Bac Ninh industrial parks draw in foreign capital despite COVID-19
Despite COVID-19 affecting global production and supply chains, the northern province of Bac Ninh has maintained significant growth in FDI flows into its industrial parks (IPs).
The province is home to 16 industrial parks, which received US$265.73 million in FDI in July, compared to just US$66.65 million in June.
After 22 years, the number of FDI projects in Bac Ninh’s IPs has so far reached 1,074, capitalised at US$20.08 billion.
The IPs have accounted for a lion’s share of the FDI flow into the province.
To remain attractive to both foreign and domestic investors, the province has focused on improving its business climate, giving priority to projects that use less land and less labour, use more high technology, and make more budget contributions, the Vietnam Government Portal reported.
Together with general preferential mechanisms and policies from the State, the province has also proposed certain initiatives to encourage investment in IPs and boost on-the-spot investment promotion through images of large FDI businesses, such as Samsung, Canon, and Foxconn.
To welcome a shift in international investment, the Bac Ninh Industrial Zones Authority has worked with competent agencies to complete a project adjusting the IP development plan by 2020, with a vision towards 2035. Investment promotion activities and the implementation of a policy on supporting COVID-19-affected enterprises have also been prioritised.
In the Northern Key Economic Zone, Bac Ninh has grown from an agricultural province to a major industrial centre over the last 20 years, posting the second-highest per capita income and one of the highest economic growth rates in the country.
Surrounded by economic centres such as Hanoi and Hai Phong, it has managed to establish itself as one of Vietnam’s major FDI destinations.
