In 2014 alone, the province attracted more than 2 billion USD, double the investment seen in 2013. The big change has been attributed to the improved efficiency of the local administration.
The Tuan Chau group has invested 450 million USD in this international standard port. The port has already begun receiving international vessels only 3 years since construction, 6 years earlier than expected thanks to support from Quảng Ninh’s authorities.
"We’ve received great support from authorities in terms of procedures, including the request to the Ministry of Transport to get the port recognised as being sufficiently high standard to accept international shipping. Normally, it would take us 9 years to finish all the documents. But now we’re 6 years ahead of schedule", said To Hai Nam, Vice President, Tuan Chau Group
Quang Ninh is the first province in Vietnam to establish an Investment Promotion and Support Board. The agency has halved the time spent on administrative procedures, as well as rolling-out support policies to attract private sector.
"Investors can contact us even after office hours and during holidays. They can talk to any officials as we all have one voice in common, which is to fully support investors. We will provide favourable conditions as long as they are qualified", said Nguyen Duc Long, Chairman, Quang Ninh Prov. People’s Committee.
The province has piloted a private investment- public use policy which aims at reducing state investment in building offices. Many government offices are built under the funds from enterprises. When the buildings are finished, the government will borrow the buildings without paying for the construction and management, saving 4.5 million USD. The better investment environment has helped Quảng Ninh has seen the province rank fourth in terms of the provincial competitiveness index.
