Record Growth Fuels Economic Surge in Quảng Ninh Province
The northern province of Quảng Ninh experienced a remarkable economic expansion, recording an 11.66 per cent growth rate in the first nine months of this year, a figure that represents the highest rate achieved in the past decade and leads all 34 provinces and cities across the country.
This impressive performance, according to a report from the provincial People’s Committee, is largely fueled by a powerful combination of increasing private investment and robust foreign capital inflows.
In the nine-month period, the province successfully attracted non-budget investment totaling VNĐ194.183 trillion (US$7.36 billion), an astonishing surge that is 20 times higher than the amount recorded during the same period last year.
Simultaneously, foreign direct investment (FDI) inflows reached a healthy $379 million.
The dynamism of the local economy is also reflected in the proliferation of new businesses, with nearly 3,000 new enterprises established during this period, marking an increase of 41.6 per cent from the previous year.
This influx brings the total number of active firms in Quảng Ninh to more than 13,000, complemented by 1,200 cooperatives and over 40,700 business households.
This data collectively underscores the region’s success in creating a fertile ground for business growth, solidifying its position as a premier economic hub in northern Vietnam and a leader in attracting capital.
Provincial Leadership Pledges Enhanced Business Support
The leadership of the province has publicly committed to removing obstacles for enterprises, recognizing that continuous support is vital to sustaining the current production and business momentum within the Quảng Ninh economy.
Speaking at a recent conference held with local businesses, Bùi Văn Khánh, Chairman of the provincial People’s Committee, pledged proactive steps to address and remove difficulties faced by enterprises.
He issued a directive calling for concerted efforts across departments to significantly simplify administrative procedures, accelerate digital transformation initiatives, and actively reduce operating costs for all enterprises.
Crucially, he indicated that a focused effort would be placed on resolving key bottlenecks, specifically in areas such as planning, land clearance, essential infrastructure development, and workforce skills improvement.
Furthermore, the provincial government is determined to improve businesses’ access to vital resources, including capital, advanced technology, and expanded market opportunities, ensuring that growth is both inclusive and sustainable.
The Chairman emphasized that the province is strategically promoting the digital economy, the green economy, and the circular economy as foundational pillars to enhance overall competitiveness.
This long-term vision for Quảng Ninh aims not only to maintain the current record growth but also to transition the economy toward a higher-value, more environmentally responsible model, making it an appealing destination for future foreign investment.
Industry Urges Action on Critical Operational Hurdles
Despite the record economic figures, local business groups and specific enterprises in Quảng Ninh have highlighted several persistent operational hurdles that require urgent attention from the local authority to ensure continued smooth operation.
At the enterprise conference, the Quảng Ninh Business Association formally urged the local authority to prioritize solutions for issues related to site clearance for new projects and to address the reported shortage of critical construction materials, concerns that directly impact the speed and cost of new development.
Lê Dộ, director of the Thành Công Việt Hưng auto plant located in Quảng Ninh, proposed the implementation of specific policies designed to actively encourage local companies to source raw materials and components from each other.
This strategic move would help to rapidly develop robust, internal production chains, thereby reducing reliance on external markets and significantly lowering input costs for all participating businesses.
Furthermore, a collection of other enterprises, cooperatives, and business households collectively appealed for immediate efforts to tackle recurring issues related to the complexities of taxes, various fees, and the volatile costs of input materials.
The proactive identification and resolution of these pain points, from taxes and fees to the development of local supply chains, are considered critical steps for the provincial government to take, ensuring that the economic boom remains inclusive and that the high investment volume attracted to Quảng Ninh translates into resilient, long-term operational success for the entire local business community.
