Bac Giang: Ideal destination for RoK’s enterprises

Update: 16:21 | 01/11/2018

(BGO) With its advantages of geographical location, transportation, human resources and improved investment climate, Bac Giang is in the top 10 nationwide in foreign direct investment (FDI) attraction. Most FDI enterprises in the province have quickly come into effective operation after finalizing investment procedures and made significant contributions to the economic development of the province, especially Korean companies.

Related newsBac Giang province, ideal destination, RoK’s enterprises, geographical location, improved investment climate, foreign direct investment attraction, economic development, Korean companies

Since early 2018, Bac Giang province has attracted 43 new FDI projects with total newly registered and added capital of 442 million USD. To date, the province is home to 358 FDI projects with the total registered capital of 4,206 million USD.

Bac Giang province, ideal destination, RoK’s enterprises, geographical location, improved investment climate, foreign direct investment attraction, economic development, Korean companies

A garment factory of Unico Global Co. Ltd.

Currently, there are 14 countries and territories investing in Bac Giang such as Republic of Korea (RoK), China (including Hong Kong and Taiwan), Singapore, New Zealand, India, England, France and Samoa. In terms of a number of projects, RoK is leading with 225 projects, followed by China with 97 projects and Japan with 23 projects. Regarding registered capital, China's FDI projects take the lead with some 2,300 million USD, followed by RoK with registered capital of 890.15 million USD.

RoK is one of the first countries investing in Bac Giang. With a large number of projects increasing over the years, Bac Giang is obviously an attractive investment destination for RoK’s enterprises. Many enterprises choose to invest in Bac Giang thanks to introduction and advice of the companies who have come into stable operation in the province.

Of the 225 RoK’s investment projects, there are 131 ones invested in the industrial zones with a total registered capital of 629.35 million USD while other 94 projects are invested outside the industrial zones with registered capital of 260.8 million USD.

Although RoK’s companies are in small and medium scales, most of them run their business smoothly contributing to socio-economic development of the province such as economic restructuring, scientific and technical transfer, job creation and contributions to the provincial budget revenues.

The revenues of Korean enterprises accounted for about 40 percent of the total FDI’s inflows to the province in 2017. They contributed 265 billion VND (11.3 million USD) to the state budget, equivalent to about 50% of the FDI’s contributions to the provincial budget. The export value hit over 2.7 billion USD, taking 43.5% of the provincial total export turnover while import value reached more than 2.5 million USD, equivalent to 41.6% of the provincial total import turnover.

Most of the Korean companies have high employment rates. Currently, Korean companies create jobs for 54,456 laborers, accounting for about 48.6% of the total number of laborers working for the FDI enterprises in the province.

In the implementation of the Resolution No.73-NQ/TU and Plan No.128/KH-UBND on improving the investment and business climate in Bac Giang province in the period of 2016-2020, Bac Giang province will continue to implement many solutions to facilitate the development of domestic and foreign enterprises in the coming time. This is a good opportunity for businesses particularly RoK’s enterprises to invest and develop in the province.

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Hong Nhung

 
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