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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.

The assessment indicators of the business investment environment have been improved. The provincial competitiveness index in 2022 increased 29 places compared to the previous year, ranking second out of 63 provinces and cities nationwide.

Experience in attracting FDI, Bac Giang, business investment environment, positive results, foreign direct investment

Vice Chairman of the provincial People’s Committee Phan The Tuan pays a field trip to the expanded Hoa Phu Industrial Park project in Hiep Hoa district in March 2023.

The province attracted a total capital of 968.8 million USD in 2020; 1,344.9 million USD in 2021; 581.49 million USD in 2022 and more than 1.3 billion USD in the first six months of 2023 (4.5 times higher than the same period in 2022).

In accumulation till June 30, 2023, the whole province has 509 valid FDI projects with a registered capital of 9.48 billion USD, 350 of which are in industrial parks with total registered capital of 8.46 billion USD.

Currently, Bac Giang has entered a new stage of development. The province orients to gradually switch the economic development model from breadth to depth, increase the resource use efficiency in associated with protecting the ecological environment.

With limited public investment resources, the driving force for local economic growth is to continue attracting more resources for development investment, especially investment from domestic and FDI enterprises; improving the quality and efficiency of investment projects, thereby creating a foundation to transform the growth model from relying on resources to relying on productivity, quality and efficiency.

Firstly, the province focuses on developing industrial parks and clusters, considering them as the main factor for the growth together with trade, service and tourism sectors to create a foundation for green development in the next period.

Secondly, Bac Giang attracts investment with selection and ensures the goal of “Prosperous business, developed province” without chasing investors.

Thirdly, the province focuses on upgrading and completing the infrastructure to attract investment. Currently, local transport and freight system is basically guaranteed with three types of transport: railway, road and waterway which are conveniently connected to the airport and seaport.

Experience in attracting FDI, Bac Giang, business investment environment, positive results, foreign direct investment

An overview of Van Trung industrial park (Viet Yen district).

Therefore, it is necessary to pay attention to allocating budget sources and calling for the attraction of other resources to build transport systems and infrastructure outside the fences of industrial parks and clusters; support the construction of housing areas for workers and other social infrastructure.

Fourthly, the authority at all levels need to create a favorable, public and transparent operating environment in order to help businesses and investors feel secure in their production and business. All information on planning, investment projects, incentive policies …. must be made publicly and transparently.

On the other hand, there are solutions to promote and enhance the position and image of the locality in the eyes of foreign investors while focusing on local marketing form, innovated investment promotion…

Finally, along with the orientation of human resource development planning, the province always creates an equal competitive environment between domestic enterprises and FDI ones without any discrimination or treatment during project implementation in the province.

 

Vice Chairman of the provincial People’s Committee Phan The Tuan
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