He emphasized that Bac Ninh should make great efforts to not only be among the provinces with the highest GDP but also present its strengths in electronics in particular and the creative economy in general.
After 20 years of re-establishment, from an agricultural province Bac Ninh is now a modern industrial province with the country’s highest economic growth.
Its gross regional domestic product (GRDP) ranks sixth in the country and its industrial production value second, while its budget contributions of VND17.8 trillion ($783.2 million) are the tenth-highest in the country.
The province also ranked fifth in attracting FDI, with 935 project and capital of $12.3 billion, and its Provincial Competitiveness Index (PCI) has been in the Top 10 for many years.
Effective index management and public administration (PAPI) ranked second. With such results, the province targets becoming a city under the central government by 2020.
The PM also paid a visit to the Samsung complex at the Yen Phong Industrial Park, where he expressed his desire that Samsung allow more domestic companies to join its production chain. Local input at Samsung currently stands at about 50 per cent.
Vietnam in general and Bac Ninh province in particular will create a favorable environment for Samsung to expand its business in the country, including ensuring political stability and sufficient labor resources, he said.
PM Phuc also visited the premises of local food group Dababo, where he praised the group’s robust growth and the advanced technology used in its farming, husbandry, and outlets.
He called for more connectivity with farmers and local collectives to expand business for mutual benefit and to bolster State budget contributions.
Earlier, he met with Mr. Yoon Jong-kyoo, President of the Korean KB Kookmin Financial Group, in Hanoi on February 11. Vietnam, he said, will continue to maintain macro-economic stability and a favorable business environment for foreign investors.
In the first month of this year, Bac Ninh province attached eight newly-registered projects while three existing projects added capital, totaling $19.3 million.
Samsung Display Vietnam (SDV) has approved a plan to pour an additional $2.5 billion into its AMOLED module plant in the province.
The provincial government earlier asked for government permission to offer tax incentives to attract the additional investment, which would enable the project to be classified as large-scale. The expansion plan is likely to be finalized as soon as the first quarter of this year, according to local media.