Bac Ninh ranks second in FDI attraction in 2017

08:38 | 23/02/2018 Economy

The northern province of Bac Ninh attracted US$3.5 billion in foreign direct investment (FDI) in 2017, ranking second among all provinces and cities across the country.

Workers at a foreign-invested electronic factory in Yen Phong industrial park, Bac Ninh province - Photo: VNA

According to the provincial Department of Statistics, Bac Ninh’s industrial production value reached VND1 quadrillion (approx. US$44 billion) and its export turnover hit US$29.85 billion, accounting for 14.9 pct of the nation’s total export earnings.

The province collected VND21.6 trillion (US$948.2 million) for the state budget. Meanwhile, the locality’s gross regional domestic product (GRDP) made up 3.25 pct of the country’s GDP, with a GRDP growth rate of 19.12 pct.

Notably, Samsung Group continued to pour an additional US$2.5 billion into the province, demonstrating the province’s efforts to improve its investment climate.

Bac Ninh is now home to over 1,000 FDI projects from 33 countries and territories, including many hi-tech and environmentally friendly projects with large value, invested in by Samsung, Canon and Foxconn.

The flow of investment has been poured into 14 sectors, mostly in the processing and manufacturing industries, while FDI projects have significantly contributed to the province’s economic development.

To increase its competitiveness in luring FDI, the local authorities have paid great attention to simplifying its administrative procedures, providing legal support for investors, developing its industrial park infrastructure and improving the quality of human resources through promoting education-training activities.

Vu Thi Phuong Thao, Vice Director of the provincial Department of Planning and Investment, said that Bac Ninh will focus on attracting quality and high added-value FDI projects, especially in the fields of IT, bio-technology, hi-tech agriculture and infrastructure development.

She added priority will be given to encouraging joint-venture projects between domestic enterprises and foreign partners, especially those from Vietnam’s strategic partners such the US, European nations, and the Republic of Korea and Japan, thus enabling domestic firms to join the global value chain.