Illustrative image (Source: VNA)

Bac Giang (VNA)
– The northern province of Bac Giang will implement some policies to stimulate trade and services with the aim of raising total retail and service revenues to 34.8 trillion VND (over 1.5 bilion USD) in 2020.

Director of the provincial Department of Industry and Trade Tran Quang Tan said the province will focus on developing a modern distribution network in combination with traditional retail models depending on the characteristics of each area.

Accordingly, Bac Giang will call for investment into several key projects to assist with the distribution of local farm produce including a wholesale market and an international logistics centre in Bac Giang city.

Incentives will be offered to attract investment from foreign investors and big corporations into the building of modern retail facilities. The move is also aimed at expanding consumption markets for local products and services.

The province will pay attention to promoting production and sale chains for key products and expanding commercial services through offering support to firms in the form of consultation in building business strategies, application of scientific and technological advances and brand building.  

In particular, Bac Giang city, which is the province’s economic-political-cultural hub, will be turned into a logistics centre and a gate for foreign trade, serving trade between the Hanoi capital region and China through the Huu Nghi international border gate in Lang Son province.

Besides, Bac Giang plans to develop new and upscale services to attract more investors and tourists not only from adjacent localities but also from abroad.

At present, the province has 133 operational markets, along with 7 shopping centres and 8 supermarkets, not to mention over 36,000 wholesale and retail facilities of smaller scale. In general, the trade infrastructure in the province is weak, with few modern retail facilities. The existing ones are mostly of small scales..

Total retail and service revenue in the province reached almost 12 trillion VND (nearly 521 million USD) in the first six months of this year, up 12.5 percent from the same period in 2017. The figure for the entire year is estimated at 25.5 trillion VND, up 15 percent year on year.-VNA