Bac Ninh to transform into a knowledge economy with Korean partners
Bac Ninh determines that investment attractions plays an important role and must be associated with an knowledge economy, hi-tech production and sustainable developments
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| Mrs. Nguyen Huong Giang, Chairwoman of Bac Ninh’s People Committee, handed the gift of a Dong Ho traditional painting to CEO of Hanwha Techwin company. |
The 13th Party Congress had affirmed the importance of developing a knowledge economy, associated with the Fourth Industrial Evolution in the cause of Reform, socio-economic development to further turn Viet Nam into a modern, industrialized country.
Toward economic prosperity, environmental sustainability
With the direction toward 2030, Bac Ninh strives toward building a city with a modern, hi-tech industry; one of the centers of trade-service, education, human resources training, healthcare; applied research and science-technology research, meeting the requirements of a Centrally-managed city, a driving force of the Northern Key Economic Zone, the Capital region and the entire country.
In fact, Bac Ninh’ s attractive investment environment, political stability and security, dynamic and creative implementation of policy have been proven by the presence of numerous domestic, foreign investors, including leading global Corporations such as Samsung (Republic of Korea), Foxconn (China), VSIP Group (Singapore)...Their presences have been followed by hundreds of supporting companies, therefore elevating Bac Ninh into a center of electric, communication, high technology as well as supporting industries of the entire country.
Another example is Bac Ninh’ s 7th position nationally in FDI attractions, accumulated to 1,753 active projects, with total registered capital, after adjustment, capital contribution and stake purchasing, up to 22,899.6 million USD from 39 countries and territories.
Among those, Republic of Korea has been the largest investors with 950 projects. Total registered capital, after adjustment, capital contribution and stake purchasing is up to 14 billion USD, accounted for 62% of the foreign investments of the entire province. Most of the projects focus on processing, manufacturing electronic devices... The success of Samsung Complex in Yen Phong Industrial zones with 3 major projects (Samsung Electronics - 2,5 billion USD, SDIV, battery producers - 100 million USD, Samsung Display - 6,5 billion USD) is a well-known example.
Korean investors, namely Hyosung, Hanwha Techwin, Amkor, ect, also leaves their marks in Bac Ninh with a series of highly efficient investment, greatly contribute to the local socio-economic development and well-being.
For the common prosperity
After 25 years of its re-establishment, Bac Ninh has basically become a modernized industrial province with high socio-economic indicators, nationally ranked among the leading cities and provinces: 1st in industrial production value; 4th in GRDP per capita; 5th in income per capita; thoroughly, synchronously invested modern infrastructures, developed rural and urban areas...For years, the province’s Provincial Competitive Index (PCI) has remained among the top 10 nationally.
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| Ministry of Industry and Trade, Bac Ninh People’s Committee and Samsung Vietnam leaders welcomed businesses attending the Smart Factory Development Cooperation in Bac Ninh 2022. |
The province has focused on its advantages in industrial developments, provided favorable conditions and connections between FDI companies and domestic companies to establish electrical, hi-tech industries, as well as to build hi-tech zones and universities; improved on the ratios of localization rates, technology transfer, therefore creating favorable conditions for local industries to participate in the global value chains, to build supporting industries and therefore, establishing Bac Ninh as an innovative, dynamic city.
In addition, in order to “invest for the future”, Bac Ninh has thoroughly determine to associate investment attraction with the development of a knowledge economy with high-tech production, sustainable development on the basis of selective projects on the criteria of “2 less, 3 high, 4 ready”: less land, less labor; high investment capital, high budget contribution and high technology content; the province will stay ready to provide land, human resources, administrative reform with a supportive spirit for businesses seeking to implement their investments.
With such detailed goals, Bac Ninh has focused on attracting investments in hi-tech, environmental-friendly industries such as: Electronics, telecommunication, mechatronics, pharmaceutical, medical equipment’s...; supporting industries, hi-tech agriculture, smart agriculture; developing new fields on the basis of the Fourth Industrial Revolution.
In addition, the province has also aimed to attract investment in constructing infrastructure, developing urban areas, building shopping malls, luxurious resorts...Bac Ninh has also focused on attracting investment in advantages and high-value commercial services, healthcare services, education, high-quality tourism, international finances, logistics and other modern services.
Building an “honest, proactive, constructive and ready to serve”, Bac Ninh has continued to focus on implementing rigorously and effectively administrative reforms; paid attention to refining mechanisms, policies adopted to the new normal; improved human resources’ quality, gradually moving forward building a modern, professional work forces…In the near future, the province will strive to effectively seize opportunities, overcome common challenges and promote comprehensive developments it will prioritize the principle of “placing people at the center”.
In the coming time, Bac Ninh would like to continue to expand its cooperative relationship in various fields, such as investment, trade, diplomacy, with Republic of Korea and specifically, “open its door” to create the most favorable conditions for Korean investors with land fund, human resources, administrative procedures and supportive measures, for the common prosperity.
With the principle of placing the successes of businesses as its own, Bac Ninh province, with its related agencies, will remain committed to accompany, cooperate at its highest level with Korean partners in researching, observing, implementing bilateral cooperation in the spirit of harmony and effectiveness, for the common development.
