Signing ceremony of the Memorandum of Understanding between the Bac Ninh Provincial People's Committee and Samsung Display Co., Ltd.

According to the Foreign Investment Agency under the Ministry of Planning and Investment, as of October 31, 2024, Bac Ninh accounted for 17.2% (about USD 4.7 billion) of the over USD 27.26 billion in newly registered, adjusted, and contributed capital from foreign investors into our nation. Accordingly, Bac Ninh has maintained its position as the country's top destination for foreign direct investment (FDI) in the first ten months of this year, a 3.15-fold increase over the same period last year.

Effectiveness of foreign investment promotion

Economists predicted that Bac Ninh will have considerable success in 2024 in luring foreign investment. The Bac Ninh Provincial Party Committee and Provincial People's Committee leaders have stepped up their efforts to promote investment both locally and abroad in an effort to improve cooperation and find partners to draw in foreign investment inflows, with "beyond expectations" results.

It is noteworthy that in May 2024, Mrs. Nguyen Huong Giang, former Chairman of the Bac Ninh Provincial People's Committee, Nguyễn Hương Giang (now Chairman of the Bac Ninh Provincial People's Council), undertook a business trip to several West Asian and African countries, including South Africa, Qatar, and the United Arab Emirates, to encourage investment in Bac Ninh Province for high-tech agriculture, energy batteries, chips, semiconductors, supporting industries, electronics, information technology, high-tech agriculture, urban development, ecology, and green investment.

A delegation led by Mr. Dao Quang Khai, Vice Chairman of the Bac Ninh Provincial People's Committee, went to Germany, the Czech Republic, and Hungary in July 2024 to promote investment in high-tech industries, automotive assembly, mechanical engineering, industrial products, healthcare, vocational education and training, and trade.

In addition, a delegation headed by Mr. Nguyen Anh Tuan, the secretary of the Bac Ninh Provincial Party Committee, met with large firms in Phoenix, Arizona, USA, in September 2024 to promote investment in the infrastructure, high technology, and semiconductor industries. In October 2024, a delegation led by Vice Chairman of the Bac Ninh Provincial People's Committee, Ngo Tan Phuong, conducted investment promotion activities in Monaco, Italy, and Switzerland, emphasizing cooperation opportunities in technology, finance, trade, and tourism.

Bac Ninh signed investment agreements with numerous major multinational firms in the semiconductor, high-tech, and electronic component manufacturing sectors (including Amkor Group) through investment promotion. Numerous delegations have now been invited to the province for work, surveys, visits, and the pursuit of trade and investment opportunities.

Expectations for an economic upswing

Since the 2021–2025 five-year plan will come to an end in 2025, the next year will hold particular meaning for the Vietnamese economy. Now is the time to assess how well the objectives were met and to build momentum for the following stage of development. According to experts, cities and provinces will be crucial to the next growth in the Vietnamese economy.

The economic situation of Bac Ninh province in 2024 has shown many encouraging indicators, with all goals being met and beyond, according to Vuong Quoc Tuan, Chairman of the Bac Ninh People's Committee of Bac Ninh province. Among these, a 5-6% annual growth rate could be reached. 

Bac Ninh's planning for the years 2021–2030, with a vision to 2050, made it apparent that it prioritizes the in-depth development of its industries. By 2030, it aims to prioritize the development of a number of industries, including pharmaceuticals, medical industrial equipment, electronic equipment, aircraft components and replacement parts, and high technology. It will develop into one of Southeast Asia's hubs for high-tech innovation and R&D by 2050.

Leaders of Bac Ninh province answered questions of businesses at the Investmen Promotion Workshop with the theme "Bac Ninh - an ideal production base in Vietnam".

In order to accomplish these goals, Mr. Dinh Nam Thang, Deputy Director of the Bac Ninh Institute for Socio-Economic Development Research, pointed out that for a small, densely populated, and highly competitive locality like Bac Ninh to maintain its appeal and draw in strategic investors, it must not only rely on its natural advantages but also precisely identify when to renew its strategic thinking in order to take advantage of the recovery and shift in global FDI flows. With enticing policies, coordinated and contemporary infrastructure, and an open and welcoming corporate environment, it keeps attracting new investors. Businesses are always accompanied by the provincial government, no matter where they are or what the situation.

Looking forward to the "Era of Vietnam’s Rise"

Mr. Manish Jaitha, Chairman of Spica Elastic Vietnam Co., Ltd., stated: "As an Indian investor in Vietnam, Spica is extremely pleased and glad to provide steady employment for the locals. In 2010, after evaluating a number of provinces and cities, we chose Bac Ninh because of the benefits it provided to new companies at the time. Additionally, the local government provided us with outstanding support and collaboration with regard to labor, taxes, investment, and other procedures. By reducing the time needed to finish business registration procedures, setting up a one-stop administrative service center, and using online processes, Bac Ninh has consistently improved procedures.

Mr. Chou I Wen, General Director of Foxconn Vietnam, thought that the government's improved inflation control and the rebound in trade growth will boost Vietnam's economy in 2025. In particular, the authorities of Bac Ninh province have consistently worked to improve business support policies, create a place for the private sector to grow, and restructure the economy.

Public investment is always regarded as a vital pillar for the economy, and the distribution of public investment in Bac Ninh is anticipated to pick up speed in 2025, according to Mr. Le Manh Ha, General Director of Tech One Steel Structure JSC and Chairman of the Small and Medium Enterprises Association of Tu Son City. He anticipates that the province of Bac Ninh will provide greater support in the future to enhance ability and enable them to grow from small firms to medium-sized, large, and even larger enterprises. "Only then, with a self-sufficient economy and a robust local private sector, can we meet the aspirations for the "Era of Vietnam’s Rise," Mr. Le Manh Ha stated.