On September 13, the Quang Ninh Provincial People’s Committee signed memorandums of understanding (MOU) with four Vietnamese and foreign companies that plan to build four projects to be capitalised at a total $5.21 billion.

Sun Group will develop a $166 million eco-tourism resort in the Van Don Economic Zone, Vingroup will develop a hospital and hotel complex for a total $47.6 million in Halong City, China Texhong Group will build a $2 billion thermal power plant and the US’ AES Corporation will build another $2 billion thermal power plant.

Also, the committee granted investment certificates to five other projects with the combined total investment capital of $782 million. Among them, Sun Group is developing the $285 million Ocean Park project in Halong City and a $167 million resort in Cam Pha. Meanwhile, Texhong Group will build a $300 million garment and textile factory in the Van Don Economic Zone, creating around 6,000 jobs for locals. 

Recently, Belgium’s Rent-A-Port and InfraAsia Investment Ltd (Hong Kong) signed an MOU with the provincial people’s committee to pursue an industrial park and seaport project in the province.

Another firm, Lucky Cement Corporation wants to develop a site covering 516 hectares on Hoang Tan island in Quang Yen district. The project comprises a golf course, luxury hotel, service and entertainment facilities and a park. The total investment for this project could top $1 billion. The new agreements and investment licences reflect how popular Quang Ninh is becoming to investors in many areas.

The province is positioned on the border of southern China’s Guangxi province and borders Vietnam’s Lang Son, Bac Giang, Haiphong and Hai Duong provinces. Quang Ninh is emerging as the third economic hub in the north of Vietnam, after Hanoi and Haiphong. It is also home to the nation’s largest coalmine and world heritage site Halong Bay.

Tianzhu Hong, chairman and CEO of Texhong Group, said Quang Ninh had huge potential for economic growth, both for tourism and industry, due to its proximity with China.

“China is right on Quang Ninh’s door step,” said Hong, explaining why Texhong had selected Quang Ninh for its investment.

Dang Minh Truong, CEO of Sun Group – which owns luxury resorts in Danang including Ba Na Hills and Son Tra InterContinental Resort – agreed that Quang Ninh was seeing more and more tourists thanks to increased awareness of its beauty and service offerings.

“We are not stopping here,” said Truong, implying that Sun Group would look for new investment opportunities in Quang Ninh, apart from two projects in Halong and Van Don.