Bac Ninh ranks second in FDI attraction in 2017
The northern province of Bac Ninh attracted US$3.5 billion in foreign direct investment (FDI) in 2017, ranking second among provinces and cities across the country.
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According to the provincial Department of Statistics, Bac Ninh’s industrial production value reached VND1 quadrillion (about US$44 billion) and its export turnover hit US$29.85 billion, accounting for 14.9% of the nation’s export earnings.
The province collected VND21.6 trillion (US$948.2 million) for the state budget. Meanwhile, the locality’s gross regional domestic product (GRDP) made up 3.25% of the country’s GDP, with a GRDP growth rate of 19.12%.
Notably, the Samsung Group continued to pour an additional US$2.5 billion into the province, showing the province’s efforts to improve the investment climate.
Bac Ninh is now home to over 1,000 FDI projects from 33 countries and territories, including many hi-tech and environmentally friendly projects with big value invested by Samsung, Canon and Foxconn.
The flow of investment has been poured into 14 sectors, mostly in the processing and manufacturing industries. FDI projects have significantly contributed to the province’s economic development.
To increase competitiveness in luring FDI, the local authorities have paid attention to simplifying administrative procedures, providing legal support for investors, developing industrial park infrastructure and improving the quality of human resources through promoting education-training activities.
Vu Thi Phuong Thao, Vice Director of the provincial Department of Planning and Investment, said Bac Ninh will focus on attracting quality and high added-value FDI projects, especially in the fields of IT, bio-technology, hi-tech agriculture and infrastructure development.
Priority will be given to encouraging joint-venture projects between domestic enterprises and foreign partners, especially those from Vietnam’s strategic partners such the US, European nations, the Republic of Korea and Japan, thus enabling domestic firms to join the global value chain, she added.
