Update: 07:56 | 25/09/2021
(BGO) - Along with many localities in the country, Bac Giang province has been heavily affected by the Covid-19 pandemic. Recognizing its advantages and overcoming difficulties, the province has achieved high results in attracting investment, especially foreign direct investment (FDI). However, to continue to stimulate this capital flow, breakthrough solutions are needed.
Winning pandemic, spectacularly attracting investment
Along with the whole country, the economic development and investment attraction of Bac Giang province have also experienced "turbulent" days due to the epidemic. However, it got out of the pandemic and continued to restore production and attract investment.
A production line at FuHong Co., Ltd (Dinh Tram Industrial Park).
After only two months, Bac Giang has "revived" spectacularly. All enterprises in the industrial parks resumed production and the number of employees increased more than that before the outbreak. Its industrial production index in September rose by 14.2 percent compared to August and 18.5 percent over the same period last year.
In particular, FDI attraction saw unexpected results. By September 2021, the province had attracted 17 new FDI projects with a total registered capital of 620.2 million USD and adjusted 32 FDI projects with total additional capital of 161 million USD, ranking seventh in the country. The "eagles" from all over the world such as Apple, Samsung, Luxshare all want to "nest" for a long time in Bac Giang.
Those results were obtained thanks to the province’s appropriate solutions to attract FDI amid Covid-19. Provincial leaders have regularly met and exchanged with foreign ambassadors, representatives of international agencies and organizations in Vietnam, and leaders of large foreign corporations. The province has implemented many synchronous solutions to support businesses and investors to resume production.
Opportunities and challenges
Bac Giang province has become a production hub in the global production chains of electronics, computers, smartphones and solar batteries. On the other hand, it is one of the first provinces completing the provincial planning scheme for the 2021-2030 period, with a vision to 2050, which will be submitted to the Prime Minister for approval.
By September 2021, the province had attracted 17 new FDI projects with a total registered capital of 620.2 million USD and adjusted 32 FDI projects with total additional capital of 161 million USD, ranking seventh in the country.
Besides those great opportunities, Bac Giang is also facing many challenges as the Covid-19 epidemic has not yet been controlled globally and is developing complicatedly and unpredictably. Bac Giang has to compete fiercely with other provinces and together with Vietnam to compete with other countries in the region. Traffic and electricity infrastructure as well as infrastructure of industrial parks and clusters have not yet met the requirements for investment attraction.
Creating a "new coat"
In order to continue to stimulate FDI flows in the coming time, Bac Giang needs breakthrough solutions. First, it must create a new development space. Bac Giang wants to develop quickly and sustainably, it needs to take off the "old coat" to wear a "new shirt" that is large enough, including space for the transportation system associated with industrial parks and clusters, urban areas, entertainment and tourist areas, in harmonious development with green agricultural areas.
A production line at Crystal Martin Vietnam Co., Ltd based in the Quang Chau Industrial Park.
This solution is mentioned in the provincial planning scheme which is being completed and will be submitted to the Prime Minister for approval. Only a good planning can invite "eagles to nest".
Next, it is necessary to promote digital transformation in attracting investment. Investment attraction needs to thoroughly apply digital transformation from policy making, big data analysis on investment attraction and solving online administrative procedures to building investment promotion documents and organising investment promotion conferences…
Assisting investors in the new normal is also important. Over the past time, Bac Giang has done very well in supporting enterprises to quickly restore production and business. In the coming time, on the basis of the support policies of the country, Bac Giang will continue to research and launch practical support solutions for investors and businesses to maintain production, thus avoiding any disruptions in global production chains.
of the Bac Giang Department of Planning and Investment