provincial government requested concerned agencies and localities to understand hardships and aspirations of enterprises to better help them.

Mr Truong Manh Hung, Director of the Quang Ninh Investment Promotion and Support Agency, said, the province has introduced a plenty of preference policies and incentives for investors and localities have also tried to improve the business climate and attract investment funds in various ways of support. Quang Ninh has taken very aggressive action, particularly in reforming administrative procedures, reducing the settlement time for administrative procedures for enterprises. Investment licensing time has been shortened to 14 days.

Although each investment project has its own characteristics, provincial agencies are resolute to tackle all emerging issues. They continue to accompany investors after giving them business licences. The time necessary to start a project is basically shortened. All these efforts helped Quang Ninh province top the nation in the PCI rankings announced by VCCI in March.

On the sidelines of the PCI 2017 announcing ceremony, Quang Ninh leaders said, just 6 per cent of companies having to wait for their requests to be solved showed that the responsiveness of the Quang Ninh provincial administration was quite good and the business satisfaction was also high. The PCI report stated that, over the past five years, Quang Ninh had focused on administrative reform by operating public administration centres and establishing investment promotion and support agencies to reduce the time and costs for investors and businesses.

This was illustrated by Quang Ninh province’s leadership in market entry index in the PCI 2017, with only 6 per cent of businesses having to wait for more than a month to obtain necessary permits to start official operations and over 80 per cent praising the publicity of announced procedures, professional knowledgeable, clear guidance and friendly attitude of public employees in dealing with new or changed business registration procedures.

An investor in Van Don said, in investing here, we are pleased that Quang Ninh province has a very good investment environment. We acknowledge the support of the provincial government and its agencies to quickly deal with procedures for us to make good use of business opportunities. The very business satisfaction is the best token to convince new investors to come here to do business and expand operations.

Hien Nam