Business

Bac Ninh ranks second in FDI attraction in 2017

The northern province of Bac Ninh attracted 3.5 billion USD in foreign direct investment (FDI) in 2017, ranking second among provinces and cities across the country.
Bac Ninh ranks second in FDI attraction in 2017 ảnh 1A foreign-invested electronic factory in Yen Phong industrial park , Bac Ninh province (Source: VNA)

Bac Ninh (VNA) – The northern province of BacNinh attracted 3.5 billion USD in foreign direct investment (FDI) in 2017, rankingsecond among provinces and cities across thecountry.

According to theprovincial Department of Statistics, Bac Ninh’s industrial production value reached1 quadrillion VND (about 44 billion USD) and itsexport turnover hit 29.85 billion USD, accounting for 14.9 percent of the nation’sexport earnings.  

The province collected 21.6 trillion VND (948.2 million USD) for the statebudget. Meanwhile, the locality’s gross regional domestic product (GRDP) made up3.25 percent of the country’s GDP, with a GRDP growth rate of 19.12 percent.

Notably,the Samsung Group continued to pour an additional 2.5 billion USSD into theprovince, showing the province’s efforts to improve the investment climate.

BacNinh is now home to over 1,000 FDI projects from 33 countries and territories,including many hi-tech and environmentally friendly projects with big value investedby Samsung, Canon and Foxconn.

Theflow of investment has been poured into 14 sectors, mostly in the processing andmanufacturing industries. FDI projects have significantly contributed to the province’seconomic development.

Toincrease competitiveness in luring FDI, the local authorities have paidattention to simplifying administrative procedures, providing legal support forinvestors, developing industrial park infrastructure and improving the quality ofhuman resources through promoting education-training activities.

VuThi Phuong Thao, Vice Director of the provincial Department of Planning andInvestment, said Bac Ninh will focus on attracting quality and high added-valueFDI projects, especially in the fields of IT, bio-technology, hi-techagriculture and  infrastructuredevelopment.

Prioritywill be given to encouraging joint-venture projects between domesticenterprises and foreign partners, especially those from Vietnam’s strategicpartners such the US, European nations, the Republic of Korea and Japan, thus enablingdomestic firms to join the global value chain, she added.-VNA
VNA
#FDI #Bac Ninh #investment climate #industrial production value #GRDP growth rate #GDP #Vietnamplus #Vietnam News #Vietnam News Agency Bac Ninh
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