Four foreign electronics giants make up over half of northern Vietnam province's Jan exports

Bac Giang, an industrial province in northern Vietnam, posted a 73% year-on-year rise in exports to over $3 billion in January, with over half contributed by four major foreign-invested electronics enterprises.

Fukang Technology and Precision Component, both subsidiaries of Taiwan’s Foxconn, reported exports of nearly $550 million and $533 million, respectively.

South Korea’s Hana Micron Vina Co recorded an export value of $370 million, while China’s Luxshare-ICT Vietnam generated $320 million from exports.

Together, these four electronics firms booked nearly $1.8 billion in exports in January, representing over half of Bac Giang’s total.

Along with its neighboring province Bac Ninh, Bac Giang is home to numerous foreign tech firms, which are considered key drivers of the local economy.

According to local statistics, Bac Giang’s gross regional domestic product (GRDP) grew by 13.85% year-on-year to VND207 trillion ($8.2 billion) in 2023, the highest growth rate in the country. The processing and manufacturing sector remained the largest contributor, accounting for 58.63% of total.

By economic sector, the FDI sector held the largest share, increasing from 37.4% in 2020 to 45.5% in 2024. Its production value was estimated at VND600.23 trillion ($23.75 billion), up 29.9% and making up 88% of the total output.

With steady growth in recent years, Bac Giang’s GRDP is projected at VND235.8 trillion ($9.33 billion) this year, up 13.9% from 2024, according to the provincial trade and industry department.

In 2024, the province attracted over 73 new foreign-invested projects worth $507 million and secured an additional $782 million in investment for 74 existing FDI projects, according to the local administration.