13:32 | 29/04/2017 Economy
(VEN) - By the end of March 2017, Bac Ninh Province had attracted nearly 1,000 foreign direct investment (FDI) projects with total registered capital of more than US$15 billion, ranking sixth among 62 provinces and cities nationwide in attracting FDI.
|Bac Ninh has attracted many foreign investors, such as Samsung, Nokia and Canon|
In the first three months of this year, the province attracted US$2.61 billion in 30 new and ongoing FDI projects, taking the lead nationwide.
The biggest investment, according to the Ministry of Planning and Investment, was by Samsung Display Vietnam that decided to invest an additional US$2.5 billion in Bac Ninh in late February.
Samsung Display is a subsidiary of the Samsung Group. In 2014, the company invested more than US$1 billion in a Bac Ninh Province project. In August 2015, Samsung Display Vietnam’s capital was increased to US$4 billion.
Apart from Samsung, Bac Ninh has attracted projects of other large groups worldwide, such as Nokia (Finland), Canon (Japan), and Pepsico (USA). The presence of these groups has made Bac Ninh more attractive to other foreign investors.
In a talk with Vietnam Economic News reporters, Nguyen Phuong Bac, Director of the Bac Ninh Institute for Socioeconomic Research and Development, said the province east of the capital Hanoi has more advantages compared with other localities, including its geographical location adjacent to major economic centers in the north, such as Hanoi and Hai Phong. The highway running from Hanoi to Bac Ninh connects the province to the Hanoi-Hai Phong and Hanoi-Lao Cai Highways. The province is also located not too far from the Hai Phong Port and the Noi Bai International Airport.
Bac Ninh Province has focused on planning and improving the investment environment to enhance its competitiveness. Industrial zones have been built with adequate infrastructure to serve investors. To improve its provincial competitiveness index, Bac Ninh has reformed administrative procedures to create a favorable investment environment for both domestic and foreign businesses.
The results of a survey carried out by the Vietnam Chamber of Commerce and Industry in 2016 show high business appreciation of the provincial business environment in many aspects, such as market access, land access, time consumption, unofficial costs, business assistance services, worker training, and competition.
Economists also praise the quality of Bac Ninh’s human resources. The province currently has 16 universities, colleges, vocational schools and many other education facilities. The provincial workforce consists of nearly 700,000 people, with skilled workers and scientific staff accounting for a large percentage.
Nguyen Phuong Bac, Director of the Bac Ninh Institute for Socioeconomic Research and Development:
To continue attracting foreign investors, Bac Ninh Province is promoting the development of electronics, information
technology and support industries, while at the same time strengthening the connections between domestic and FDI