The difficulties caused by the pandemic have encouraged northern Bac Ninh province to accelerate its FDI attraction efforts and restructure its economy in association with renovating the growth model to improve productivity, quality, and efficiency to reach economic development goals.
It has changed its FDI attraction direction, focusing on attracting high-tech FDI and pursuing sustainable development in association with becoming a knowledge economy.
The northern province will prioritize projects under a “two less, three high” strategy - less land fund and less labor, and high investment, high economic efficiency, and high technological content. The strategy is also consistent with the nature of Bac Ninh, with its small land area and modest population.
It expects such projects to improve its workforce’s capacity and at the same time exploit local advantages, contribute to promoting the formation of industrial development centers, and boost technology transfer, creating the basis for an effective business structure.
In order to attract projects with the “two less, three high” criteria, Bac Ninh came up with a “four readiness” strategy: readiness in terms of land sites for investment, readiness in terms of human resources, readiness to reform, and readiness to assist foreign-invested enterprises (FIEs).
Since Vietnam’s pandemic prevention and control situation is transitioning to a state of “safe adaptation, flexibility, and effective control of the Covid-19 pandemic”, Bac Ninh has one more readiness, which is to be proactive and ready to fight the pandemic.
This confirms its strong determination to protect and ensure production while maintaining a safe environment, contributing to improving efficiency in investment attraction.