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Quang Ninh woos investment in EZs, IPs with incentives

VNA Print

Boats off the coast of Cai Bau Island, the centre of Van Don Economic Zone in Quang Ninh province (Photo: VNA)

Quang Ninh (VNA) – The northern coastal province of Quang Ninh is offering various incentives and preferential mechanisms to encourage investors to invest in economic zones (EZs), industrial parks (IPs) and border economic zones (BEZs) in the province.

At a press briefing on May 14, Vice Chairman of the provincial EZ management board Hoang Trung Kien said besides general policies, the province has issued its own investment support measures such as preferential rules on land lease and land allocation for building resettlements for those investors.

In particular, the province shares 30 percent of the land clearance costs immediately after an investor submits an investment plan. As a result, land clearance work at local industrial parks is going on smoothly. Some examples are the Viet Hung Industrial Park with 124 out of the total 151 ha of land already cleared, the Hai Yen Industrial Park with 85 out of 182 ha of land and the Texhong Industrial Park with 300 out of 660 ha of land cleared.

For secondary investors in IPs, the province promises support in workers’ training, trade promotion, technology transfer and cost in publishing announcements on firms’ establishment and product advertisements on the province’s portal and the IP management board’s website.

At present Quang Ninh has 11 IPs, one coastal economic zone (Van Don) and three planned border economic zones, which are located in 11 districts, towns and cities. They cover a total area of more than 368,000 ha, or 30.2 percent of the province’s area.

In the first five months of this year, nearly 3 trillion VND (128.2 million USD) was poured into economic zones and IPs in Quang Ninh, including 27.87 million USD of foreign investment.

Meanwhile, the three border economic zones – Mong Cai, Bac Phong Sinh and Hoanh Mo-Dong Van – have attracted 95 investment projects, including 17 foreign invested ones capitalized at nearly 298 million USD. The remaining are run by domestic investors with total investment of nearly 10.2 trillion VND (430 million USD).

Doing business in Quang Ninh has become easier in recent years, thanks to local authorities’ efforts to simplify administrative procedures.

The northern coastal province has an automatic customs monitoring system and has digitalised many administrative procedures. 

It has simplified procedures related to business registration and construction licensing, reducing time and money for enterprises. 

These efforts have helped reduce time of customs clearance for imported goods to only 24 hours instead of 39 hours as previously. 

Meanwhile, the time for individuals and organisarions to complete procedures to start business is six days, a cut of three quarters of the time compared with regulations in Government Resolution 19. Meanwhile, the time for granting construction permits is no more than 52 days, 68 days less than regulations in Government Resolution 19.

Thanks to the locality’s efforts to cut time spent processing administrative procedures, the locality’s investment environment has improved remarkably. 

In 2018, the northeastern province of Quang Ninh granted and adjusted investment licences for 50 projects with total registered capital of more than 23.6 trillion VND (more than 1 billion USD).

As many as 67.6 trillion VND (nearly 2.91 billion USD) was injected into the province in the year, including key infrastructure projects such as Ha Long – Hai Phong and Ha Long – Van Don expressways, Van Don International Airport,  Hon Gai international port and FLC Ha Long Bay Golf Club and luxury Resort, greatly contributing to the province’s development.-VNA

The article "Quang Ninh woos investment in EZs, IPs with incentives" was originally published on http://en.vietnamplus.vn/quang-ninh-woos-investment-in-ezs-ips-with-incentives/152616.vnp