Bac Giang actively improves foreign affairs, tightens cooperation with Singapore
With new incentives on integration and investment promotion, Bac Giang has successfully fulfilled its foreign affairs tasks, contributing enormously to socio-economic development. This is evidenced by its effective cooperation with Singapore.
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| Chairman of the Bac Giang provincial People's Committee Le Anh Duong grants the investment licence to the representative of the Hong Hai Technology Group (Foxconn) in Viet Nam on January 18. 2021. (Photo: Bac Giang online) |
Singapore - a potential and effective partner
Since the establishment of bilateral ties in 1973, relations between Viet Nam and Singapore have continuously grown in all fields. The upgrade of Viet Nam - Singapore ties to a strategic partnership in September 2013 has opened up various cooperation opportunities between localities and businesses from both countries.
Realizing the potential of multifaceted cooperation with Singapore, Bac Giang province has focused on bolstering ties with this Southeast Asian country in many fields.
The province’s bold measures to attract investment in industrial development have reaped initial success, particularly with regard to investment from Singapore.
By November 2021, Bac Giang had attracted 14 FDI projects from Singapore, with a total registered capital of 806 million USD. Additional registered capital has amounted to more than 271 million USD.
Major Singapore-invested projects in Bac Giang include the 453 million USD Fukang Technology Factory of Foxconn Singapore Pte. Ltd; Quang Chau Industrial Park in Viet Yen District; and the 75 million USD Risesun New Material factory of Risesun Investment Pte. Ltd in Hoa Phu Industrial Park, Hiep Hoa district.
Cooperation for sustainable development
Among 27 countries and territories investing in Bac Giang, Singapore now ranks 6th in terms of the number of investment projects and 5th in terms of total registered capital.
In 2021, Singapore was the biggest foreign investor in Bac Giang. Singaporean businesses have invested mainly in processing and manufacturing, particularly electronic components, animal feed, and electrical equipment.
A key factor that attracts Singaporean investors is Bac Giang’s long-term vision on sustainable development, community benefit sharing, and business value building.
In particular, the province prioritizes projects that are environmentally friendly, have advanced, clean, and high technology, modern management, high added value, and spillover effects, and connected with global production and supply chains. With a high level of development, Singaporean businesses fit these criteria.
Bac Giang gives priority to investment projects that meet its criteria of “2 less, 3 high”, namely using less land and less labor; high investment capital, high budget contribution and high technology. This is why the province continues to identify Singapore as a strategic investment partner in areas such as education and training, high-tech agriculture, high-tech industry, supporting industry, environment and energy-saving, car manufacturing and auto parts.
Bac Giang is committed to creating more favorable conditions for Singapore businesses for effective and sustainable development, contributing to further tightening relations between the province and Singapore.
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| An overview of the Hoa Phu Industrial Park, Hiep Hoa district, Bac Giang province. (Source: VNA) |
Proactive intergration, innovation for investment attraction
In addition to focusing on flexibly and effectively preventing and controlling the COVID-19 pandemic to boost socio-economic recovery and development, Bac Giang has made remarkable efforts to improve its foreign affairs.
The provincial People's Committee issued a plan on strengthening international cooperation with foreign localities for the 2021-2025 period.
The province has promulgated regulations on unified management of foreign affairs, stepped up external activities, and improved the effectiveness of international cooperation in various fields, especially in economics. It has also enhanced foreign affairs activities and promoted friendship and cooperation with foreign localities, including Xay Som Bun province of Laos.
Shifting from waiting for investors to actively attracting investors, the Provincial Party Committee’s Standing Board issued Resolution No. 105-NQ/TU on improving the business and investment environment and the Provincial Competitiveness Index (PCI) in the 2021-2025 period.
For the first time, the Provincial Party Committee has held a dialogue with businesses to help them remove obstacles and organized an online contest to encourage new ideas and incentives on improving the province’s investment and business climate.
Bac Giang also pledged the best possible technical infrastructure and services for investors, such as traffic, electricity, water, and a favorable environment for production and business activities.
The province is committed to further streamlining administrative procedure particularly those relating to business registration, investment, land, the environment, and construction.
Bac Giang is scheduled to organize a meeting with FDI enterprises from China, South Korea, Japan and other countries in the first quarter of 2022.
With the motto “Bac Giang always stays side by side with businesses, the success of businesses is the success of the province”, Bac Giang believes it will become an attractive, safe and reliable destination for domestic and foreign investors.
| Bac Giang continues to see a strong wave of investment from Singaporean businesses. In the first quarter of 2022, Bac Giang and Capitaland Holdings Singapore will sign an MOU on Capitaland's investment commitment in the province. This project will develop a large complex, including an industrial park, an urban-service area, and a modern and sustainable logistics center in Viet Yen district. The area covers more than 400 hectares with a total investment of about 1 billion USD. The project is scheduled to begin in 2022. In addition to its significant economic benefit, the project demonstrates Bac Giang’s effort to build a modern, green and sustainable area, which is expected to have a positive impact on local people. |
Chairman of the People’s Committee of Bac Giang
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