Today: 24/06/2021 21:39:08 (GMT+7)
THE CENTRAL AGENCY OF THE COMMUNIST PARTY OF VIETNAM BAC GIANG PROVINCE THE VOICE OF THE PARTY, GOVERNMENT AND PEOPLE OF BAC GIANG PROVINCE

Investment attraction priority taken to field with competitive advantage

(BGO) – Recently, the Ministry of Planning and Investment has verified Plan of Bac Giang province in period 2020 – 2030 with the vision to 2050. In the Plan, Bac Giang targets to be a modern industrial province with GRDP in top 15 leading provinces and cities nationwide and ranking first in the Northern Midland and Mountainous Region. To realize the goal, the province should implement solutions synchronously, especially investment attraction.

Bac Giang strives to basically become a modern industrial province by 2030. Apart from promoting the internal strength, it is crucial to draw various sources to reach the target, thus the province needs to create dramatic change in the investment in both number and quality.

Investment attraction priority, Bac Giang province, competitive advantage, modern industrial province, internal strength, foreign direct investment, socio-economic growth

The infrastructure of expanded Quang Chau industrial park is completed to welcome investors.

For the past years, the province has actively and quickly built the plans of industrial clusters and parks; urban, agriculture, tourism service development with many policies issued to lure the investment, which created a breakthrough in local socio-economic growth. Particularly, in the first quarter of 2021, the provincial economic development hit the first ever highest rate of 17.96 percent while foreign direct investment (FDI) attraction ranked third nationwide.

Besides the achieved results, the local investment attraction still had certain shortcomings such as the infrastructure of the industrial clusters and parks is not completed; many projects are small scale with backward technology; business and production effectiveness of FDI enterprises are not equivalent to the capacity; preferential policies are not really attractive to the investors...

Priority should be taken to the projects with high technology, friendly to environment and huge contribution to local socio-economic growth; projects with capability to join global value chain; those in the fields of electronic industry, telecommunication, mechanical process, construction materials, new materials and supporting industry or project with a lot of competitive advantage locally.

To help successfully implement the socio-economic development targets set by the 19th provincial Party Congress, in the next 5 years, the province need about 477 trillion VND (20.5 billion USD) of social investment including 10.5 percent of investment from stated own sector, 54 percent of non state owned sector and 35.5 percent of FDI.

Therefore, in the upcoming tenure, boosting up direct investment is one of the key tasks while improving the business environment and enhancing competitive capability are at the top priority. Moreover, there are some solutions to focus at.

Firstly, the province should well implement the planning task and announce the approved plans; prepare detail schemes to realize the industrial clusters and parks, urban development plan, agriculture and tourism areas development...The province needs to invest to upgrade synchronously and modernize the infrastructure system, enhance the quality of man power; draw investment to the industrial parks to increase to occupy rate in the industrial parks.

Next, priority should be taken to the projects with high technology, friendly to environment and huge contribution to local socio-economic growth; projects with capability to join global value chain; those in the fields of electronic industry, telecommunication, mechanical process, construction materials, new materials and supporting industry or project with a lot of competitive advantage locally.

Investment attraction priority, Bac Giang province, competitive advantage, modern industrial province, internal strength, foreign direct investment, socio-economic growth

The production line at Nichirin Vietnam Company Limited (Quang Chau industrial park).

The province should pay more attention to organizing promotion events to introduce and promote the potentials, advantages and preferential policies for investment attraction in the province to the domestic and foreign business community; assisting the businesses and investors to deeply understand about Bac Giang province as well as the policies and determination to renovate the investment attraction and development.

In the task of investment promotion, it is necessary to focus on drawing FDI from inter-continential groups, Japanese and Korean enterprises producing supporting industrial products as well as look forward to potential partners from Europe and the US.

Another solution for implementation is to boost up inspecting and supervising the investment project to ensure the project execution and production activity smoothly and effectively while reinforcing the post inspection, determinedly reclaiming “suspended” projects or those with delayed schedule.

Dr. Phung Minh

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Investment attraction priority, Bac Giang province, competitive advantage, modern industrial province, internal strength, foreign direct investment, socio-economic growth
 
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