RoK enterprises lead in number of investment projects in Bac Giang

Update: 19:49 | 07/04/2022

(BGO) - In the past 5 years, Bac Giang has always been in the top 10 provinces and cities in the country in terms of foreign direct investment (FDI) attraction, showing that it is an attractive destination for many large businesses and corporations. Continuing to identify industry as the main driving force for development, Bac Giang promotes FDI attraction, including capital from the Republic of Korea (RoK).

Destination of investors

According to the Department of Planning and Investment, the RoK currently ranks first in the number of investment projects in the province with more than 320 projects and second in terms of total registered capital with nearly 1.4 billion USD.

RoK enterprises, number of investment projects, Bac Giang province, foreign direct investment, FDI attraction, attractive destination,  large businesses and corporations, Destination of investors

A production line of Daeyang Hanoi Co., Ltd., a Korean enterprise, in the Dong Dinh industrial cluster (Tan Yen district).

Korean enterprises account for about 25 percent of the total industrial production value of the province's FDI sector; actively contribute to the province's socio-economic development, especially in economic structure transfer, increasing labor productivity, modern technology and management experience. The number of workers working in RoK enterprises make up more than 23 percent of the total number of employees in the FDI sector.

Hoshiden Vietnam Co., Ltd., in the Quang Chau Industrial Park (IP), specializing in production of electronic components, was heavily affected by the Covid-19 epidemic, but with the support of authorities at all levels in Bac Giang province and the dynamism of its leaders, the company has recovered quickly. It has constantly expanded scale, creating jobs for more than 11,500 workers. In 2021 alone, the company paid more than 92 billion VND (4 million USD) to the state budget, an increase of 10 billion VND (437,400 USD) compared to the previous year.

RoK enterprises, number of investment projects, Bac Giang province, foreign direct investment, FDI attraction, attractive destination,  large businesses and corporations, Destination of investors

A production line at APS Vina Co., Ltd, in the Song Khe - Noi Hoang Industrial Park.

Seojin Vietnam Co., Ltd (Song Khe - Noi Hoang Industrial Park) has only been in operation for more than 2 years, but has made a great contribution to the state budget. In 2021, it posted an industrial production value of more than 3 trillion VND (131.2 million USD), a 10-fold increase compared to 2020, and contributed more than 80 billion VND (3.5 million USD) to the state budget.

In addition to local labourers, more than 1,200 Korean workers have formed an important resource for the province, helping the local businesspeople to exchange and access modern technology, professional and effective management style.

Accompanying support businesses

With the desire to support businesses to grow, at the beginning of 2022, Le Anh Duong, Chairman of the provincial People's Committee, chaired an online meeting to listen to the opinions of businesses, through which Bac Giang delivered the message "The province creates all the best conditions for enterprises to do business smoothly" to the business community.

At the same time, the province prioritizes removing institutional difficulties for enterprises. Any regulations that are inappropriate or outdated will be corrected as quickly as possible. The province continues to maintain a hotline of the Chairman of the provincial People's Committee to receive businesses' petitions and strictly handle officials who cause troubles for enterprises. It vows to not let enterprises face difficulties due to subjective factors.

RoK enterprises, number of investment projects, Bac Giang province, foreign direct investment, FDI attraction, attractive destination,  large businesses and corporations, Destination of investors

The Vietnam-Korea Industrial Park's infrastructure is being built to attract investment for industrial development.

In terms of service infrastructure, the province develops an energy development plan and allocates resources to invest in transport works such as Nhu Nguyet Bridge, Ha Bac 2 Bridge, Hoa Son Bridge and many other projects.

In particular, the province has cooperated with Hai Duong and Quang Ninh provinces to build a coastal road to help businesses transport goods to Hai Phong port in the shortest time. Bac Giang is also speeding up investment in industrial park infrastructure, improve the quality of human resources training, and build housing for workers.

With the view of building a government to serve and support development, Bac Giang continues to direct departments, agencies, and People's Committees of districts and city to regularly listen to enterprises' recommendations; give advice to higher-level agencies on measures to immediately solve specific problems.

It also proactively proposes solutions to promote administrative reform and improve the investment environment, develops socio-economic infrastructure, increases support and creates the most favorable conditions for foreign investors in general and Korean ones in particular to invest in Bac Giang province.

Trinh Lan
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