Bac Ninh's Foreign Investment Surges, Chinese Projects Grow Rapidly

Financials Author: EqualOcean News, ChenZhiheng、JiangShan Jun 14, 2024 09:00 AM (GMT+8)

In the first five months of 2024, Bac Ninh Province attracted over 1.16 billion USD in investments, accounting for 10% of the nation's total, propelling it to the third spot in national foreign investment rankings. Notably, Chinese investment projects are rapidly replacing South Korean ones, becoming the main source of foreign capital in Bac Ninh.

According to the Bac Ninh Industrial Parks Authority, the province currently hosts 2,310 active investment projects, with 343 from China (including Taiwan and Hong Kong), amounting to a total registered capital of over 95 billion USD. The province’s appeal to Chinese enterprises stems from its strategic location, advanced infrastructure and transportation networks, favorable business environment, and abundant, skilled labor force, coupled with strong governmental support.

Recently, Bac Ninh has conducted a series of investment promotion activities in China, yielding significant results. Delegations from Jiangsu Province’s Yangzhou City, Guangxi Zhuang Autonomous Region’s Nanning City, Fujian Chamber of Commerce, and Shenzhen Service Trade Association have visited Bac Ninh to explore investment opportunities. Many new enterprises are actively considering investments while existing ones are expanding their investments.

For instance, GoerTek Inc. is investing over 800 million USD to build a 10-hectare factory in the Bac Ninh VSIP2 Industrial Park for high-precision circuit board production and sales. Additionally, Foxconn is increasing its investment in the region, with a revised total investment exceeding 380 million USD. These investments are driving rapid economic growth in Bac Ninh and enhancing its international competitiveness.

Bac Ninh's investment surge and favorable business environment offer valuable insights for Chinese enterprises looking to expand overseas. For those aiming to enter international markets, Bac Ninh stands out as a promising investment destination filled with opportunities and potential.