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Vietnam’s Quang Ninh province records fall in FDI growth in 2024

In December 2024, Quang Ninh province recorded 45 new foreign direct investment (FDI) projects with a total capital of US$2.87 billion, according to data from Vietnam’s Ministry of Planning and Investment. This is a notable decrease from 2023 when Quang Ninh recorded US$3.2 billion in newly registered capital–a fall of 10.254 percent.

Foreign direct investment (FDI) in Quang Ninh Province has been a key driver of its rapid economic growth, leveraging the province’s strategic location, abundant natural resources, and proactive investment policies. Located in northern Vietnam and home to the UNESCO World Heritage Site of Ha Long Bay, Quang Ninh has successfully attracted FDI across various sectors, including tourism, manufacturing, logistics, energy, and mining.

Tourism-related investments dominate the province, with significant contributions from countries like South Korea, Japan, and Singapore. Major projects, such as high-end resorts, entertainment complexes, and cruise services, have capitalised on Quang Ninh’s global appeal as a tourist destination. Industrial zones such as Hai Ha and Viet Hung have also attracted FDI in manufacturing and logistics, with investors focusing on export-oriented industries and supply chain development.

The energy sector, particularly coal mining and renewable energy, is another significant area for FDI, as Quang Ninh is rich in natural resources. Recent investments have also targeted infrastructure development, including the Van Don International Airport and expressways connecting the province to Hanoi and China, enhancing its accessibility and economic connectivity.

Quang Ninh’s business-friendly environment, coupled with its emphasis on sustainable development, positions it as a rising destination for FDI in Vietnam. With continued focus on infrastructure, tourism, and industrial modernisation, the province is poised to attract even more foreign investment in the years ahead.

See also: Doing Business in Quang Ninh, Vietnam 2024

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