Foreign-invested firms ramp up production in northern Vietnam
Industrial parks in Bac Ninh Province have maintained their appeal to global investors thanks to the containment of Covid-19. Since the start of the year, the province has granted licenses to 97 new projects worth US$522 million along with additional funding of US$106.37 million for 64 existing projects.
Manufacturing at Hanpo Vina in the Yen Phong Industrial Park in Bac Ninh Province. |
In the first six months of 2021, Bac Ninh-based foreign firms reported an increase of 125% in industrial production value and 150% rise in revenue. According to its chairwoman Nguyen Huong Giang, the province’s production chain was not disrupted.
In the neighbouring province of Bac Giang, more than US$871 million worth of foreign investment was pledged in the first eight months of 2021. Duong Van Thai, the provincial Party chief, said more major technology companies in the world are likely to invest in Bac Giang in the coming time as social security for workers and green production are, and will continue to be, its focus.
Bac Giang Chairman Le Anh Duong emphasised that through the battle against Covid-19, local workers have become more disciplined and professional, helping to increase productivity and make enterprises stronger. With rises in orders, large companies are recruiting more workers. Foxconn has hired another 37,000 workers while Luxshare employed an additional 34,000 people.
According to Samsung Vietnam CEO Choi Joo Ho, when the fourth outbreak hit Bac Ninh and Bac Giang in May and June, the company was facing many difficulties. But with the support of the central and local governments and effective epidemic control measures, Samsung was able to overcome the difficulties and fulfil its export target for the first half of the year. If the Samsung factory in Ho Chi Minh City resumes operation soon, the company is expected to exceed this year’s export target.
Source: NDO
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