Vietnam’s Quang Nam province calls for more investment
Hanoi: More than US$280mil from 16 foreign direct investment (FDI) projects and nine domestic projects has been injected into the central province of Quang Nam in the first quarter of 2024, promising a surge in industrial production and exports by the end of this year.

A report from the provincial People’s Committee revealed that FDIs committed US$124.4mil and domestic businesses 3.89 trillion dong.

According to local authorities, the positive investment was in line with the Master Plan 2021 to 2030, and Vision 2050 that were announced last month.

It said the master plan aimed at developing the province as a destination for international tourism, a national multi-sector high-tech industry focus, biodiversity-based green growth power and a centrally run local authority.

The province agreed on proposals and surveys assessing investment possibilities for 16 projects with an estimated fund of 20 trillion dong.

Truong Hai Group, a key multi-industry investor in the province, proposed seven out of 16 projects with more than five trillion dong in building plants for mechanical electrical refrigeration, automobile glass, car bodies and spare parts, passenger car interiors, an industry research and development centre and upgrading Chu Lai Port.

Thaco Group contributed 2.7 trillion dong to the provincial budget in the first quarter, accounting for almost 50% of the provincial budget (5.32 trillion dong) in the first three months.

Deputy director of the provincial Department of Planning and Investment, Nguyen Hung, said Quang Nam has been boosting the construction of synchronised infrastructure projects and administration reform, clearing the way for investors.

“A series of solutions have been planned for creating the best conditions for businesses to set up their factories,” Hung said.

“The province has been speeding up investment promotion programmes with key domestic and international investors. We identified 50 out of 154 top priority investment sectors to lure huge investment as well.”

In the first quarter, the central coastal province also witnessed a surge of industrial manufacturing projects, including Karcher Industrial Vacuuming GmbH. This is a recognised supplier of high-performance vacuum cleaners for diverse industrial requirements, from Germany.

Two infrastructure developers, WHA Industrial Development PLC from Thailand and International BIN Corp, planned to develop industrial parks on 725 ha in Thang Binh District.

To date, Quang Nam has 200 FDI projects totalling US$6.2bil and 1,145 domestic projects worth 229 trillion dong.

Quang Nam called for the development of an international airport and a deep-sea port system to handle cargo vessels of 50,000 tonnes. — Viet Nam News/ANN
Investment
Hanoi: More than US$280mil from 16 foreign direct investment (FDI) projects and nine domestic projects has been injected into the central province of Quang Nam in the first quarter of 2024, promising a surge in industrial production and exports by the end of this year.