Bac Giang promotes internal strength and takes advantage of external strength to attract investment

Favorable geographical location; high and stable economic growth; open policies; and an investment environment that is always highly appreciated are the reasons why Bac Giang province is chosen by domestic and foreign investors.

Representatives of Bac Giang province signed a cooperation agreement with Nanning city (China).

In the first nine months of 2024, Bac Giang continued to lead the country in economic growth rate, reaching 13.89%. This is the second consecutive year the province has maintained its position as the "champion" in terms of growth. This result is due to Bac Giang's synchronous implementation of solutions, but the main growth driver is still industrial production.

Large industrial center of the country

Bac Giang possesses many advantages to attract investment such as: favorable location, large land fund for industrial development, abundant human resources. In particular, the province's transport infrastructure is strongly developed. In addition to promoting the construction of regional connecting routes, Bac Giang adjusted the traffic intersection between TL293 and the road leading to Dong Son bridge from a 3-way intersection to a 6-way intersection. This place is planned to be the bustling commercial center of Bac Giang city with a scale of high-class apartments and hotels, along with large commercial, service and office complexes.

Thanks to its breakthrough potential, Bac Giang has gradually become a major industrial center of the country. The province currently has 9 industrial parks with approved construction planning. Of which, 8 industrial parks are operating with a total area of ​​about 2,238.7 hectares and 38 industrial clusters are under development with a total area of ​​more than 1,208 hectares. Receiving impetus from industrial planning, Bac Giang welcomes a series of world technology corporations such as Hana Micron, Foxconn, Luxshare-ICT, JA Solar, etc.

Bac Giang province signed a Memorandum of Understanding with Osaka Metropolitan University (Japan).

Regarding investment attraction, in the first nine months of 2024, the whole province attracted over 1.7 billion USD in converted investment capital, equal to 84.8% of the same period. Of which, 20 new domestic projects were granted with registered capital of 12,700 billion VND, 2.3 times higher than the same period in 2023; 54 projects with foreign direct investment (FDI) capital, registered capital of 367 million USD, equal to 26% of the same period. In addition, 16 domestic projects were adjusted, with registered capital increasing by nearly 2,600 billion VND, nearly 1.5 times higher; 53 FDI projects were adjusted with total capital increasing by 725.5 million USD, 2.2 times higher.

In terms of FDI attraction alone, Bac Giang ranked 9th in the country and first in the Northern Midlands and Mountains region. By the end of September 2024, the province had 609 FDI projects with a total registered capital of over 12.34 billion USD from 30 countries and territories, including countries in the Asia-Pacific Economic Cooperation Forum (APEC) and the Group of 20 leading developed and emerging economies (G20).

Acting Chairman of the People's Committee of Mai Son province visited JA Solar Company (FDI enterprise in the province's industrial park).

The above results clearly demonstrate the effectiveness of the strategy of synchronously implementing many solutions in attracting local investment in recent years. These are: Focusing on investing in infrastructure development (especially industrial park infrastructure); promoting substantive administrative reform (PAR); preparing quality human resources; promoting digital transformation, developing e-government, digital government and a number of other solutions.

In addition, not only actively contacting and inviting large enterprises abroad, the province has promoted "on-site investment promotion" by creating a favorable and open investment and business environment for enterprises and projects currently being deployed and operated, thereby encouraging projects to expand investment, upgrade production lines and create more jobs for workers. The province also requires departments, branches and localities to regularly improve the sense of responsibility, spirit and attitude of serving the people and enterprises of the team of cadres, civil servants and public employees, especially the leaders; clearly define the responsibilities and time to handle procedures related to investors.

Production line of JA Slolar Company.

Work together , win together, enjoy together

To improve the effectiveness of attracting investment to the province, the Provincial Party Committee, the Provincial People's Committee and the Chairman of the Provincial People's Committee have issued many documents directing the implementation, notably Resolution No. 105-NQ/TU dated April 28, 2021 of the Provincial Party Committee on improving the investment and business environment and enhancing the Provincial Competitiveness Index (PCI) in Bac Giang province in the period of 2021 - 2025; Action Program No. 55-CTr/TU dated June 29, 2023 of the Provincial Party Committee Standing Committee; Resolution No. 147-NQ/TU dated July 15, 2021 of the Provincial Party Committee on industrial development in Bac Giang province in the period of 2021 - 2030; Project to improve the effectiveness of attracting investment in Bac Giang province to 2030 issued together with Decision No. 797/QD-UBND dated August 4, 2021 of the Provincial People's Committee...

For large projects with high technology content, in addition to focusing on infrastructure investment, promoting administrative reform, and preparing quality human resources, as soon as investors have the idea of ​​investing in Bac Giang, the Provincial People's Committee has established working groups (including representatives of leaders of departments, branches, sectors and localities where investment is planned) to support conditions and procedures to promptly resolve arising problems and difficulties. This is also the key factor that brings success to the locality.

In the future, Bac Giang will mobilize all resources to invest in building and completing socio-economic infrastructure to attract investment. The locality prepares necessary conditions, especially infrastructure of industrial parks and clusters, other social infrastructure (housing, healthcare, education, high-quality entertainment, etc.), high-quality human resources to proactively welcome the flow of foreign investment capital, especially quality capital sources with advanced technology, semiconductor production on the basis of meeting the regulations on investment rate and number of employees for investment projects using non-budgetary capital.

Panorama of Van Trung Industrial Park, Bac Giang.

Regarding FDI attraction, the province prioritizes attracting projects with high technology, supporting industry, high-tech agriculture and high-quality service sectors; projects with high added value, advanced technology; environmental protection, modern management, spillover effects, connecting global production and supply chains. Bac Giang hopes to welcome more APEC and G20 investors.

The province commits to proactively support investors in removing difficulties and obstacles; strengthen inspection and review of projects that have been approved for investment policies and granted investment certificates in the area to remove difficulties for investors; promptly detect and handle violations... From there, "work together, win together, enjoy together, develop together" with APEC and G20 investors.

Vietnam has been deeply integrating into the world economy, in all economic, trade and investment fields, which will positively impact and open up many opportunities for domestic economic development in the coming time. In line with this flow, Bac Giang focuses on investing with focus and key points, maximizing internal resources, taking advantage of external resources to attract investment and develop the economy and society.

The available potentials, advantages and relentless efforts to improve both infrastructure and policies, and human resources are solid levers for Bac Giang to build trust and continue to be an attractive and safe destination for domestic and foreign businesses and investors.

Source: https://baoquocte.vn/bac-giang-phat-huy-noi-luc-tranh-thu-ngoai-luc-thu-hut-dau-tu-293456.html