Bac Giang province approves 2 FDI projects worth $761 mln

The northern province of Bac Giang early this week signed an investment certificate and a memorandum of understanding for two foreign-invested projects with total registered capital of $761 million.

Ingrasys (Singapore) Pte. Ltd. has been approved as investor and Fulian Co. Ltd. as operator the $621 million Fulian precision technology factory project. The 49.6-hectare project in Quang Chau Industrial Park will produce electronic components, computers, and communication devices.

Ingrasys is a subsidiary of the Taiwan-headquartered Hon Hai Precision Industry Co. Ltd. (Foxconn), the world's largest contract electronics manufacturer.

Meanwhile, Hainan Longi Green Energy Technology Co. Ltd. signed a memorandum of understanding to manufacture solar panels with a capacity 3,500 MW per year and investment capital of $140 million, starting in the first quarter of this year.

Speaking at the ceremony, Bac Giang Chairman Le Anh Duong lauded foreign businesses for contributing to provincial economic growth of 19.3% last year, an all-time high.

Bac Giang, a neighbor of Hanoi, has so far attracted 595 foreign investment projects with total registered capital of $9.38 billion, according to the Ministry of Planning and Investment.

The province’s Index of Industrial Production (IIP) grew 31.51% year-on-year in 2022, partly thanks to the expansion of foreign electronic businesses, said the provincial statistics office. In particular, Luxshare - ICT (Vietnam) Limited and Fuyu Precision Component Company Limited increased their revenue by 80% and 145% last year, respectively.