Bac Ninh’s IPs target VND1.2 quadrillion in industrial production value

According to reports presented at a recent conference to review the operation of local IPs in 2019 and propose orientations for 2020, production and business activities of enterprises in Bac Ninh’s industrial parks maintained stability.

They exported US$37.3 billion worth of products, and contributed VND11.5 trillion (US$496.7 million) to the State budget, up 13% and 2% year-on-year, respectively.

Total newly registered and additional investment capital to projects in industrial parks hit US$1.39 billion.

During the year, the IP management board has accelerated administrative reform and IT application, thus facilitating operation of investors and enterprises.

In 2020, Bac Ninh’s industrial parks aim to attract between 90-95 projects with total capital of about US$1.1 billion.

IP-based enterprises are hoped to generate an export value of US$36 billion, contribute VND13 trillion (US$561.4 million) to the State budget, and create jobs for 4,000-5,000 labourers.

Since 2000 when Bac Ninh launched its first industrial park of Tien Son, the province now has 16 concentrated industrial parks covering nearly 6,400 hectares.

Ten of them have been operational. The occupancy ratio of the parks has reached 88% of cleared land, much higher than the national average ratio.

The IPs attracted investment from 32 countries and territories.

Bac Ninh has been considered as a magnet for foreign direct investment (FDI) attraction with the rising pull of investment in recent years.

FDI has made significant contributions to the socio-economic development of the locality, helping to increase its gross regional domestic product (GRDP) of the locality.

The province is always one of the six leading localities nationwide in terms of FDI attraction. This is an important foundation for the province to continue to bolster socio-economic growth, heading towards becoming a centrally-run city in 2022.