The total newly registered and adjusted investment capital that poured into the northern province of Bac Ninh’s industrial parks (IPs) in July hit 59.96 million USD. Of the sum, 36.41 million USD was foreign direct investment (FDI).
The management board of the province’s IPs granted investment registration certificates for nine new projects with a total registered capital of 43.77 million USD.
There were 43 projects registered to adjust their investment in the month, with a total additional registered capital that totaled roughly 16.19 million USD.
In addition to building an investment database, the provincial Industrial Zone Investment and Development Support Centre also assisted 35 enterprises in terms of investment and labor as well as guiding them on how to apply for work permits.
Bac Ninh has grown from a predominantly agricultural province to a major industrial center over the last 20 years, boasting one of the highest economic growth rates in the Northern Key Economic Zone.
Surrounded by economic centers such as Hanoi and Hai Phong, it has managed to establish itself as one of the major FDI destinations in all of Vietnam.
As of the end of July this year, the province was home to 1,747 valid foreign-invested projects worth 22.8 billion USD, ranking seventh nationwide in terms of registered capital. Some 38 countries and territories have invested in Bac Ninh province’s industrial zone network.
Last year, Bac Ninh stood in the eighth position out of 63 cities and provinces in terms of economic scale. Its gross regional domestic product (GRDP) reached 133.6 trillion VND (5.7 billion USD), 23.8 times higher than that of 2017, accounting for 2.71% of the country’s gross domestic product (GDP). The GRDP per capita reached 165.6 million VND, and thus ranked 4th nationwide.
Many flexible mechanisms and policies have been adopted, contributing to accelerating the economic restructuring.
The average growth rate of its economy in the 1997-2021 period was 13.89% per year. Developing the electronics and high-tech sectors spearheaded the industry growth, making the province the center of the electronics industry in the country.
Last year, the province’s industrial production was valued at nearly 1.5 quadrillion VND, ranking first nationwide.
Its export turnover stood at 44.9 billion USD, accounting for 13.4% of the country’s total amount in that industrial sector.
Bac Ninh launched its first industrial park in Tien Son district in 2000. Now, the province is home to 16 industrial parks, of which ten have been put into operation.
Bac Ninh province not only supports traditional industries but has also drawn in and developed new ones. In the electronics industry, for example, many world-famous multinational corporations namely Samsung of the Republic of Korea, Canon and Sumitomo of Japan have set up in the province. The presence of these firms has given a facelift to the technology industry in the province.
The share of high-tech industrial products of Bac Ninh province was estimated at 86% and the electronics industry accounted for more than 80% of the industrial output value.
The development of supporting industries has resulted in the formation of industrial clusters. Many local businesses have served as tier-1 or tier-2 suppliers to foreign-invested enterprises and joined global value chains in the process.
To attract more investment into IPs and clusters, the province will review the planning of these facilities, meet the needs of investors, enhance administrative-procedure reform as well as facilitate enterprises investing in the locality.
It will develop high-tech modern industries, using fewer resources and enhancing the ratio of localization in the product.
Priority will be given to high-tech and environmentally friendly projects while promoting investment in existing IPs.