Today: 08/08/2022 02:44:13 (GMT+7)

Bac Giang gives priority to supporting industries in FDI attraction

(BGO)- In recent years, the provincial authorities and sectors in the northern province of Bac Giang has implemented a number of measures to attract foreign direct investment (FDI). In which, the supporting industry projects applying high technologies have been given priority instead of the processing and assembling projects to raise budget revenues and boost the province’s economic growth.

Many fruitful projects

Currently, the FDI enterprises developing supporting industries are located in the industrial parks of Van Trung, Quang Chau, Dinh Tram (Viet Yen district) and Song Khe – Noi Hoang (Bac Giang city) by Korean, Chinese and Japanese investors. These enterprises produce components to support main products of domestic enterprises and for export.

Bac Giangprovince, gives priority, supporting industries, FDI attraction, foreign direct investment,  economic growth, public administration efficiency

Workers of Nichirin Company Limited in Quang Chau Industrial Park complete automobile and motorcycle brake hoses.

SJ Tech Vietnam Company Limited in Van Trung industrial park is a good example. This is a Korean invested company producing components and spare parts of cell phones and LCD screen stands for Samsung Corp earning revenue from 3 to 4 trillion VND (129.4 million to 172.6 million USD) and profits from 190 to 250 billion VND (8.2 million to 10.8 million USD) per year.

Remarkably, the company contributes some ten thousands VND to the state budget annually and creates jobs for thousands of laborers with monthly income from 8 to 10 million VND (345 to 431 USD) per each.

Similarly, Nichirin Company Limited in Quang Chau industrial park is a Japanese company operating in Bac Giang for many years with registered capital of some 42 million USD. The company built factories in the area of 4 hectare to manufacture various hoses and automobile and motorcycle brake.

Thanks to application of modern technology in production, the company gains increasing revenues by years contributing nearly 100 million VND (4.3 million USD) annually.

According to the leader of the Planning and Investment Department, the number of FDI enterprises investing in supporting industries have rapidly increased in recent 2 years.

By the end of last year, there had been 441 FDI projects in the province with total registered capital of some 5 billion USD including 220 projects involved in supporting industries focusing on electronic component manufacturing.

A number of enterprises proactively apply modern technologies in production to improve revenues, reduce environmental pollution and free up labor. The companies’ products have been supplied to both domestic and foreign markets. As a result, Bac Giang ranked 6th nationwide in terms of FDI projects in 2019.

Accompanying and facilitating enterprises’ growth

According to the provincial Customs Department, FDI enterprises contributed about 1 trillion VND (43.1 million USD) to the provincial budget mainly from supporting industry companies. These companies have created jobs for some hundred thousands of laborers with monthly income from 5 to 15 million VND (215 to 647 USD).

To that end, the province has carried out several measures for investment attraction while supporting operation of the enterprises especially those involved in supporting industries.

According to Nguyen Cuong, Vice Director of the Department of Planning and Investment, the provincial Party Committee promulgated the Resolution No 73-NQ/TU in 2016 on improving investment and business climate in the period from 2016 to 2020. The Resolution has been specified into detailed tasks for each related agency and unit.

The province has a view to give priority for FDI enterprises using less land, applying high technologies and making good contribution to the state budget without environmental and economic trade offs.

With the principle “enterprises’ success is the province’s success”, the provincial leaders have regularly talked, listened to and accompanied FDI enterprises to remove difficulties and obstacles.

Thanks to those efforts, the province’s investment climate has been dramatically improved presented in positive results of the provincial competitiveness index (PCI) and index of public administration efficiency (IPAE) reaching to the good position nationwide.

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Minh Linh

Bac Giangprovince, gives priority, supporting industries, FDI attraction, foreign direct investment, economic growth, public administration efficiency
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