PM approves Quang Ninh seaport and industrial park project

                                                      Photo: Quang Ninh Portal

Three foreign investors to develop project in three phases over 50 years, with construction of the first to begin next year.

Prime Minister Nguyen Xuan Phuc has approved an investment plan for a seaport and industrial park complex in northern Quang Ninh province proposed by three foreign investors.

The project has total capital of VND6.94 trillion ($315.4 million) and is located on an area of 1,192 ha in Quang Yen town, according to information published on the government’s portal.

The three investors are the CDC International Corporation (CDC) from the Cayman Islands, Singapore’s Middle Utilities Company, and Infra Asia Investment Company from Hong Kong.

It will include ten wharves, create approximately 110,000 jobs, and contribute VND240 billion ($10.7 million) to the province’s budget each year.

Construction will be divided into three phases, to be implemented over a period of 50 years. Construction of the first phase will begin in 2017 and is expected to be completed in 2021.

The Prime Minister asked that the investors prepare an environmental impact assessment for submission to provincial authorities for approval. 

He directed Quang Ninh to instruct relevant agencies to hand over land as soon as possible and to observe the Land Law and the Law on Forest Protection and Development when doing so.

Mr. Phuc also told it to direct the Quang Ninh Economic Zone Authority to review and grant investment licenses for each of the project’s phases.

The seaport and industrial park complex has a favorable location close by the Dinh Vu - Cat Hai Economic Zone and Cat Bi International Airport and is the central site in the Ha Long - Uong Bi - Hai Phong economic triangle, according to Minister of Planning and Investment Nguyen Chi Dung. It therefore holds great potential for the development of the marine economy.

As at the end of July Quang Ninh had 119 registered FDI projects with total investment capital of about $5.5 billion, the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment (MPI) has reported.

It granted investment licenses to six foreign investment projects in August with total capital of more than $153.6 million, Quang Ninh’s portal revealed. In the first eight months of this year it had 820 newly-registered enterprises with capital of $250.45 million, up 18 per cent against the same period last year.

by Ngoc Lan / vneconomictimes.com