Positive industrial outlook

Industrial production in Bac Ninh Province has recovered significantly

Recovered industry offering new investment opportunities

The Statistics Office of Bac Ninh Province’s data show that in July, all three grade-1 industrial sectors of Bac Ninh grew, with processing and manufacturing reaching the highest growth rate of 23.99 percent, followed by the production and distribution of electricity, gas, hot water, steam, and air conditioning (up 9.53 percent), water supply, and waste and wastewater management and treatment (up 1.17 percent).

The high July IIP growth is attributed to the growth of 15 of the 24 grade-2 industries. The manufacturing of electronic products, computers and optical products saw the highest growth (28.69 percent), followed by chemical and chemical product production (up 10.77 percent), manufacture of products from prefabricated metal, except for machinery and equipment, (up 22.02 percent), manufacture of products from rubber and plastics (up 9.41 percent), and production of paper and paper-based products (up 5.98 percent).

The recovered industrial production has helped Bac Ninh attract more investment. According to data from the provincial Department of Planning and Investment, in July, Bac Ninh licensed 43 foreign direct investment (FDI) projects totaling US$198.37 million in registered capital, permitted 14 other FDI projects to increase their capital by US$27.09 million, allowed foreign investors to contribute a total capital of US$6.63 million to economic organizations, and terminated two projects totaling US$14.3 million in registered capital.

Since early this year, Bac Ninh Province has licensed 182 FDI projects with a total registered capital of US$768.8 million, allowed 88 FDI projects to increase their capital by US$352.47 million, permitted foreign investors to contribute capital to and buy shares of enterprises, worth a total value of US$16.47 million, and had 26 projects, with a total capital of US$62.83 million, revoked. The province has so far licensed 1,975 valid projects with a total capital of US$24 billion.

Nguyen Dinh Xuan, Director of the Bac Ninh Provincial Department of Planning and Investment, said the sustainable socioeconomic development, high-quality human resources, potential markets, diversified services and good infrastructure all have helped the province attract investment.

The recovered industrial production has helped Bac Ninh attract more investment

Ready for further investment attraction

Bac Ninh will continue improving policies and plans, prepare human resources and infrastructure, speed up site clearance, accomplish technical infrastructure in the industrial parks of Visip2, Yen Phong 2A, Yen Phong 2C, Thuan Thanh 1, Gia Binh I and Gia Binh II, as well as planned industrial clusters, improve its investment environment, and increase the efficiency of post-investment project management. The province is expected to make a breakthrough in investment attraction this year.

Choi Joo Ho, General Director of Samsung Vietnam Co., Ltd., a major investor in Bac Ninh, said almost half of Samsung’s US$19-bilion-investment in Vietnam – more than US$9.3 billion – is found in Bac Ninh.

FDI remains a major driving force of economic growth, so Bac Ninh will continue investment promotion in various forms and prepare production premises for foreign investors in order to maintain its leading position in FDI attraction.

Bac Ninh will prioritize non-labor intensive, non-land intensive, large investment, highly efficient, high-tech and environmentally friendly projects, help investors overcome difficulties, and encourage businesses to expand investment and reinvest in the province.