The Vietnamese province of Quang Ninh, a coastal province in northeastern Vietnam, attracted a record number of Singaporean companies to build factories and invest in its industrial zones. One of the most notable recent projects saw Quang Ninh’s Management Board of Economic Zones approving a USD 30 million factory project by Singapore Lioncore Industries Pte. Ltd. The factory will produce floor planks as well as vinyl tiles and planks with an annual capacity of 14 million square meters.
According to the Ministry of Planning and Investment’s Foreign Investment Agency, in January 2021, Singapore was the leading investor in Vietnam with USD 680.7 million in total investment in the country. Other key investors include Japan and South Korea.
In 2021, Quang Ninh aims to attract between USD 870 and USD 1.1 billion of investments into its industrial and economic zones. The province expects to attract 10-12 newly-registered foreign direct investment (FDI) projects and 5-6 project adjustments.
(Source: Vietnam Investment Review)