From now to 2025, Bac Giang will step up investment attraction to draw domestic and foreign resources for industrial development, said Director of the northern province’s Department of Industry and Trade Tran Quang Tan.
During the period, it is going to give priority to supporting industries that serve the key sectors so as to improve production value and further engage in global production and value chains.
The factory of the Hana Micron Vina Co. Ltd in Bac Giang province.
The province will encourage capable investors to carry out feasible and environmentally friendly projects applying advanced technologies, using materials from local sources, and ensuring harmonious interests between factories and material suppliers.
It will also boost industrial extension and provide industrial development advice for rural industrial production facilities to improve their management, technology, brand building, and selling capacity, Tan elaborated.
Bac Giang targets an annual growth rate of 21.5% in industrial production for 2021 - 2025 to raise the industrial production value to 677 trillion VND (28 billion USD) by 2025.
To that end, he went on, local authorities will take effective measures to push ahead with industrial restructuring in a way that attracts more investment to processing and manufacturing sectors.
Efforts will be made to facilitate technological innovation to improve production processes while capitalising on achievements of the Fourth Industrial Revolution to increase labour productivity and develop new industries. The province will also accelerate the completion of infrastructure of industrial zones to ready ground for investors.
Tan noted that from now to 2025, Bac Giang will foster industrial development under the “industrial ecosystem” model to form industrial zones accompanied by residential areas and services.
Land for industrial projects will also be expanded, the official said, adding that authorities will speed up site clearance for the remaining areas of existing industrial parks, including Viet Han, Quang Chau, Hoa Phu, Song Khe - Noi Hoang, Yen Lu, and Tan Hung.
Bac Giang posted month-on-month growth of 2.9% in the index of industrial production (IIP) in July, when the industrial production value reached over 39.84 trillion VND. The seven-month IIP rose 15.6% from the same period last year to raise the value to more than 281 trillion VND, up 19.3% year on year, statistics showed.
There are 452 valid investment projects in local industrial parks at present, comprising 339 foreign direct investment projects and 113 domestic direct investment ones, with registered capital totalling 8.26 billion USD and 17.85 trillion VND, of which about 5.55 billion USD and 9.62 trillion VND has been disbursed.
Tan said that since 2020, industrial production in the province has grown strongly, the share of processing and manufacturing sectors surged, while industrial zones’ infrastructure enlarged and upgraded.
Industrial development has substantially helped create jobs for local people, better the quality of human resources, and fuel the growth of other economic sectors. Thanks to industrial projects, people have improved their work styles and sense of labour discipline while acquiring advanced working methods, thereby helping promote manpower quality – an impetus for local economic growth and industrialisation, according to the director.
In the first half of 2023, Bac Giang’s economy expanded 10.94% from a year earlier, the second highest in Vietnam.