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Bac Giang lures 1.5 billion USD in investment in seven months

Bac Giang province ranked second among provinces and cities nationwide in terms of FDI attraction in the first half of the year, after only the capital city of Hanoi.

Of the investment, there were 13 new domestic projects worth over 2 trillion VND (over 84.4 million USD) and 47 FDI projects valued at nearly 1.2 billion USD. In addition, 13 domestic and 22 FDI projects increased their capital by 1.33 trillion VND and 206.9 million USD, respectively.

Bac Giang province, 1.5 billion USD, foreign investment, seven months, FDI attraction, ranked second,  promote investment, efficiency of investment attraction

A production line at JA Solar Vietnam Co.Ltd in Quang Chau Industrial Park in Viet Yen district, Bac Giang province.

The province ranked second among provinces and cities nationwide in terms of FDI attraction in the first half of the year, after only the capital city of Hanoi.

The above-mentioned results are attributed to the province's efforts to promote investment in many markets while focusing on upgrading the infrastructure of industrial parks and traffic. Notably, Bac Giang has issued a project on improving the efficiency of investment attraction in the locality until 2030.

In 2022, Bac Giang was the first province in the country to have its development master plan for the 2021-2030 period with a vision until 2050 approved by the Prime Minister. Information on the province's investment is provided through various channels, such as the English, Chinese, and Korean pages on the province's electronic portal, the Japan Desk and Korea Desk investment support teams, and the bilingual "Economic Diplomacy" section in Vietnamese and English on the provincial Department of External Affairs' website.

The provincial People's Committee has held meetings with foreign delegations who came to explore opportunities in the province, and engaged in online meetings with investors from Japan, Hungary and Turkey, and provided information for the Vietnamese Embassy in India, Vietnamese diplomatic representative agencies in the US and the Singaporean Embassy in Vietnam.

The province follows a consistent investment attraction policy of prioritising high-tech, large-scale projects and those that produce competitive products, join the global value chain and significantly contribute to the state budget and social welfare.

Priority will also be given to those use energy efficiently and use renewable energy. The linkage between foreign investors, foreign-invested enterprises and domestic enterprises will be encouraged to develop clusters in line with each value chain.

From now to 2025, Bac Giang aims to lure investment in industrial development, towards improving productivity, quality and efficiency, and reducing the use of natural resources and energy.

It expects to raise investment projects’ contributions to its gross regional domestic product (GRDP) to 60-62% by 2025, and 66-68% by 2030.

The total disbursed investment is set at 246 trillion VND during the 2021-2025 period, and 613 trillion VND for 2026-2030.

Meanwhile, budget collection from projects is projected to increase 17% each year to reach 5.75 trillion VND by 2025, accounting for 38.3% of the province’s total budget collection. The numbers are expected to hit 12.6 trillion VND by 2030, and 52.7%.

Also in the period from January to July, 1,217 new enterprises were established in the province with total registered capital of 18.4 trillion VND, up 31.4% year-on-year in number but down 15.8% in capital.

More than 1,160 enterprises withdrew from the market or temporarily suspended business, an increase of 8.4% against last year’s figure.

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Source: VNA

Bac Giang province, 1.5 billion USD, foreign investment, seven months, FDI attraction, ranked second, promote investment, efficiency of investment attraction
 
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