Proactively seize opportunities.
Recognizing that international economic integration will bring opportunities to attract foreign investment and positively impact the development of trade and services, Bac Giang province places special emphasis on international economic integration policies. According to the provincial planning for the period 2021-2030, with a vision to 2050, the province prioritizes attracting investment to develop 29 industrial parks with an area of 7,000 hectares. To date, the province has established 16 industrial parks with an area of nearly 3,600 hectares. Of these, 8 industrial parks are currently operational with a total area of over 2,200 hectares. Simultaneously, plans are underway for a comprehensive service area, inland port, logistics; a national-level tourism area, and a golf course and resort complex.
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To date, over 30 countries and territories have investment projects in Bac Giang province. Photo: Industrial zones in Viet Yen town viewed from above. VIET HUNG. |
The province has issued long-term strategies to effectively exploit FTAs, such as: the Bac Giang Province's Import and Export Strategy to 2030; the Plan to enhance the effectiveness of international economic integration and promote rapid and sustainable development in the period 2023-2030; and the Bac Giang Province Digital Transformation Plan for the period 2021-2025, with a vision to 2030.
Simultaneously, agencies, units, and localities are promoting the application of information technology in management and administration, aiming to build an e-government; reforming administrative procedures focusing on areas and procedures related to investment, finance, taxation, import and export, land, etc.; continuing to promote openness and transparency, and incorporating feedback to create favorable conditions for citizens and businesses. Many activities supporting businesses have been implemented, contributing to improving the investment and business environment, such as: regular dialogues and meetings between provincial leaders and businesses; establishing task forces to support businesses; innovating investment promotion...
Recently, the Bac Ninh Provincial Customs Department (now the Regional Customs Branch 5) organized a working group to meet with Luxshare-ICT Group. This allowed them to promptly address the company's recommendations, difficulties, and obstacles in import and export activities and investment operations. Luxshare-ICT is a large corporation, accounting for approximately 60% of the province's total export turnover.
| Thanks to proactive solutions for leveraging international economic integration, the province has consistently ranked among the top in attracting FDI since 2020. To date, over 30 countries and territories have investment projects in the province. Furthermore, the province's key industrial products are present in the FTA markets of which Vietnam is a member. |
Mr. Khai Chan, General Director, shared: “Through the meeting, the authorities and the Group exchanged and discussed a number of issues. The Group was guided in implementing and complying with procedures and became one of the priority enterprises for import and export of goods. We are grateful for the support of the authorities and government at all levels over the past time.”
According to the Department of Industry and Trade, thanks to proactive solutions to exploit international economic integration, the province has consistently ranked among the top in attracting FDI since 2020. To date, over 30 countries and territories have investment projects in the province. China is the largest investor, followed by South Korea, Singapore, Japan, and others. Furthermore, the province's key industrial products are present in the FTA markets of which Vietnam is a member.
Clearly identify strengths and address weaknesses.
However, due to a lack of proactive updating on FTA regulations, some businesses have failed to take advantage of tariff preferences, resulting in higher taxes on exported goods or failing to meet the criteria for preferential tariffs. Mr. Nguyen Cuong, Permanent Vice Chairman of the Provincial Business Association, reported that some small and medium-sized enterprises (SMEs) lack capital to expand production and research and develop products. Determining the origin of raw materials and products depends on many factors, and sometimes businesses do not fully understand the regulations, leading to failure to meet export standards or being subject to tax arrears.
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Production line at Hosiden Vietnam Co., Ltd. (Quang Chau Industrial Park). |
To effectively utilize FTAs, a representative from Trung Nguyen Coffee Joint Stock Company in Bac Giang suggested that, given the recent anti-dumping investigations against many Vietnamese businesses, training programs, workshops, and consultations are needed to provide comprehensive and detailed information about FTAs, related commitments and regulations, including how to apply tariff preferences, rules of origin, and quality standards.
Furthermore, authorities advise businesses to proactively understand the commitments in FTAs and regulations related to export products to maximize tariff preferences; invest in improving product quality and meeting international standards to increase competitiveness and access demanding markets; actively participate in trade promotion programs, seek international partners, and cooperate with business support organizations to expand export markets.
To assess the effective implementation and utilization of FTAs, the Ministry of Industry and Trade is leading the development of an FTA Index and conducting surveys and evaluations in localities nationwide. The FTA Index will measure indicators related to information dissemination by localities; access to legal documents by businesses; utilization of FTAs and support for businesses by localities, etc. The index is expected to be published in the near future.
For Bac Giang, the FTA Index is a useful tool for the locality to objectively assess and measure the results of implementing FTAs in the area. This helps local government agencies review, adjust, or issue appropriate, transparent, feasible, and effective policies to effectively exploit FTAs. Based on this, Bac Giang will be able to determine its position on the national map of international economic integration. Applying the FTA Index also helps Bac Giang better understand the opportunities and challenges in leveraging FTAs, and develop appropriate strategies for economic development, increasing exports, and attracting investment.
Source: https://baobacgiang.vn/dinh-vi-bac-giang-trong-ban-do-hoi-nhap-postid414356.bbg
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