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Defining industry as the main driving force for development, the northern province of Bac Giang has stepped up promotion to attract foreign direct investment (FDI), including capital from the Republic of Korea (RoK). According to Vice Chairman of the provincial People’s Committee Phan The Tuan, the RoK now ranks first in the number of FDI projects and ranks second in terms of registered investment capital among countries and territories. RoK enterprises accounted for about 25% of the total industrial production value of the FDI sector in the province, 30% of import-export value and 21.3% of the budget contribution, he said. Provincial leaders and heads of departments and agencies have coordinated with international organisations in Vietnam and Vietnamese representative agencies abroad through information exchange and investment promotion including the Korea Trade Promotion Agency (KOTRA) to introduce Bac Giang’s potential and call for investment in the locality. The province has issued a Green Growth Acti
on Plan for the 2021-2030 period with the goal of developing important economic clusters towards increasing production and use of renewable energy, improving efficiency, and using energy sources economically. It has focused on investing in developing industries that help solve environmental problems, contributing to promoting economic restructuring, associated with innovating growth models to achieve sustainable development goals, Tuan said. Building a smart urban model is considered one of the key solutions that creates motivation to promote socio-economic development in the province, he said. The official said he hoped that cooperation between Bac Giang province and RoK partners, who have practical experience in developing smart urban, green growth and investment, will be fostered in the coming time, bringing benefits to both sides. Bac Giang attracted 2.2 billion USD in FDI in the first 10 months of 2023, a two-fold rise from the same period last year./.
Source: Vietnam News Agency
