Vietnam’s northern industrial province of Bac Ninh attracted total foreign investment of $745.2 million in the first quarter (Q1) of this year, coming second nationwide in terms of foreign capital inflows with a 12.1% share, reported the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
In the period, the province awarded new investment certificates to 105 projects totaling $499.8 million in foreign direct investment (FDI), up 90.9% and 4% year-on-year, respectively.
Among the new projects, 62 came from mainland Chinese investors, followed by Hong Kong with 19, and Singapore with 11.
In addition, capital adjustments were made to 41 projects (up by 10), with extra capital of $308.8 million (up by $225.8 million). There were 17 capital contribution and share purchase deal, up by 11, totaling $26.4 million, up by $25 million.
In March, Bac Ninh issued new licenses to 27 projects worth $300.7 million, including a $280 million household electrical equipment factory invested by a Hong Kong firm.
Bac Ninh is home to two out of four major Samsung plants in Vietnam, and its prospects for securing greater foreign capital are bright. At a meeting with the local government in March, Kine SIC Semi, a U.S.-based semiconductor business, revealed its plan to build a $200 million factory with an initial area of 7,500 square meters there.
Also last month, Guangdong SQ New Material Co., a Chinese manufacturer of materials used in the electronics industry, expressed its intention to erect a $50 million plant in the province while working with the Bac Ninh Center for Investment and Development of Industrial Zones.
Bac Ninh's GRDP still contracted 3.83% year-on-year in Q1/2024, but the rate narrowed from the preceding four quarters.