Now 23 years after its reestablishment, Bac Ninh has basically become a modern industrial province, with many social and economic indicators ranked top in the country. Despite COVID-19’s worldwide impact, the province still attracted a handsome amount of foreign investment funding to achieve breakthrough and sustainable development on the path to become a high-tech industrial hub of the country.
Currently, the industry and trade sector of Bac Ninh province not only develops, preserves and scales up traditional industries, but also adopts and develops new ones, particularly electronics industry, boosted by many world-famous multinational corporations. The presence of these firms has given a total new facelift to the industry of Bac Ninh province.
Mr. Pham Khac Nam, Deputy Director of Bac Ninh Department of Industry and Trade, said, “In the past time, Bac Ninh conducted industrial restructuring, with the electronics made into a key industry that plays a leading role in local industrial development and makes Bac Ninh an electronics center of the country. Bac Ninh has successfully attracted many investors with modern advanced industrial manufacturing from other countries and territories in the world, such as Japan, South Korea, the European Union (EU) and the United States. The industry has affirmed its solid driving role in economic growth and development. In 2020, the value of industrial output was estimated at VND1,120 trillion (US$48 billion), 1.8 times as much as in 2015, representing an annualized growth of 12.3% in 2016 - 2020.
The share of high-tech industrial products of Bac Ninh province increased from 61.7% in 2015 to 82.6% in 2018 and was estimated at 86% in 2020. The electronics industry accounted for more than 80% of the industrial output value. In addition, the development of supporting industries has resulted in the formation of industrial zones and many local enterprises have become vendors for foreign-led electronics firms and joined global value chains.
In the coming time, Bac Ninh will review and assess the current reality and arrange the space and resources for industrial development, integrated into the Bac Ninh development planning in 2021-2030, with a vision to 2050; develop industrial zones; construct and implement investment support programs for technical infrastructure development in industrial zones. The province will focally facilitate foreign-invested companies to develop their operations, especially giant ones that generate motivation for economic development and lead small and medium-sized enterprises (SMEs); attract and improve the quality of domestic and foreign investment flows, attract high-tech projects, increase scientific content and large investment projects; reduce norms on land use, natural resources, energy and labor; increase the localization rate in products. Priority will be assigned to satellite projects at the top of the value chain of electronics, precision engineering and high-tech industries.
In addition, Bac Ninh province will have a support mechanism to link businesses in the value chain, and support domestic SMEs to improve their competitiveness, utilize opportunities to join the value chain through the formation and development of the Technical Industrial Support Center, the formation of supporting industry associations; the construction and execution of supporting industry development programs, and “business support program for delivery of products and services to foreign invested enterprises by 2025” project.
Source: Vietnam Business Forum