Northern Quang Ninh has made eye-catching efforts to turn the province into a top choice for investors.
Last week, construction of $300 million yarn plant of one of global biggest cotton suppliers Hong Kong-based Texhong Textile Group, was kicked-off.
The yarn plant project was the first foreign direct investment (FDI) project honoured with an investment certificate since Quang Ninh’s investment promotion conference in late February 2012.
It only took 24 hours for the investor to get the project’s investment certificate after completing relevant investment procedures, or 50 days from the date the investor voiced its investment proposal, according to Quang Ninh Provincial people’s committee Chair Nguyen Van Doc.
“We hope the plant’s first phase of construction will be completed within six months, including building workshops and associated works. Our company will join efforts with Quang Ninh for sustainable cooperation and development in the coming period,” said Texhong Textile Group chair Hong Tianzhu.
The plant, positioned on 400,000 square metres in Hai Yen Industrial Zone in Mong Cai, will have six workshops with total design capacity of nearly 140,000 tonnes of fibre per year. Some 80 per cent of its output will be exported to China and the European Union and cotton used in the plant will be imported.
As planned, the plant slate to be commissioned from the third quarter of 2013. Texhong Vietnam Textile JSC-1, a branch of Texhong Group, is operating a textile plant with a capacity of 210,000 spindles per year in southern Dong Nai province’s Nhon Trach Industrial Zone.
Besides the Texhong Textile project, a Singapore-backed wheat flour mill project developed by VFM-Wilmar Company Limited, also got a support from the provincial authorities. Licensed on the threshold of Quang Ninh investment promotion conference 2012, the $47.4 million project was given 3.4ha only five months later as well as the provincial authorities’ promise to guarantee water and electricity supply to the construction site. Construction of the flour mill slated to take place on July 21, 2012.
The two projects underscore Quang Ninh’s strong desire to be a top choice for investors.
“Provincial authorities have paid special attention to improving local investment environment in a comprehensive manner through changing ways of thought in organising investment promotion policies to increase FDI and private sector investment to the province,” provincial Party Committee Secretary Pham Minh Chinh said.
In the first six months of 2012, Quang Ninh licensed four new FDI projects valued at $391 million and one existing project was approved for increasing investment capital. This figure has surpassed the province’s set target in attracting FDI in 2012, far exceeding 2011′s $26 million.