Bac Ninh Provincial Party Secretary Nguyen Anh Tuan promotes investment in the US, directly answers questions from businesses (September 2024)

More than 19,000 of the roughly 23,000 registered firms in Bac Ninh are presently operating, according to statistics. Businesses' operations have made a substantial contribution to economic growth, job creation, worker income, and the execution of social welfare programs.

Imprints of the private sector 

According to the Bac Ninh provincial Department of Planning and Investment, in 2024, the province's private sector will continue to play a significant role in the local economy, particularly through FDI attraction and the promotion of industries, services, and commerce. Bac Ninh has received approximately USD 4.5 billion in foreign direct investment since the beginning of the year, ranking first in the country, with investments from big firms such as Foxconn and Goertek. The processing and manufacturing industries dominate, particularly in the manufacture of electronic components, resulting in a 7.5% increase in the industrial production index for the first nine months of this year. 

Bac Ninh's economic growth rate is predicted to be approximately 5-6% in 2024. The service industry has also grown significantly, with total retail sales and service income reaching VND 74,778 trillion, up 9.1% over the previous year. These achievements were made feasible by synchronized infrastructure development and open investment policies, which created favorable circumstances for business expansion.

Experts believe that the private sector has contributed to Bac Ninh's growth not just in industry but also in e-commerce and new services, proving the success of the province's economic management approaches. Bac Ninh's investment environment and infrastructure have been consistently strengthened as a result of the private sector's robust growth. The transportation infrastructure and social facilities have been extensively renovated to satisfy the demands of enterprises. Bac Ninh's presence of first- and second-tier private sector suppliers also contributes to the formation of a strong supporting industrial ecosystem, boosting the capacity to self-supply components and auxiliary goods across the production chain.

VSIP Industrial Park in Bac Ninh

Listening for better comprehension

With the goal of creating a transparent investment environment and mobilizing the most social resources, provincial leaders continue to decisively direct all levels and sectors to quickly resolve business challenges, change mindsets and service attitudes, and create favorable conditions for domestic and foreign businesses to invest in Bac Ninh.

Mr. Nguyen Phuong Bac, Director of the Bac Ninh Institute for Socio-economic Development Studies, commented that while the "Business Doctor" model, consisting of experts from various departments, is ready to consult and guide businesses in specific sectors such as finance, law, and the market, helping them access resources and support policies more quickly, the Bac Ninh Province's "Special Task Force" model has achieved remarkable effectiveness in supporting businesses. This task force is directly directed by the Chairman of the Provincial People's Committee, with members from several departments. It has established a swift and open working method, allowing firms to receive and handle concerns in areas such as land, environment, investment, labor, and security.

The task force's working method is built on multimedia channels, which range from the province's electronic information portal, Zalo groups, and task force members' personal emails, allowing enterprises to quickly reflect their concerns. At the same time, "Expert Teams" specializing in each sector have been formed to monitor and encourage relevant units to solve specific concerns, assuring progress and effectiveness in resolving business challenges.

Bac Ninh's most recent highlight is the "Monthly Business Meeting" program, which has been and continues to be extremely successfully executed. This concept is well praised for fostering tight and open contact between the local authorities and the business community. These meetings, held on the 13th of each month, focus on critical problems such as land access, planning, trade promotion, and digital transformation, with the goal of improving business connections and support more efficiently. The Bac Ninh authorities are devoted to listening, providing information openness, and immediately addressing business challenges, therefore fostering trust and entrepreneurship.

These meetings, in particular, feature high-ranking provincial officials such as the Secretary of the Provincial Party Committee and the Chairman of the Provincial People's Committee, allowing businesses to express their concerns and proposals directly. Business associations should prioritize problems and communicate them to local authorities to ensure effective resolution.

Many enterprises consider Bac Ninh to be an attractive business location due to the province's open rules and quick procedures, which aid in the expansion of production and long-term investments. Bac Ninh Province's dedication to business support has helped it attract considerable investment flows and increased the business community's confidence in the province's long-term growth potential.

"Businesses in Bac Ninh appreciate the provincial authorities' support policies and attitude of companionship, particularly through direct meetings and support models. These policies help businesses feel heard and supported in a timely manner, particularly when it comes to administrative procedures, land, and infrastructural connectivity. The monthly discussions with provincial authorities have fostered open communication, allowing firms to feel more comfortable in expressing challenges and giving recommendations for local development plans," stated Mr. Manish Jaitha, Chairman of Spica Elastic Vietnam Co., Ltd.