Investment surges in Bac Ninh Province

13:00 | 01/04/2023 FDI Follow Ven.vn on

(VEN) - In February 2023, foreign direct investment (FDI) in Bac Ninh Province continued to soar, almost doubling the number of projects and tripling the registered capital. Various business promotion plans are expected to help the small province just east of Hanoi achieve breakthrough investment attraction throughout the year.

Bac Ninh is accelerating the construction of industrial zone infrastructure to attract investors

According to Vu Minh Giang, acting director of the Bac Ninh Statistics Office, in February 2023, disbursed capital from the provincial state budget increased eight percent compared with January and 11.6 percent year-on-year. Meanwhile, FDI almost doubled in terms of the number of projects and tripled in terms of the amount of registered capital. “Bac Ninh continues to attract investors for a favorable, open and safe investment environment,” Giang said.

Regarding domestic investment attraction, data from the office also show that in the first two months of 2023, Bac Ninh Province granted investment registration certificates for three new projects with total registered capital of VND285 billion, and approved capital increases for 16 ongoing projects. In February alone, the province approved capital increases for two ongoing projects and revoked investment licenses of two projects with total capital of VND8 billion.

So far, the province has granted licenses for 1,545 domestic investment projects with total registered capital of VND252.826 trillion.

Regarding foreign investment, since the beginning of 2023, Bac Ninh has attracted 29 new FDI projects with total registered capital of US$131.6 million, an increase of 13 projects and US$97.8 million compared with the same period last year. In February, the province granted investment registration certificates for nine projects with registered capital totaling US$8.5 million; approved capital increases totaling US$8.65 million for six projects; and revoked investment licenses of two projects with total registered capital of US$5.3 million.

Investment in Bac Ninh Province continues to soar

Currently, 1,842 FDI projects are valid in Bac Ninh Province. The locality has attracted a total of US$23.56 billion from foreign investors through new projects, capital increases of ongoing projects, capital contributions and stock purchases.

To attract strategic investors, Bac Ninh continues to improve its investment policies and mechanisms as well as provincial planning. At the same time, the province is accelerating site clearance and investment in the infrastructure of industrial zones and industrial clusters.

Over the past two decades, Bac Ninh has focused on improving its investment and business environment while simplifying administrative procedures and offering investors specific preferences. The province considers the business community in general and FDI companies an important part of the local economy.

The province prioritizes FDI projects in the fields of urban infrastructure development, smart city building, support industries using modern, environmentally friendly technologies, information technology, research and development, tourism, financial and banking services. Bac Ninh will introduce its potential and advantages in the Republic of Korea, Japan, the US and the EU to attract investors from these major markets.

Bac Ninh Province is accelerating administrative procedures and construction of industrial zone infrastructure to attract investors.

Thanh Tam

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