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Bac Ninh Emerges as Leading FDI Destination in Vietnam
Bắc Ninh province leads Vietnam in foreign direct investment, attracting over $4.2 billion in 2024, with strong infrastructure and workforce. It hosts 2,400 projects valued at $29.3 billion.
Bắc Ninh province leads Vietnam in foreign direct investment, attracting over $4.2 billion in 2024, with strong infrastructure and workforce. It hosts 2,400 projects valued at $29.3 billion.
Key Points
- Bắc Ninh province led Vietnam in foreign direct investment (FDI) with over US$4.2 billion from January to September 2024, showcasing a favorable investment environment, modern infrastructure, and ample labor supply.
- The province saw a significant 82.2% year-on-year increase in total investment, with 339 projects adding US$2.68 billion. Notably, Samsung plans to invest an additional US$1.8 billion in OLED manufacturing.
- With more than 2,400 valid FDI projects valued at US$29.3 billion, Bắc Ninh continues to foster relationships with foreign investors while addressing operational challenges to maintain its growth momentum.
In the first nine months of 2024, Bắc Ninh province has established itself as a frontrunner in attracting foreign direct investment (FDI) within Vietnam, achieving over US$4.2 billion in investments. This notable influx is largely credited to a robust investment climate characterized by advanced infrastructure and a skilled labor force, which positions Bắc Ninh as a highly appealing destination for foreign investors. The provincial Department of Planning and Investment reported that foreign investors committed US$1.56 billion to 339 projects, marking an impressive year-on-year increase of 82.2% in total investment and a 28.4% rise in project numbers.
Further reinforcing its investment appeal, Bắc Ninh saw 147 FDI projects adjusting their capital expenditures over the same period, leading to an additional allocation of US$2.68 billion. This flexibility demonstrates the province’s proactive approach to fostering business growth and optimizing the operational environment for foreign enterprises. Notably, September alone witnessed the approval of nine new projects totaling US$57.8 million in registered capital, underscoring the ongoing robust interest from international investors—particularly highlighted by a substantial real estate investment from Singapore.
Bắc Ninh currently hosts over 2,400 valid FDI projects with a cumulative investment value of US$29.3 billion, showcasing a successful strategy for attracting and retaining foreign capital. Local leaders actively engage with major FDI firms such as Samsung and Canon to alleviate operational challenges and enhance the business ecosystem. Samsung Display Co. has plans to invest US$1.8 billion in a cutting-edge OLED manufacturing plant, elevating the company’s total investment in the province to US$8.3 billion.
Geographically, Bắc Ninh’s strategic location within the Red River Delta and its comprehensive network of highways and waterways enhance its economic infrastructure, while proximity to Noi Bai International Airport reduces logistics costs for businesses. Performance metrics indicate that Bắc Ninh ranks third nationally in the Vietnam Provincial Governance and Public Administration Performance Index (PAPI), signaling effective governance but also highlighting areas for improvement regarding public administrative procedures and environmental governance. As Bắc Ninh continues to strengthen its infrastructure and investor relations, it is well poised for sustained economic growth in the future.
| This article was first published by Vietnam Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to [email protected] for more support. |
Read the original article : Bac Ninh is Top FDI Destination in Vietnam till September 2024
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