Today: 02/04/2023 12:13:23 (GMT+7)

Bac Giang’s economy recovers with impressive growth

(BGO) - In the first nine months of this year, Bac Giang continued to record a high growth rate in socio-economic development, naming itself in the top localities nationwide. Drawing experience from Covid-19 prevention and control, the province has implemented many drastic solutions and persistently pursued the "dual goals" to recover the economy, achieving impressive results.

Many enterprises expand production scale

These days, Blue & Green Home Appliances Co., Ltd., in the Quang Chau Industrial Park is mobilizing human resources to complete orders for partners on time. As a foreign-invested enterprise operating in Bac Giang since 2019, the company specializes in producing plastic products, household appliances and components with more than 200 workers. Half of its products are exported to Japan, the Repubic of Korea, China and Malaysia, and the rest are supplied to major enterprises and corporations in Vietnam.

Bac Giang’s economy, recovers, impressive growth, Bac Giang province, high growth rate, socio-economic development, impressive results

A production line at BIO Vietnam Co., Ltd in the Quang Chau Industrial Park.

With its economic potential, the company invested more than 2.4 million USD in a new production line in the Van Trung Industrial Park, which is expected to operate in early 2023.

BOI Vietnam Co., Ltd in the Quang Chau Industrial Park is also one of the enterprises that quickly stabilized production after the epidemic, with high industrial production value. The company is investing about 12.6 million USD in expanding its production scale in the Viet Han Industrial Park. It will produce some new products and increase the number of workers by 3-4 times.

In general, after stabilising conditions to resume production, enterprises have operated at full capacity, with workers working overtime to complete orders in line with the signed contracts, avoiding disruption of the global supply chain. Industrial production thus continued to maintain a strong recovery momentum, serving as the main driving force for the province’s economic growth. Bac Giang’s nine-month industrial production index rose 44.2% over the same period last year.

Now there are 395 operating enterprises in industrial zones with more than 186,000 employees. Actual industrial production value in the first nine months reached over 307 trillion VND (12.9 billion USD), up 50.9% year-on-year. FDI enterprises were the main contributor with nearly 271 trillion VND (11.4 billion USD). Among them are Fuhong Precision Component Co., Ltd, Samkwang Vina Co., Ltd., and Lens Technology (Vietnam) Co., Ltd, among others.

Taking suitable support measures

Businesses with quick recovery and constant production and business expansion have made important contributions to the economic growth of the province. With high industrial production value, Bac Giang’s gross regional domestic product (GRDP) in the third quarter grew 23.74% year-on-year, contributing to maintaining the nine-month figure at 23.9%, naming the province in the top localities in the country.

Bac Giang’s economy, recovers, impressive growth, Bac Giang province, high growth rate, socio-economic development, impressive results

Workers of Blue & Green Home Appliances Co., Ltd. complete products.

The above results are attributed to the close direction of the Government and the drastic measures taken by the province to effectively implement the socio-economic recovery programme as well as flexibly and promptly solve arising urgent problems. The province focused on grasping the situation, directing and effectively implementing flexible adaptation policies, while supporting production and business recovery to help businesses maintain and increase their production scale.

The province accelerated compensation for site clearance, investment in technical infrastructure, and investment attraction for seven out of eight industrial zones and 21 out of 45 industrial clusters with approved investment policies. It also created the most favorable conditions for enterprises to develop.

However, besides many enterprises with high production and business results, some others still faced difficulties.

In order to keep the growth momentum, Bac Giang directed further promoting the role of the provincial Steering Committee for Investment Support and Business Development and the working group in charge of receiving information and feedback from enterprises and investors.

Bac Giang also renovated investment promotion work and focused on attracting investment selectively, targeting large multinational corporations using high, modern and environmentally friendly technologies. It kept a close watch on businesses’ situation to promptly solve difficulties and problems facing them in terms of production materials, product consumption markets, labor and capital.

Truong Son
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Bac Giang’s economy, recovers, impressive growth, Bac Giang province, high growth rate, socio-economic development, impressive results
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