Bac Ninh industrial parks draw in foreign capital despite COVID-19
Despite COVID-19 affecting global production and supply chains, the northern province of Bac Ninh has maintained significant growth in FDI flows into its industrial parks (IPs).
Workers at Fujikin Bac Ninh company in Tu Son, Bac Ninh province (Photo: nhandan.com.vn)
Bac Ninh (VNA) - Despite COVID-19 affecting globalproduction and supply chains, the northern province of Bac Ninh has maintained significantgrowth in FDI flows into its industrial parks (IPs).
The province is home to 16 industrial parks,which received265.73 million USD in FDI in July, compared to just 66.65 million USD in June.
After 22 years, the number of FDI projects in Bac Ninh’s IPs has so farreached 1,074, capitalised at 20.08 billion USD.
The IPs have accounted for a lion’s share of the FDI flow into theprovince.
To remain attractive to both foreign and domestic investors, theprovince has focused on improving its business climate, giving priority toprojects that use less land and less labour, use more high technology, and makemore budget contributions, the Vietnam Government Portal reported.
Together with general preferential mechanisms and policies from theState, the province has also proposed certain initiatives to encourageinvestment in IPs and boost on-the-spot investment promotion through images of largeFDI businesses, such as Samsung, Canon, and Foxconn.
To welcome a shift in international investment, the Bac Ninh IndustrialZones Authority has worked with competent agencies to complete a projectadjusting the IP development plan by 2020, with a vision towards 2035.Investment promotion activities and the implementation of a policy onsupporting COVID-19-affected enterprises have also been prioritised.
In the Northern Key Economic Zone, Bac Ninh has grown from anagricultural province to a major industrial centre over the last 20 years, postingthe second-highest per capita income and one of the highest economic growthrates in the country.
Surrounded by economic centres such as Hanoi and Hai Phong, it hasmanaged to establish itself as one of Vietnam’s major FDI destinations./.
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Workers at Fujikin Bac Ninh company in Tu Son, Bac Ninh province (Photo: nhandan.com.vn) 
