Nesting place of giant groups

Amid numerous difficulties and challenges, the provincial economic picture last year gained several bright spots, typically industrial production value (IPV) hit over 407 trillion VND (about 17.4 billion USD), surpassing 11.3 percent of the target.

The production line at Fuhong Company Limited in Dinh Tram industrial park.

The FDI enterprises have clearly proved their role to lead the industrial production area with production value of 358 trillion VND, increasing 38 percent year on year and representing 87.9 percent of the provincial IPV which was greatly contributed by “eagle” businesses in the industrial parks like Luxshare; Fuhong, Newwing, Fuyu, Fukang under Foxconn …with huge number of labour and scale.

The investment and effective operation of top leading companies founded system of vendor, helping accelerate the development of supporting industry. Many enterprises have big vendors and create close chain of production at the industrial park.

Former Vice Director of the Department of Planning and Investment, Permanent Vice Chairman of the provincial Business Association Nguyen Cuong said most of the vendors are FDI businesses who apply modern and advance technologies to improve the technology concentration in industrial production.

Supporting, creating best condition for business

Bac Giang has attracted many big investors to realize the Government’s policies for the shipping of FID flow in post Covid-19 pandemic period. Accordingly, to lure investors, the province took advantage of the opportunities, actively prepare solutions in investment attraction, focusing on issuing mechanism, policy; reforming the administrative procedure and investing in the infrastructure.

Basing on actual situation, in 2022 Bac Giang held conference to analyze and work out solution to improve the provincial competitiveness index; issue regulation of investment rate and number of employed labours in non-budget investment projects.

The investment promotion event was renovated, focusing on big region and partner. The province held “Meeting the organization, enterprise and entrepreneurs in Republic of Korea (RoK)”; established Korea Desk to attract and accelerate the investment promotion activities of RoK.

Refusing to attract investment by all means, Bac Giang province directed to select the investment by the motto “Three less, three higher” (less land, less labour, less environmental pollution, high investment rate, high technology, high contribution to the budget).

To realize the target and continue attracting more FDI flow in the future, the province needs to create all possible condition to lure giant “eagle”, especially actively welcome the wave of shipping Apple producers.

The site work must be done more rapidly and synchronously with other infrastructure to create best condition for the investors. More attention should be paid to boosting up the supporting industries, enhancing linkage between domestic and FDI companies. To become a vendor, the domestic business should boldly research and invest in technology so as to supply spare part for big group.

At the same time, the digital transformation must be done in investment attraction by making policy, analyzing big data, solving administrative procedure online, building document of investment promotion in associated with communication and organization of investment promotion conference.

Speaking at the conference to research, popularize and implement 13th Party Central Committee's sixth plenum Resolution 6 in December 2022, Member of the Party Central Committee, Secretary of the provincial Party Committee Duong Van Thai pressed that to quickly switch the economic structure, turn industry into economic component with high rate, all levels sectors and agencies must consider people and business the center for serving; define business as the target and driving force for provincial economic development. So, it is necessary to listen to timely solve the proposals and suggestion; accompany business to overcome the difficulties; create best condition for their development.

By such synchronous solutions, hopefully Bac Giang will continue being attractive destination for big group and transnational corporation to pour their money in production and doing business here as well as contribute to local socio-economic growth.

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