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Bac Ninh leads the country in attracting FDI with a total registered capital of nearly 5.04 billion USD, over three times higher than the same period last year. |
The data has just been announced by the Foreign Investment Agency under the Ministry of Planning and Investment.
Boost from electronics manufacturing
The electronics manufacturing sector continues to be the key element helping Bac Ninh attract FDI capital. Large-scale projects from the world’s leading technology corporations have significantly contributed to this impressive achievement.
Specifically, since the beginning of the year, the whole province has granted 359 new projects, a year-on-year increase of 2.9% with a total capital of 1,803.7 million USD, a year-on-year rise of 70.7%.
As many as 174 ongoing projects registered to increase their capital by 2,972 million USD. Foreign investors spent 52.8 million USD on capital contributions via share purchases, up 33 times. Cumulatively, Bac Ninh has granted investment registration to 2,418 valid projects with a total capital of more than 29.8 billion USD.
Total registered foreign investment capital in Vietnam reached nearly 31.4 billion USD nationwide, up 1% year on year. The ten localities leading the country in attracting FDI include: Bac Ninh, Quang Ninh, Ho Chi Minh City, Hai Phong, Hanoi, Binh Duong, Ba Ria - Vung Tau, Dong Nai, Nghe An and Bac Giang. These localities accounted for 79.6% of new projects and 69.4% of the country’s total investment capital in the eleven months.
What is the secret to its attraction?
So what are the key factors that help Bac Ninh become an attractive destination to foreign investors? According to some economic experts, favorable geographical location is one of the first factors contributing to Bac Ninh’s success in recent times. Next is synchronous infrastructure; open investment environment; abundant human resources and attractive incentive policies.
Bac Ninh has been mostly investing in infrastructure, including transportation systems, electricity, clean water and telecommunications, to meet the production and business needs of enterprises. The province is constantly improving the investment environment, simplifying administrative procedures, creating favorable conditions for investors, along with a young, abundant and qualified workforce.
In addition, attractive incentive policies help the province attract FDI capital inflow. The province has issued many incentive policies, especially in high-tech and Environment-friendly fields. Among them is Resolution 05/2024/NQ-HDND issued by the provincial People’s Council on June 28, 2024 on supporting human resource training for the semiconductor industry.
Accordingly, the Resolution focuses on attracting, training and retaining talents for the semiconductor industry, a key industry that requires human resources with high professional qualifications and good practical skills. This policy will directly support teachers, students and workers; motivate educational institutions and businesses to participate in the training process, thereby forming a complete human resource ecosystem for the semiconductor industry.
According to the leaders of Bac Ninh, in the coming time, Bac Ninh will have many innovative policies with the focus on improving the investment environment, improving the quality of human resources, attracting FDI projects with high technology and high added value, contributing to promoting sustainable economic growth.
Evidence of the innovative policies in the leadership and management of Bac Ninh province is the organization of regular meetings with entrepreneurs on the 13th of each month or on Saturday or Sunday near the 13th. When problems arise, the province is ready to listen and resolve problems of businesses on any day of the month. These efforts help promptly resolve the difficulties that businesses are facing. This is considered a pioneering step in the management of Bac Ninh’s leaders, aiming to realize the socio-economic development goals in 2024 and the following years./.