Nearly US$900 million in foreign direct investment (FDI) has been registered in the northern province of Bac Giang since the beginning of 2023.
Most recently, China’s Yadea Group will invest $100 million in a factory to manufacture and assemble electric motorcycles with an expected capacity of about 2 million vehicles per year in Tan Hung Industrial Park, Lang Giang district.
Covering an area of 23.2 ha, the project will be implemented in the second quarter of 2023.
At a ceremony on January 7 to hand over an MoU on investment to Yadea and Lideco 1, the investor of Tan Hung IP, Chairman of Bac Giang’s People’s Committee Le Anh Duong said the province will create the most favourable conditions for foreign investors, who have made great contributions to the socio-economic development of Bac Giang province.
Earlier on January 2, Bac Giang province granted an investment certificate to Singapore’s Ingrasys Pte. Ltd, the investor of the Fulian precision technology factory project and signed an MoU with Chinese investor Hainan Longi Green Energy Technology Co Ltd on a project to produce solar panels.
Both projects will be conducted from the first quarter of 2023, with combined registered capital of about $761 million.
Bac Giang currently is home to more than 480 FDI projects, with total investment capital of over $8.2 billion. The province posted an all-time high economic growth rate of 19.3% in 2022.