Bac Ninh-Attractive Destination for Foreign Investors

2:46:28 PM | 30/12/2014

With US$1,365 million invested in the first 9 months of 2014, Bac Ninh is leading in the attraction of FDI in Vietnam. By September 2014, the province has 608 FDI projects with registered capital of US$7,610 million including Samsung project (July 1, 2014) worth US$1 billion. Bac Ninh is truly an attractive destination to FDI investors.
FDI plays an important role in socio-economic development in Vietnam. It is also true in Bac Ninh province. The province has increasingly attracted FDI especially since the enforcement of 2005 Investment Law. In 1997 when the province was re-established, there were only 4 FDI projects with registered capital of US$177.58 million. By September 2014, the number increased to 608 FDI projects and US$7,610 million in registered capital, including Samsung project (July 1, 2014) worth US$1 billion.
As FDI plays an important role in economic development, Bac Ninh has unceasingly improved investment environment focusing on development of industrial zones. So far, the province has 15 industrial zones (IZs) including those with modern infrastructure and services such as VSIP Bac Ninh, Tien Son, Yen Phong, Que Vo, etc. High priority is reserved for most feasible projects, big potential investors, hi-technology, new materials, bio-technology, electronics, and environment friendly projects.
Bac Ninh is truly attractive to big economic groups such as Samsung, Canon, Microsoft, Hon Hai Precision Industry Co., Ltd.( Foxconn Technology Group), etc. In 2008, Samsung started investing in Yen Phong IZ serving as a path-finder. Samsung together with hundreds of satellite enterprises with total capital of over US$3 billion is operating successfully and contributing significantly to Bac Ninh industry and export. FDI projects have developed spear-headed industries in the province such as electronics with high value and competitiveness contributing to the development of businesses and urbanization.
In the coming years, Bac Ninh will improve business environment to contribute to sustainable development, technology transfer, workers’ welfare, local budget as well as to attract high and clean technologies for higher added value and resources saving.
Duy Anh