The Capital Magnet: How a $7 Billion Investment Boost Empowers Vietnam’s Fifth-Largest Economy, as Deputy Prime Minister Assigns a Special Mission

On the afternoon of August 15, at the Bac Ninh Provincial Conference Center, the Provincial Party Committee, People’s Council, and People’s Committee organized an investment promotion conference to grant Investment Registration Certificates, Investment Registration Certificate amendments for increased capital, and Social Housing Project investment decisions and commencement.

At the conference, the Bac Ninh authorities granted Investment Registration Certificates to nine new FDI enterprises and seven domestic enterprises. They also granted Investment Registration Certificate amendments for increased capital to nine FDI enterprises in industrial parks and handed over seven investment approval decisions and 12 investor selection decisions for projects outside industrial parks, with a total investment capital of USD 5.848 billion for domestic projects and USD 1.1 billion for FDI projects.

In addition, two enterprises agreed and committed to increase their capital by a total of USD 300 million. These impressive investment figures will make significant contributions to the development of Bac Ninh province.

Speaking at the conference, Politburo member, Central Party Secretary, and Deputy Prime Minister Nguyen Hoa Binh emphasized the special significance of the event as Vietnam approaches the 80th anniversary of the August Revolution and National Day on September 2. It also takes place immediately after the merger of Bac Giang and Bac Ninh provinces, opening up a new and promising development space.

“This is a very good start, affirming the business community’s confidence in the potential investment environment and the development vision of the new Bac Ninh province,” said the Deputy Prime Minister.

Deputy Prime Minister Nguyen Hoa Binh shared that choosing Bac Ninh as an investment destination is a wise choice as the province has numerous strengths. It occupies an important position in the key economic region of the North, right next to Hanoi, close to Haiphong, on the trans-Asian corridor, and near China and ASEAN countries.

After the merger, Bac Ninh ranked fifth in the country in terms of GRDP scale, with a growth rate of over 10.47% in the first six months of this year and an export turnover of over USD 48 billion in the first seven months, ranking first in the country for the first time. In fact, before the merger, both Bac Ninh and Bac Giang provinces had impressive growth rates and high rankings in the country.

After the merger, the province achieved a growth rate of over 10%, while the national target is 8%, thus realizing the growth objective. Bac Ninh also leads the nation in FDI attraction, which the Government highly appreciates as a result of the province’s efforts.

The province boasts diverse and synchronized transportation and logistics infrastructure. Bac Ninh has an industrial planning development with over 50 industrial parks, of which over 20 are currently operating. Foreign investors (FDI) have chosen to invest in Bac Ninh with 2,800 projects, totaling USD 45 billion in investment capital…

“I hope that the enterprises and investors who received the certificates and investment decisions today will soon implement their projects, and that the commitments between the enterprises and the province will be promptly fulfilled,” emphasized the Deputy Prime Minister.

However, according to the Deputy Prime Minister, the above figures are not final, as there are other projects with larger investment amounts that will be implemented. With the current resources and the contributions of investors to Bac Ninh this year and in the coming years, there will be a significant source of capital for the economy, creating a difference and propelling the economy to accelerate its development.

Striving for Bac Ninh to Become the First Province After the Merger to Be Directly Under the Central Government

With the outstanding results that the province has achieved in the past time and to accelerate towards a new era, the Deputy Prime Minister suggested that the province focus on thoroughly and scientifically preparing for and successfully organizing the first Party Congress of the Provincial Party Committee. It is essential to build resolutions with insightful and intelligent plans, laying the foundation for development not only for one term but also for the following periods. The resolutions must be action-oriented, breakthrough-focused, and instill trust in the people, effectively harnessing the province’s potential and advantages.

The Deputy Prime Minister requested the province to effectively implement key national and provincial projects, especially the two key national projects: Gia Binh Airport and the expressway connecting the airport to Hanoi. On August 19, the country will inaugurate and commence the construction of about 250 projects, including the groundbreaking of Gia Binh Airport, a key national project. At the same time, it is crucial to continue focusing on the development goals that the province has chosen, such as the development of high-tech, green, semiconductor, artificial intelligence, and renewable energy industries.

In parallel with developing the advantageous industrial sector, the province needs to invest adequately in agriculture. I am delighted and proud that not only lychee but also many other products of Bac Ninh have entered demanding international markets, and there will be many more products in the future.

“Bac Ninh farmers are hardworking and creative, always exploring the application of science and expanding markets. I believe that with the good support of the Party committees, authorities, and the agricultural sector, Bac Ninh will continue to be a leading province in agriculture,” said the Deputy Prime Minister.

In the process of industrialization and urbanization, the province needs to pay attention to the livelihoods of people affected by land retrieval and site clearance for project implementation. It is essential to do well in propaganda and mobilization so that people understand and agree; arrange resources along with investors to focus on job resolution and ensure thoroughness. Attention should also be given to issues such as human resource quality, the environment, education, health care, and transportation near industrial parks…

“Finally, I propose that Bac Ninh province, immediately after putting Gia Binh Airport into operation and the industrial projects into operation, initiate the process of registration to become the first province to be directly under the Central Government from now until 2030 (along with Ninh Binh and Khanh Hoa provinces),” emphasized the Deputy Prime Minister.

The Deputy Prime Minister affirmed that with a strategic vision, a spirit of innovation and creativity, and the aspiration to rise of the Party committees, authorities, and people of Bac Ninh, along with the companionship and determination of the Government and the business community, we will together write a new success story. Bac Ninh will become the country’s and region’s center for high-tech industry, innovation, and smart cities, aiming to become directly under the Central Government in the nearest years.