Bac Giang Industrial Zones Ready for New Investment Wave

10:23:59 AM | 27/10/2021

Despite being hurt by the COVID-19 pandemic, Bac Giang province still achieved impressive results in investment attraction. The Bac Giang Industrial Zones Authority has prepared all favorable conditions to create motivations and development space to make the best investment environment for investors.

Bright spot in investment attraction

According to the Bac Giang Industrial Zones Authority, Bac Giang province is home to six industrial parks covering a total area of 1,310 ha: Dinh Tram (127 ha), Song Khe - Noi Hoang (150 ha), Quang Chau (426 ha), Van Trung (350 ha), Hoa Phu (207 ha) and Viet Han (50 ha). Four industrial parks are fully occupied; Hoa Phu Industrial Park leased 55% of rentable area, while Viet Han Industrial Park already obtained the investment registration certificate. More than 400 projects (including 310 FDI projects) with a total investment capital of VND9,800 billion (US$420 million) and US$5.94 billion have been located into industrial parks.

Mr. Dao Xuan Cuong, Head of Bac Giang Industrial Zones Authority, said tenants in industrial parks have made great contributions to local socioeconomic development and created jobs for local people. In 2020, their industrial production value reached over VND220,000 billion (nearly US$10 billion), up more than 20% year on year and equal to 82.7% of the province’s total industrial production value. They paid VND5,120 billion of taxes to the state budget.

Tenants in industrial parks are operating stably to make significant contributions to the province, creating jobs for nearly 170,000 workers, and paying a lot of taxes to the state budget. In the first three months of 2021, the value of industrial production is estimated to rise 45% year on year to VND58,500 billion and the tax value amounted to VND1,370 billion.

Supporting businesses, readily welcoming big investors

Given the current trend of restructuring global supply and production chains, Bac Giang industrial zones have been preparing necessary conditions for development investment and infrastructure construction in industrial zones to create ready space for a new investment wave, especially from foreign direct investment (FDI) investors and large corporations.

The province is currently focusing on developing social infrastructure for industrial zones, such as social housing, health and education facilities. In addition, the authority has developed measures to strengthen security and order in industrial zones and surrounding residential areas and focused on training and developing human resources in the province.

Furthermore, by 2025, Bac Giang province will stand in the Top 15 provinces and cities for gross regional domestic product (GRDP) in the country. The Bac Giang Industrial Zones Authority always keeps in mind that they must really change their mindset, active approaches and innovations to better support businesses.

Accordingly, the authority shall review and arrange the apparatus to ensure compliance with the Government’s Decree 82/2018/ND-CP dated May 22, 2018 and gradually improve staff quality to meet new development requirements.

In particular, administrative reform is always a top priority. The authority accelerates administrative procedure reform, pays attention to supporting businesses and investors in carrying out administrative procedures; and drastically improves professionalism, attitude and responsibility of public employees in performing their duties.

In addition, the authority concentrates on improving State administration in various fields, especially planning, planning management, investment, construction order and investment appraisal; proposing prioritized areas and industries to attract investment funds; strengthening inspection and attracting infrastructure investors and secondary investors.

Director Cuong affirmed, "In the coming time, with open investment attraction policies of the provincial government and outstanding efforts of the Bac Giang Industrial Zones Authority and infrastructure investors, new colors will be added to the picture of investment attraction to add speed to the course of industrialization and modernization-driven economic restructuring."

Source: Vietnam Business Forum