Bac Ninh urged to become a major growth driver of Vietnam’s economy

10:41 | 01/05/2017 Local Economy

Deputy Prime Minister Trinh Dinh Dung, told the leadership of Bac Ninh province on April 28 that it must become one of the country’s major growth drivers in order to make up for other provinces that are struggling.

Deputy PM Trinh Dinh Dung visits a Samsung factory in Bac Ninh province

Official figures showed that the northern province’s industrial production value hit nearly VND230 trillion (US$10.12 billion) in the first four months of 2017 and contributed VND8.5 trillion (US$374 million) to government revenues.

Bac Ninh, about 30 kilometres to the northeast of Hanoi, is home to 16 industrial parks, nine of which have been fully operational with an occupancy rate of 87%.

To date, the province has attracted VND14.22 billion in 703 foreign-invested projects, with Samsung as one of the largest investors.

Deputy PM Dung said despite its excellent performance in industrial production, the province still has many drawbacks that need to be addressed such as the services sector’s small contribution to overall growth.

He added that the relationship between growth and social progress is not proportionate when Bac Ninh has a high income per capita but the gap between rich and poor is widening.

Furthermore, the province has to ensure the harmony between economic and urban development with environmental issues, in addition to the focus on fostering economic growth.

He urged Bac Ninh and enterprises based there to review their production lines in order to formulate policies designed to prioritise key products with large growth potential, helping to lift growth of the province and the country in general.

The deputy PM also noted that the province must pay attention to building houses for industrial workers, protect the environment and ensure the interest of local residents.

Earlier, Deputy PM Dung visited a Samsung factory in Bac Ninh province, where he urged the company to have more domestic content in its products, stating that Samsung should facilitate local manufacturers to participate in its global value chain.

He also asked the firm to continue being attentive to the lives of its workers and pledged that the Vietnamese government would always create the best possible conditions for investors in Vietnam.

According to the Samsung Vietnam leadership, the firm’s exports reached US$40 trillion in 2016 and expected to hit US$50 billion this year despite a slowdown in the first quarter.

Theo NDO