Bac Ninh: A spotlight in drawing FDI

The northern province of Bac Ninh had attracted 1,102 foreign direct investment (FDI) projects by the end of October with total registered capital of US$15.8 billion, sixth among the 63 cities and provinces nationwide in FDI attraction.

According to the provincial Department of Planning and Investment, Bac Ninh recorded impressive growth in drawing foreign investment with 145 new projects and 103 existing ones with increased capital.

The province came second nationwide after the southern economic hub of Ho Chi Minh City with total newly registered and additional capital of US$3.19 billion.

Deputy Director of the department Nguyen Thi Phuong Thao said major groups such as Samsung from the Republic of Korea, Nokia from Finland, and ABB from Switzerland have invested in the locality.

bac ninh: a spotlight in drawing fdi hinh 0
A production chain in Bac Ninh province

Among them, Samsung is the biggest overseas investor in Bac Ninh. The company was granted an investment license in 2014 and has increased its capital to US$6.5 billion, she noted.

The FDI sector made positive contributions to local export growth, budget collection, and employment, Thao said, adding that foreign firms have generated jobs for more than 169,000 workers.

Deputy Director of the Foreign Investment Department under the Ministry of Planning and Investment Vu Van Chung said Bac Ninh recognised the local achievements in FDI attraction; however, adding that the outcomes have yet to match potential.

He called on local authorities to map out long-term strategies to lure foreign capital while improving the investment climate, administrative procedures, and infrastructure in addition to reforming investment promotion activities and developing high-quality human resources.

VNA

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