Economic size climbs 4 places, industry solidifies position

Updated: 06:12, 03/01/2025

BAC GIANG – In recent years, Bac Giang has consistently led the country in gross regional domestic product (GRDP) growth, enabling the province to significantly expand its economic size. It now ranks 12th out of 63 provinces and cities, rising four places since the beginning of the current term and surpassing the target set by the 19th Provincial Party Congress for 2025.

The provincial Statistics Office reported that Bac Giang's GRDP in 2024 is estimated to reach 207 trillion VND (8.12 billion USD). The key contributors to this growth include the processing and manufacturing industries within industrial zones (IZs) and industrial clusters.

Vice Chairman of the provincial People’s Committee Phan The Tuan awards investment registration certificates to companies implementing infrastructure projects in the Yen Lu Industrial Park.

The manufacturing sector accounts for 58.63% of the total GRDP. The foreign direct investment (FDI) sector has made the largest contribution to the local economy, with its share continuing to rise. Major FDI players such as Luxshare Group, Foxconn, Hana Micron Vina, and JA Solar have been particularly influential.

According to the provincial Department of Industry and Trade, in 2024, companies under major groups such as Foxconn, Luxshare, and Hana Micron Vina showed strong growth, hired additional workers, and increased production of electronic products by over 50% from the previous year, making a significant contribution to Bac Giang's economic growth.

Notably, several large factories and enterprises, such as the Phase 2 production line of Hana Micron Vina (Van Trung IZ) and Fulian Technology Co., Ltd. (Quang Chau IZ), have recently started operations, contributing 3.d6 trillion VND to the province’s industrial production value in the final months of the year.

Many investors are building factories in the Van Trung Industrial Park.

Chou I Wen, CEO of Foxconn Vietnam, shared that Foxconn began operations in Bac Giang in 2007. Since then, the group has launched six major projects, creating jobs for tens of thousands of workers.

“After 17 years of investment, we’ve achieved significant progress, with steady increases in revenue, capital, and human resources. Throughout our investment process, we have consistently received strong support from local authorities and provincial leadership,” said Chou.

He also added that the company faced some challenges during its investment process, but the provincial leadership established task forces to support and remove these issues, leaving a positive and lasting impression on investors.

In addition to these large groups, other FDI enterprises in the province are also continuously innovating to grow.

With stable development, FDI companies have played a crucial role as the "engine" of industrial production. Bac Giang's achievements can be attributed to its comprehensive efforts to improve the investment and business environment, enhance its provincial competitiveness index, focus on building infrastructure to attract investment, and swiftly address challenges faced by businesses.

A production line at New Wing Interconnect Technology Co., Ltd. (Foxconn Group).

According to provincial leaders, Bac Giang has built a strong reputation among investors. Businesses have expressed their confidence in the province's investment environment, as evidenced by 2024 data showing that companies operating in Bac Giang have doubled their registered capital compared to the previous year.

This demonstrates the effectiveness of the province’s strategy to support existing investors, promote local investment, and generate a ripple effect that attracts additional companies through the recommendations of those already established in Bac Giang.

With a double-digit economic growth rate in recent years, the province’s economic size is expected to reach 235.8 trillion VND in 2025, nearly doubling the figure at the start of the 2020-2025 term.

Trinh Lan