Bac Ninh leads nationwide in attracting FDI capital

During the official visit to Korea on July 1, 2024, in Seoul, the leaders of Bac Ninh province hand over the Certificate of Investment Adjustment to Amkor Technology Vietnam Co., Ltd. and the Memorandum of Understanding between the People's Committee of Bac Ninh province and the Korea Land Housing Corporation (LH).

Breakthrough in investment attraction

Mr. Vuong Quoc Tuan, Alternate Member of the Party Central Committee, Deputy Secretary of the Provincial Party Committee, Chairman of the People's Committee of Bac Ninh province said that FDI investors poured capital into 54 provinces and cities, of which Bac Ninh province led with a total registered investment capital of nearly USD 3.47 billion (accounting for 16.9% of the total investment capital of the country, nearly 3 times higher than the same period). Bac Ninh is the only locality in the country to record a total registered FDI capital exceeding the USD 3 billion in 7 months, nearly twice as high as the second ranked locality, Quang Ninh (USD 1.78 billion). 

Since the beginning of the year, the province has issued investment registration to 35 projects with a total registered investment capital of VND 9,426.354 billion; investment registration adjustment to 74 projects, of which, 23 projects with investment capital increase of VND 1,399.371 billion (19 projects with capital increase: VND 1,909.609 billion; 04 projects with capital reduction of VND 510.238 billion). Up to now, Bac Ninh province has granted 1,586 valid investment registration projects to investors with a total investment capital after adjustment of VND 269,786.131 billion.

The People's Committee of Bac Ninh province aims to attract about USD 7 billion of FDI in 2024. The remarkable growth of FDI capital in Bac Ninh mainly comes from the large investment capital adjustment project worth USD 1.07 billion of Amkor Technology Vietnam Co., Ltd. in Yen Phong II-C Industrial Park. (The total adjusted investment capital of the Company reached USD 1.6 billion; production capacity of 3,600 million products/year).

To achieve the goal of attracting about USD 7 billion in FDI in 2024, the province has made significant efforts and determination to synchronously implement many solutions, focusing on administrative reform, improving the investment environment, improving the quality of human resources and promoting investment promotion. Bac Ninh is also making efforts to simplify administrative procedures for investment, upgrade transport infrastructure and industrial park infrastructure, build a transparent business environment, focus on training high-quality human resources and actively organize investment promotion activities to promote the province's potential.

Bac Ninh approved 167 investment projects in 2024 with a strategic vision to 2030. The list of approved projects has been evenly distributed throughout the province, in order to ensure uniform development for all areas, with a total land area of about 11,638 hectares... The list of projects also shows Bac Ninh province's special attention to social security, with 27 approved social housing projects. This not only ensures housing for low-income people, but also affirms Bac Ninh's position as the leading province in the country in social housing development in recent years.

Bac Ninh's strong growth in attracting FDI is supported by infrastructure development, stable human resources and administrative procedure reform efforts. Together with this potential project portfolio, Bac Ninh province aims to become a dynamic and modern developing province and help Bac Ninh rise to become one of the leading provinces in the country in terms of attracting domestic and foreign investment.

Chairman of Bac Ninh province writes thank you letter to investors

In the context of general economic difficulties, despite facing many challenges, investors in Bac Ninh province have responded promptly, dynamically, and creatively, contributing to bringing the local economy in 2024 into a new growth cycle.

Mr. Vuong Quoc Tuan recently sent an open letter to the leaders of enterprises, cooperatives, and production and business households that have invested in the province, expressing his heartfelt gratitude to investors who have made significant contributions to the province's development to become increasingly rich, civilized, and prosperous.

Bac Ninh province highly appreciates the spirit of overcoming difficulties and the confidence of investors in the province's business environment, and has taken advantage of new opportunities following the economic development trends of the world and Vietnam. With efforts and expectations that growth in 2024 will gradually regain strong momentum, striving to complete the annual GRDP growth target of 5.5 - 6.2%, Bac Ninh province hoped that the domestic and foreign business community, cooperatives and business households would continue to make greater efforts, be creative, innovate, take advantage of all new investment opportunities, break through to increasingly effective production and business.

“We are committed to continuing to promote reforms, improve the investment and business environment, promote transparency, receive, listen and handle difficulties and problems through all information channels to accompany investors; support and create the most favorable conditions for accessing information on planning, land, infrastructure, human resource training, opportunities to participate in business opportunities, priority investment projects to build Bac Ninh into a centrally-run city, protect investors' interests according to the provisions of law" – the Chairman emphasized.

Mr. Tuan enthusiastically stated that Bac Ninh is about to organize a conference to announce the Planning and Investment Promotion in 2024. The event will take place on September 15 at 2:30 p.m. at the Great Hall of the Kinh Bac Cultural Center, Bac Ninh City.

The conference to announce the planning and investment promotion of Bac Ninh province in 2024 is of great significance to the development of Bac Ninh province and the entire northern region. This event will contribute to: Creating new momentum for Bac Ninh province's economic growth; attracting investment in key areas, creating more jobs for workers; improving the province's competitiveness, promoting sustainable development; promoting the image and potential of Bac Ninh province to domestic and foreign investors; opening up many new opportunities for cooperation and development for Bac Ninh province in the future, creating an important driving force for Bac Ninh to continue to develop strongly, becoming one of the most dynamic and attractive economic centers in the country, Mr. Tuan emphasized.