Foreign direct investment (FDI) flow into Bac Ninh province has increased from US$177.6 million, invested in four projects in 1997, to over US$15.5 billion on more than 1,080 projects from 32 countries and territories at present, making it one of Vietnam’s largest recipients of FDI.
The figures were announced during a conference held on October 17 to review Bac Ninh’s FDI attraction over the past three decades.
Following 30 years of implementation, FDI attraction in Bac Ninh has grown forcefully into a dynamic economic sector, with significant achievements, actively contributing to the province’s growth and socio-economic development.
The Republic of Korea is the largest FDI investor in the northern Vietnamese province with over US$10 billion. The FDI flow is focused mainly in the processing and manufacturing industry, with a registered capital of more than US$14.6 billion, representing 96 per cent of the province’s total FDI attraction.
FDI projects in Bac Ninh has also been highly appreciated in terms of their quality, thanks to the investment of many world renowned brands, namely Canon (Japan), Samsung (Republic of Korea), Nokia (Finland), Pepsico (US), and ABB (Sweden).
The success of FDI businesses has played a key role in Bac Ninh’s economic growth, with the contributory rate of the FDI economic sector to the province’s gross regional domestic product (GRDP) increasing through the years. From just 0.05 per cent in 1997, the FDI sector’s industrial production value rose to 89.9 per cent of the whole province’s total industrial production value last year.
FDI businesses in Bac Ninh exported US$22.6 billion worth of commodities in 2016, accounting for over 99 per cent of the province’s total export value, whilst contributing more than VND7 trillion (US$308 million) to the State budget last year and VND3.6 trillion (US$158.4 million) in the first half of 2017. They have also contributed to providing employment and raising the income for nearly 200,000 labourers, both within and outside the province.
Addressing the conference, Chairman of the Bac Ninh provincial People’s Committee, Nguyen Tu Quynh, spoke highly of the foreign investors’ decisive role in developing Bac Ninh from a merely agricultural province to a modernity-oriented industrial province, with many targets among the leading group of the country.
There remains a lot of business potential and opportunities for foreign investors in Bac Ninh, he said, encouraging FDI enterprises to actively renovate themselves and participate effectively in the fourth Industrial Revolution, as well as the global value chain, in addition to exerting continuous efforts to advertise Bac Ninh to the world and supporting the province in investment promotion work.
Quynh pledged stronger administrative reforms and greater efforts to build a safe, attractive, transparent and favourable business climate for investors, affirming that Bac Ninh always works with and considers foreign investors an integral part of the economy.
On the occasion, the Chairman of the provincial People’s Committee presented certificates of merit to 23 exemplary collectives with significant achievements during the period of 1987-2017.