According to news portal Bizlive, under the draft, the MPI proposes to set up a pilot State-owned finance and investment company in the province to better mobilise investment capital to develop the province’s infrastructure as well as other important socio-economic sectors.

The company’s model will be the same as the HCM City Finance and Investment Company in HCM City (HFIC).

HFIC, which is a wholly State-owned company with a charter capital of VND5 trillion (US$234.74 million), is targeted to mobilise capital from domestic and foreign organisations and individuals to invest directly or indirectly into the city’s prioritised sectors.

After three years of operation, HFIC gained a profit of VND1.27 trillion ($59.62 million) and its return on equity (ROE) averages 15.81 per cent.

According to the draft, Quang Ninh will also get funds for its key projects. It will be also allowed to advance investment capital of the next year for its projects based on the projects’ implementation process.

According to the MPI, Quang Ninh will implement 312 projects with State funds to boost the province’s socio-economic development during the 2013-15 period.

Quang Ninh has an important location in the pivotal economic zone in the North of Viet Nam. It is seen as an important part of the economic development triangle in the North (Ha Noi – Hai Phong – Quang Ninh).

The Government has so far decided to develop the province to form big centres serving as international exchange regions, so as to support provinces in the southern part of the Song Hong (Red River) Delta.

It will be also targeted to form big industrial centres, to develop high-tech industries such as electronics, informatics and new material production.

Consumption goods production, food processing and seaport economic development industries will also be developed. The government will take the lead in international cooperation and foreign investment attraction.

In recent years, Quang Ninh Province has achieved some remarkable economic progresses. The annual average growth rate of GDP between 1996 and 2000 was 7.54 per cent, in 2001 and 2002 it was 12 per cent and 12.65 per cent last year.