Bac Ninh attracts 119 FDI projects in January-August
At Vietnam – Singapore Industrial Park in Bac Ninh (Photo: Internet)
Hanoi (VNA) – The northern province of Bac Ninh licensed 119 new foreign direct investment (FDI) projects worth 334.8 million USD in the first eight months of 2020 according to the provincial Statistics Office.
To be attractive to both foreign and domestic investors, Bac Ninh focused on improving business climate with giving priority to projects which use less land, less labour; have high investment rate, much budget collection and high technology, the Vietnam Government Portal (VGP) reported.
The province also allowed 1602 existing FDI projects to increase their capital by 1964 billion USD.
Of these, 1331 projects are in manufacturing and processing industry, making up 83 percent; including 1205 projects from the Republic of Korea, 112 projects from China and 86 projects from Japan.
Together with general preferential mechanisms and policies of the State, the province also proposed some initiatives to encourage investment in industrial zones and boost on-the-spot investment promotion through creating images from big FDI businesses, such as: Samsung, Canon and Foxcon.
In the last 20 years, Bac Ninh province in the Northern Key Economic zone has grown from an agricultural community to a major industrial center with the second-highest per capita income and one of the highest economic growth rates in the country.
Surrounded by major economic centres such as Hanoi and Hai Phong, it has managed to establish itself as one of the major FDI destinations./.