Bac Ninh province has always focused on drawing investment flows into high-tech, modern, and environmentally friendly fields to effectively use natural resources, minerals, land and other factors. With the working principle “The success of investors is also the success of the province” and “the province always sides with enterprises”, Bac Ninh is currently one of the biggest recipients of investment capital in the country.
Bac Ninh province currently has 16 concentrated industrial parks approved by the Prime Minister with a total area of 6,397.68 ha, with 12 already granted investment certificates and establishment decisions with a combined area of 4,552.91 ha, including 3,181.94 ha of industrial land for lease. Among them, 10 industrial parks are in operation. Their occupancy rate reached 61.6%.
Over the past time, the construction planning management of industrial zones has been carried out in line with the law to meet investor requirements and serve the province’s socioeconomic development. Industrial zones attracted a large amount of investment fund, especially foreign direct investment (FDI). This is an important premise for Bac Ninh to maintain growth and realize the goal of becoming a centrally run city by 2022.
Up to now, the province has 1,542 valid FDI projects with a total registered capital of US$19.1 billion and 1,324 valid DDI projects with a registered capital is VND159 trillion (US$7 million). South Korea is the largest foreign investor, followed by Japan and China. In fact, the share of foreign direct investment (FDI) capital is increasing, focused into industrial zones. The quality of projects has improved. Most of FDI projects in industrial zones were involved in electronics, telecommunications and supporting industries for these industries. Projects invested by well-known giant firms include Canon, Samsung Electronics, Samsung Display, Foxconn and ABB. Projects all use modern machinery, equipment and technology for production.
To boost positive factors and attract more FDI and projects from global corporations, industrial parks need to step up site clearance land compensation to create a large land fund and technical infrastructure investment. Besides, it is necessary to accelerate investment and construction of infrastructure in industrial parks; periodically check construction quality and promptly detect violations of technical standards in order to take timely measures and support. Furthermore, it is necessary to promote administrative reform, create a favorable business environment and identify spearhead areas for investment promotion.
From specific and appropriate directions, Bac Ninh province is gradually reducing and removing barriers, creating a dynamic, innovative and scientific investment environment to woo more investors. At the same time, the province has focused investment on infrastructure development to catch up new technology trends. These key factors will make Bac Ninh province a desirable destination for well-branded global investors.
Source: Vietnam Business Forum