FDI flows along the industrial chain to support development in Bac Giang province

07/05/2022

In 2021, despite being affected by the Covid-19 pandemic, Bac Giang is still among the top 10 provinces to attract the largest foreign investment in the country.Accordingly, investment attraction and enterprise development in the province achieved positive results. Total investment capital registered at new level and adjusted (converted) across the province reached 1.31 billion USD; 1,381 enterprises were newly established. Bac Giang ranks 9th in the country in terms of attracting FDI. The annual growth rate of GRDP is estimated at 7.82% (10th in the country).

FDI projects in the province are quite large, focusing mainly on the electronic component production sector, with an average investment of USD 150 million. In particular, in 2021, the province attracted a number of large-scale FDI projects such as Foxconn Singapore Pte Investor’s Fukang Technology Factory Project. Ltd, with a total registered capital of USD 453 million, has now come into operation in phase 1 with a capital of USD 350 million; JA Solar PV Vietnam photovoltaic cell technology project of JA Solar Investment (Hong Kong) Limited with a registered capital of USD 210 million is expected to go into operation from the first quarter of 2022…

The emergence of FDI enterprises is helping the locality to transform itself markedly. Currently, the average salary of workers in Bac Giang ranges from 7-9 million VND/month. The investment landing of FDI enterprises, especially large corporations, also followed the development assistance industry chain. Along with the growth of industries, supporting industries are mentioned as drivers of value creation for local industries. Supporting industrial enterprises in the province focus mainly on a number of products such as electrical components, electronics, solar cells, mechanics, sewing accessories, agricultural and forest products processing industry… In order to develop these key industries, the province has formed and attracted a number of investment projects in the field of supporting industries such as: Yoshimura Kogyo Vietnam Manufacturing Factory Project; Daeyang Electronic Components Factory Project…

Accordingly, Bac Giang clearly identifies priority partners to attract investment, for foreign direct investment projects, encouraging and attracting partners with global brands, with great financial capacity, capable of stable, long-term investment, linkage and attracting investment in production of auxiliary products; discouraging foreign investment projects without long-term investment commitment in the province (small projects sublease factories), heavily dependent on loan capital. Priority is given to calling on large economic groups with financial potential, enterprises in the Top 500 largest enterprises in Vietnam (VNR500) to invest in projects in the province in all fields, especially in agriculture and trade services. Besides, encourage businesses outside the province to set up new businesses or open independent accounting branches in Bac Giang to implement projects, thereby increasing revenue for the local budget.

In particular, the project “Fukang Technology Factory” of the investor “Foxconn Singapore PTE Ltd” headquartered in Singapore, the investment was made in Quang Chau Industrial Park with the goal of producing and processing tablets and laptops with a capacity of about 8 million products/year, total registered investment of VND 6,233 billion, equivalent to 270 million USD. Or Ja Solar PV Vietnam technology project of the investor “Ja Solar Investment (Hong Kong) Limited” headquartered in Hong Kong, China investment is made in Quang Chau Industrial Park with the goal of producing photovoltaic panels with a capacity of 3.5 million GW/year, total registered investment capital of VND 4,848 billion, equivalent to 210 million USD…

The planning of dynamic areas for the development of the production industry and concentrated agricultural industry will create favorable conditions for investors to choose. In particular, the Prime Minister recently allowed the province to add 3 concentrated industrial parks, Yen Lu industrial park with an area of 377ha; Yen Son – Bac Lung with an area of 300ha; Tan Hung with an area of 105.3ha. At the same time, the expansion of 3 existing industrial zones in the area with a total area of more than 320 ha makes Bac Giang one of the top choices of domestic and foreign investors. Typical of transnational corporations in Apple’s supply chain, Samgsung, Honda Group’s supply chain companies…

According to the Department of Planning and Investment of Bac Giang province, in the coming time, the province will continue to implement solutions to improve the business environment. Promote activities to remove difficulties for businesses; especially businesses that are directly impacted, production disrupted by the impact of COVID-19… Thereby, creating the most open environment for investors operating in the province. Along with clear reforms to administrative procedures and large investment capital, Bac Giang’s expectations will soon break and develop in 2022.

Source: Cong Thuong

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