Bac Giang looks to attract 1 billion USD of investment in 2020

The garment factory of the Hana Kovi Vietnam Co. Ltd, invested by the Republic of Korea, in Bac Giang province (Photo: VNA)

The northern province of Bac Giang is striving to attract 1 billion USD of new and additional investment capital to both FDI and domestically invested projects in 2020, said Director of the provincial Department of Planning and Investment Trinh Huu Thang.

In terms of industry, the province prioritises attracting investment to the Quang Chau and Hoa Phu industrial parks, along with industrial clusters in Bac Giang city and the districts of Viet Yen, Yen Dung, Luc Nam, Lang Giang, Tan Yen and Hiep Hoa.

It is calling for more projects in mechanics, manufacturing, electronics, electricity production, agro-forestry-food processing, textile-garment, and support industries, the official noted.

In the field of energy, Bac Giang is offering incentives for investors in thermal power plants in Luc Nam and Son Dong districts, clean and renewable energy projects in Yen The and Son Dong districts, and solar power projects in the Quang Chau and Hoa Phu industrial parks.

It is working to promote investment in the development of urban areas, trading centres, high-end hotels, entertainment services, and financial, health care and insurance services in Bac Giang city; as well as resort projects in Lang Giang, Luc Ngan and Luc Nam districts, which boast advantages in this regard.

Meanwhile, the province is also inviting investment to tourist sites such as the Suoi Mo tourism area in Luc Nam; the ecological and resort tourism areas of Cam Son and Khuon Than lakes in Luc Ngan; the entertainment, resort and spiritual tourism area on Nham Bien Mountain in Yen Dung; and golf courses in Luc Nam, Viet Yen, Lang Giang and Luc Ngan districts.

Thang said it also welcomes more investment to agro-forestry-fishery processing projects that apply high technology, along with waste, wastewater and exhaust gas treatment.

To achieve this year’s plan, Bac Giang is pressing on with improving the business and investment climate, reforming administrative procedures, implementing investment promotion policies, assisting investors and firms in removing obstacles facing their operations, and speeding up licensed projects.

Additionally, it is mobilising resources and preparing infrastructure, clean land funds and material supply zones to create the best possible conditions for those intending to do business in the province, the department director noted, adding that the province is working hard to improve local transport infrastructure and accelerate the completion of facilities at industrial parks, especially the Quang Chau, Van Trung and Hoa Phu.

Since the beginning of this year, Bac Giang has approved in principle and granted investment registration certificates to 17 projects, including 10 domestic projects worth 302 billion VND (nearly 13 million USD) and seven FDI ones worth 69.5 million USD. Meanwhile, two domestic projects have had their capital increased by 142 billion VND, and 73.1 million USD has been added to six existing FDI projects.

By the end of February, the province had attracted 263.8 billion VND of domestic capital and 237.4 million USD of FDI capital in total. The new and additional capital of domestic projects grew 1.99-fold while that of FDI investments was equivalent to 60 percent of the figure in the same period of 2019.

So far this year, the locality has attracted just one large project which is the CE Link Vietnam No. 02 factory project worth 49.84 million USD.

Bac Giang is currently home to 1,242 domestically invested projects with combined registered capital of over 84.4 trillion VND and 451 FDI projects worth over 5.8 billion USD.

In the first two months of 2020, aside from the considerable impact of the COVID-19 outbreak, some major projects encountered other problems in mobilising capital such as the An Khanh Bac Giang thermal power plant of the An Khanh Bac Giang JSC; the logistics infrastructure project in Bac Giang city of the Bac Giang International Logistics Co. Ltd; and the port, coal processing, mechanical equipment production and medium-density fireboard manufacturing complex of the Thien Lam Dat JSC.