Recently, Chairman of the People’s Committee of Bac Ninh province, Vuong Quoc Tuan, met with Korean partners and businesses to discuss the province’s potential, investment incentives, and the operations of Korean businesses in Bac Ninh.
A highlight of the meeting was the signing of a Memorandum of Understanding with SI FLEX Vietnam Co., Ltd. regarding the expansion of their project in Quang Chau Industrial Park, with an additional investment of approximately $200 million, bringing the total investment to $499 million.
SI FLEX Vietnam Co., Ltd. is a 100% foreign-owned enterprise established by a Korean investor. The company started its project in Quang Chau Industrial Park in 2014, with a total investment of $299 million and a land area of nearly 140,000 square meters. Their main business is the production of electronic circuit boards.
Currently, the company employs 5,400 workers with an average salary of 12.5 million VND per person per month. The company’s annual export value reaches about $600 million, and their annual contribution to the state budget is over 70 billion VND.
With the additional investment, SI FLEX Vietnam expects to commence operations of the expanded project by 2027-2028, creating new jobs for 3,600 laborers. The annual export value is projected to exceed $1 billion, and the annual contribution to the state budget is expected to surpass 100 billion VND.
Workers at SI FLEX Vietnam Co., Ltd.
Bac Ninh is one of the leading provinces in attracting foreign investment. According to local authorities, in the first seven months of this year, Bac Ninh granted investment certificates to 237 new foreign-invested projects (FDI) with a total registered capital of over $1.09 billion. Additionally, 155 existing FDI projects were approved for capital increases, with a total additional capital of over $2.51 billion.
As of July 20, 2025, the province had 3,284 valid projects from investors from 44 countries and territories, with a total registered capital of over $45 billion.
The industrial production value in the province exceeded $51 billion. Specifically, Korean investors had 1,142 valid projects with a total registered capital of about $18.5 billion and a disbursed capital of about $16.8 billion. Korea ranked first in terms of investment capital, number of projects, and export value. The industrial production value of Korean enterprises accounted for about 40% of the province’s total industrial production value.
In another development, Bac Ninh unexpectedly surpassed Ho Chi Minh City in July to become the country’s leading exporter, following the reorganization of localities.
According to the latest statistics from the Customs Department, Bac Ninh’s export turnover in July reached $8.6 billion.
This remarkable achievement is attributed to the acceleration of exports by enterprises in the province, mainly consisting of high-tech products, electronics, phones, and computers, produced by prominent companies such as Samsung, LG, and Canon.
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