Advancing IP Development to Draw Investors

10:16:18 AM | 1/12/2022

To make industrial parks (IPs) a favorable environment to woo investors, Bac Ninh province has spared no effort to develop synchronous infrastructure of industrial parks to entice big investors to Bac Ninh, serving as a driving force of the province’s economic growth in the new period.

Bac Ninh currently has 16 large-scale IPs approved by the Prime Minister with a total area of 6,398 ha and 10 smaller industrial clusters in operation. Their combined occupancy is 91.2%.

The province now has 37 planned industrial clusters with a planned area of 1,141.86 ha, with 33 industrial clusters already established with a total area of 1,057.26 ha. 23 industrial clusters are operational on a combined area of 723.25 ha. They are currently housing more than 800 companies and generating jobs for 50,000 workers. Industrial output in industrial clusters grows 12.4% annually on average and accounts for 9.4% of the province’s total industrial output.

Bac Ninh province has developed and expanded many new industries and new products such as electronics, robustly boosted by many world-leading multinational corporations like Samsung (South Korea), Canon and Sumitomo (Japan) and Foxconn (Taiwan, China).

Currently, the share of high-tech industrial products in Bac Ninh province is estimated at 86%. The electronics industry accounts for more than 80% of total industrial value. Based on available resources, the province will take advantage of new investment waves, form industrial development centers and technological research, application and transfer centers, and build information technology parks.

To have better-performed investment projects in IPs, Bac Ninh province is reviewing industrial park planning to better meet investors’ needs; intensifying administrative procedure reform and providing policy support to encourage, assist and facilitate investors to bring their projects to the province. The province will continue to attract and develop modern high-tech industries that are more technologically advanced, more resource- and energy-efficient and more eco-friendly and raise the localization ratio in products. Accordingly, the province will restructure the investment attraction approach, improve the quality of domestic and foreign investment flows, woo high-tech projects, and build green and sustainable product brands.

Bac Ninh will continue to develop transport infrastructure, irrigation, electricity, water, post and telecom systems; upgrade, expand and asphalt all traffic routes to all communes to ensure safe and smooth transportation and trade to provide the most favorable conditions for investors. At the same time, the province will boost multi-modal investment promotion to lease all rentable area in the IPs.

Without a doubt, one innovative and cross-cutting solution of Bac Ninh province is drastically reforming administrative procedures, improving the business environment, attracting foreign and domestic investment, and creating a driving force for economic development. Therefore, Bac Ninh is always committed to providing the best support for investors in production and business. The province is determined to attract high-tech capital-intensive investment projects.

By Thanh Loan, Vietnam Business Forum