Priority to High-quality Projects

10:48:30 AM | 11/14/2023

Bac Ninh, on its trajectory toward becoming a centrally governed city, remains dedicated to the meticulous selection of high-quality projects, fortified by improved mechanisms, policies, and robust investment promotion efforts. The province underscores its unwavering commitment to stringent criteria, ensuring investor confidence and fostering sustained economic growth.

The production line of ITM Semiconductor Vietnam Co., Ltd. at VSIP Bac Ninh 

Strategic geographic positioning

Situated in the pivotal Hanoi-Hai Phong-Quang Ninh economic triangle and serving as the northeast gateway to Hanoi, Bac Ninh boasts an advantageous location adjacent to major economic centers. Its strategic transport network, including the Hanoi-Bac Ninh Highway, National Highways 1A-1B, 18 and 38, and proximity to Noi Bai International Airport and Hai Phong seaport, positions the province as a vital hub for economic exchanges and goods circulation.

Endowed with favorable soil and climate conditions, Bac Ninh presents an ideal environment for both industrial and agricultural production, laying a foundation for economic development and investment attraction. The province has proactively planned and developed modern socioeconomic infrastructure, particularly in industrial, urban, and service sectors, emphasizing logistics and warehousing services to leverage its status as a key trade, transport, and warehousing hub for the northern region.

Through focused investment promotion efforts, particularly in attracting Foreign Direct Investment (FDI), Bac Ninh has emerged as a Top 10 recipient of foreign investment. In the current year alone, the province has granted licenses for 384 projects, totaling more than US$1.31 billion in registered capital. As of September 2023, Bac Ninh boasts 2,040 valid FDI projects, representing a total investment capital of US$24.62 billion.

Bac Ninh province has attracted several world-renowned firms, including Samsung, Canon, Suntory PepsiCo, Foxconn, Amkor, Goertek, and Hanwha Techwin, which have invested in large-scale advanced projects. These investments have attracted a lot of satellite investors to the province, creating high-added value and making an important contribution to local socio-economic development.

The magnet of “soft” advantages

According to Mr. Nguyen Dinh Xuan, Director of Bac Ninh Department of Planning and Investment, the province’s consistent presence in the top 10 recipients of FDI funds in the country is a testament to its effective investment attraction policy and its commitment to supporting businesses.

Bac Ninh’s investment attraction criteria are “two less, three high, five available”. “Two less” refers to using less labor and less land, while “three high” refers to high investment capital, high economic performance, and high technology. “Five available” refers to available ground, human resources, reform, support, and epidemic prevention plans. The province is actively reforming administrative procedures, accelerating the construction of key projects linked to regional development, and intensifying investment promotion efforts.

Infrastructure investment is Bac Ninh’s top priority. Its industrial parks have better facilities and attract many investors. Bac Ninh currently has 16 industrial parks approved for development by the Prime Minister, with a total area of 6,397.68 hectares. Among them, 12 industrial parks are operational, with an average occupancy rate of nearly 59%. In addition, with more than 30 industrial complexes, Bac Ninh has vast land reserves for large domestic and international investors.

The province’s “dynamic” comparative advantages are the biggest draw for FDI investors. Bac Ninh is committed to administrative reform and procedure reform, aimed at providing the best support and service and creating the most favorable conditions for people and businesses. The province believes that administrative reform and procedure reform “have no ending point”.

Bac Ninh has successfully built a business doctor model, established a business support workgroup and the public administration center, and introduced the District and Department Competitiveness Index (DDCI). The province is always among the best performers of economic management quality. In 2022, Bac Ninh ranked 7th in the Provincial Competitiveness Index (PCI) and 3rd in the Provincial Green Index (PGI).

Additionally, Bac Ninh’s human resources have gradually met the strict requirements of FDI firms. The province has many universities, colleges, vocational schools, and large-scale schools, and the rate of trained workers is increasing.

Aiming to become a centrally run city by 2030, Bac Ninh will focus on attracting high-quality investment flows and sustainable development approaches. The province will continue to strengthen its attractiveness, further promote competitive advantages, welcome and facilitate investors, and affirm its position as an attractive and safe destination in the eyes of FDI investors, becoming a typical model for FDI attraction.

By Linh Ha, Vietnam Business Forum