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Bac Giang moves to attract more investment from RoK

Defining industry as the main driving force for development, the northern province of Bac Giang has stepped up promotion to attract foreign direct investment (FDI), including capital from the Republic of Korea (RoK).

According to Vice Chairman of the provincial People’s Committee Phan The Tuan, the RoK now ranks first in the number of FDI projects and ranks second in terms of registered investment capital among countries and territories. RoK enterprises accounted for about 25% of the total industrial production value of the FDI sector in the province, 30% of import-export value and 21.3% of the budget contribution, he said.
Bac Giang province, attract more investment, RoK, main driving force, FDI, import-export value, registered investment capital

Van Trung Industrial Park in the northern province of Bac Giang.

Provincial leaders and heads of departments and agencies have coordinated with international organisations in Vietnam and Vietnamese representative agencies abroad through information exchange and investment promotion including the Korea Trade Promotion Agency (KOTRA) to introduce Bac Giang's potential and call for investment in the locality.

The province has issued a Green Growth Action Plan for the 2021-2030 period with the goal of developing important economic clusters towards increasing production and use of renewable energy, improving efficiency, and using energy sources economically.

It has focused on investing in developing industries that help solve environmental problems, contributing to promoting economic restructuring, associated with innovating growth models to achieve sustainable development goals, Tuan said. Building a smart urban model is considered one of the key solutions that creates motivation to promote socio-economic development in the province, he said.

The official said he hoped that cooperation between Bac Giang province and RoK partners, who have practical experience in developing smart urban, green growth and investment, will be fostered in the coming time, bringing benefits to both sides.

Bac Giang attracted 2.2 billion USD in FDI in the first 10 months of 2023, a two-fold rise from the same period last year.

Bac Giang’s 10-month FDI attraction over 5 times higher than 2022 same period
BAC GIANG - In the first 10 months of 2023, Bac Giang province attracted 81 foreign direct investment (FDI) projects with a total registered capital of more than 1.5 billion USD, 5.2 times higher than the same period last year, according to the provincial People’s Committee.
 
Bac Giang leads nationwide in newly registered FDI capital
BAC GIANG - Since early this year, Bac Giang province has attracted more than 2.14 billion USD investment capital, nearly doubling the figure year on year, reported the Department of Planning and Investment.
 
Experience in attracting FDI
BAC GIANG - Thanks to strongly improving the business investment environment, Bac Giang province has gained positive results in attracting foreign direct investment (FDI). The province has an attractive investment environment.
 
Tax collection from FDI enterprises exceeds yearly estimate
(BGO) – For the first six months of this year, the foreign direct investment (FDI) businesses in Bac Giang province has contributed nearly two trillion VND (85.3 million USD) to the budget collection, exceeding 19 percent of the yearly estimate.
 
FDI business: Industrial production locomotive
(BGO) – Bac Giang province now has 8 industrial parks (IP) which have attracted 453 projects, including 350 foreign direct investment (FDI) projects with total registered capital of over 8.2 billion USD. Amid many difficulties, the FDI enterprises in the IP maintain stable production and business activities, ensure good policies and rights for labours. 
 

Source: VNA

Bac Giang province, attract more investment, RoK, main driving force, FDI, import-export value, registered investment capital
 
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