Continuous Reform and Enhancement in Investment Promotion

1:45:20 PM | 11/15/2023

In the face of intensifying competition among regions, Bac Ninh province strategically recognizes the imperative of continuous reform and enhancement in investment promotion as a pivotal catalyst for fostering investment and propelling socio-economic development. This commitment aligns with the essential objectives outlined in the resolution of the 20th Provincial Party Congress (2020-2025 term).

Vietnam-Singapore Industrial Park (VSIP),  Bac Ninh province

Improving investment promotion

Bac Ninh province is resolutely committed to proactive reforms and steadfastly organizes its investment promotion events while actively participating in conferences, seminars, and programs organized by central agencies across the nation. These endeavors aim to showcase the province's image, business investment environment, policies, and investment opportunities.

Further bolstering its efforts, Bac Ninh has entered into strategic collaborations with various entities, signing memoranda of understanding with Hanoi for transport connection and urban space cooperation, development cooperation programs with Bac Giang province, and agreements with institutions such as the National Economics University. Collaborative agreements with major corporations, including the Vietnam Posts and Telecommunications Group (VNPT) and Viettel Group, underscore the province's commitment to fostering partnerships.

Bac Ninh province has hosted several investment promotion events this year, including the 2023 South Korea Meeting Program - Red River Delta 2023, which was themed “Expanding investment, strengthening cooperation in supply chain and production chain”. Other events included “Export to South Korea - Opportunities and challenges” and dialogue conferences with FDI firms, domestic companies, cooperatives, and business households. The province also hosted two investment promotion conferences with nearly 100 Chinese and Taiwanese businesses, associations, and investors engaged in electronic equipment manufacturing and assembling.

Through these events, Bac Ninh province has attracted selective investment projects, prioritizing those with advanced technology, new technology, high technology, clean technology, modern management, high added value, and pervasive effects on connecting global production and supply chains. The province welcomes and pledges to accompany and facilitate companies to invest, do business, and reside in the locality.

Localized investment promotion

In addition to diversifying the forms and contents of investment promotion, Bac Ninh has prioritized support and issue resolution for businesses and investors. Regular meetings, contacts, and dialogues with stakeholders help the province understand their needs and aspirations, enabling it to offer timely support, particularly in legal frameworks, fundraising, and project feasibility.

The province has instituted a "special working group" and five expert groups to effectively assist local companies, cooperatives, and business households in overcoming difficulties. Simultaneously, Bac Ninh is actively implementing resolutions and conclusions from various levels of governance to boost socioeconomic development, enhance the business environment, and improve competitiveness in 2023.

Bac Ninh's consistent and flexible approach to investment promotion is reflected in its growing appeal to foreign firms and investors. The province hosts renowned names such as Samsung, Foxconn, Canon, PepsiCo, Amkor, GoerTek, and VSIP.

Bac Ninh's investment promotion remains in harmony with Party policies, State laws, and provincial regulations, emphasizing sustainable development and environmental protection. Key priorities include urban infrastructure development, smart city construction, high-tech industry, and organic food.

Bac Ninh province has granted new and revised investment licenses to 384 projects this year, with a total registered investment capital of more than US$1.32 billion according to the Department of Planning and Investment. As of September 2023, the province had 2,040 valid FDI projects with a total registered investment capital of US$24.62 billion. The presence of FDI projects has played a key role in industrial growth and made Bac Ninh one of the leading industrial provinces in the country.

Mr. Dao Quang Khai, Vice Chairman of Bac Ninh Provincial People's Committee, emphasized the province's focus on reforming investment promotion strategies. In addition to nurturing relationships with traditional partners, Bac Ninh is expanding its scope and targeting markets with established cooperative ties to attract investors, paving the way for continued growth and development.

By Ha Linh, Vietnam Business Forum