The province’s authorities are taking a series of measures to improve the investment climate and create a level playing field for businesses in its territory.
It has been the first locality to set up an investment promotion agency (IPA), subjected to the provincial People’s Committee. It has streamlined business licensing procedures and granted incentives to projects on a case-by-case basis.
Aidi Vietnam Candles Arts & Crafts Co. (Aidi Vietnam), which is based in Cai Lan Industrial Zone, has expanded its production base to Viet Hung Industrial Zone, also in Quang Ninh. The new facility is scheduled for operation early next year.
The plant will receive orders transferred from other facilities based in China. Up to 98% of its production will be shipped to the U.S. market and the remainder to Europe, said Aidi Vietnam’s Deputy General Director Tran Ngoc Phuc.
The firm had intended to build the second plant in Thai Binh province nearby, but decided to locate it Quang Ninh thanks to favorable business and infrastructure conditions, and smoother tax and customs procedures, Mr. Phuc added.
Kevin Pierce, director of AES-TKV Company, the investor of Mong Duong 2 thermal power plant, said that the firm could not have completed the construction of the generator ahead of the schedule without the province’s support in site clearance.
The province will optimize administrative procedures to enable investors to access information and complete necessary steps to invest and do business more easily, Duong Van Co, chairman of the provincial People’s Committee said at a conference on improving the business environment and raising the Provincial Competitiveness Index, held on November 7.
At the conference, the Mong Cai Bordergate Economic Zone Management Authority handed over investment certificates to two projects in the zone and signed memoranda of understanding with investors of seven projects. The total value of the projects was 9.7 trillion dong ($450 million).
Between January and November this year, foreign investors pledged to pour $384.3 million into the province, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
Overseas players had put nearly $5.1 billion in 104 projects in the province as of the end of September 2015.