Update: 04:49 | 30/12/2021
(BGO) - Although the result of foreign direct investment (FDI) attraction from European partners is incommensurate with potentials and strengths of the province, it is a positive sign in luring high-quality FDI projects. Investors from European Union (EU) have made significant contributions to the highlights in FDI attraction of Bac Giang province.
Cooperation between Bac Giang province and EU partners in recent years
In recent years, Bac Giang has been in top provinces with high Gross Regional Domestic Product (GRDP) growth rate nationwide and in the region. In period from 2016 to 2020, the province’s average growth rate reached approximate 14 percent. Since 2019, Bac Giang has been in top 10 provinces with highest FDI capital.
Permanent Vice Chairman of the provincial People’s Committee Mai Son speaks at Meet Europe 2021.
Most of EU enterprises in Bac Giang province have been in stable operation and pay due attention to technological innovation, reduction of impacts on environment and increase in sustainable production value which suit the development and investment attraction criteria of the province in current context.
Besides, these enterprises fulfill the regulations, guarantee income and health of their workers and actively participate in social welfare activities in the locality.
Since it entered into effect on August 1, 2020, the EU-Vietnam Free Trade Agreement (EVFTA) has created more rooms for growth of Vietnam’s key export products including products of Bac Giang province.
Solutions, orientation for investment and trade promotion with EU partners in coming time
In order to attract investment from EU and boost trade promotion to EU market, Bac Giang has been implementing some following solutions and policies.
A number of key farm products of the province have conquered European market.
The province has been striving to improve the provincial competitiveness index (PCI) especially administrative procedure reform towards convenience, transparency, competitiveness and accordance to international practice to effectively attract qualified FDI projects and European businesses and investors particularly.
The traffic system and infrastructure of the industrial parks and clusters in the province have been completed and developed while convenience urban areas close to the industrial parks and clusters have been established to lure more residents and workers.
The province pays attention to improving training quality of human resources to serve demand of enterprises, expanding and enhancing teaching quality of the vocational training schools and providing good conditions for qualified and skilled engineers to settle down and work in the province.
The province will complete synchronous national database and information systems in investment linked with related sectors like labour, land, taxation, customs, credit and foreign currency and localities while implementing e-government and digital economy comprehensively and intensively involving agencies, organizations, units and enterprises in the province.
The list of projects calling for investment in 2021-2025 period was issued to facilitate investors to Bac Giang
The province applies the investment policies with highest incentives conforming to the national regulations while implementing its own preferential mechanism and policies for EU investors.
It pays attention to trade promotion and heightening export revenue of the province’s major farm products, which have penetrated EU market such as lychee, cucumber and Chu rice noodle.
The province will cooperate with EU partners and other potential partners in production and processing of some other signature products meeting requirements of EU market for export.