Northern Vietnam province with major Samsung investments sets $7 bln FDI target for 2024

Bac Ninh, home to nearly half of tech giant Samsung’s investment tally in Vietnam, is targeting $7 billion in foreign direct investment (FDI) this year, four-fold its 2023 intake.

The target was announced by the provincial People’s Committee at a regular meeting Tuesday.

Bac Ninh was the biggest FDI recipient nationwide in the year to June 20, recording FDI commitments of $2.58 billion, more than triple the figure in H1/2023, government data showed.

Between January and June, the province licensed 244 new FDI projects worth a combined $1.1 billion and approved the expansions worth $1.53 billion for 87 projects..

Major investors in the period included Goertek, Amkor, Foxconn, Suntory Pepsico, and Victory Giant Technology Singapore.

Notably, Amkor Technology Singapore Holding Pte. Ltd injected an additional $1.07 billion into its semiconductor plant at the Yen Phong II-C Industrial Park in June, bringing its total investment to $1.6 billion. After the expansion, the plant will churn out 3.6 billion products per year.

Bac Ninh, the smallest province in the country with an area of 823 square kilometers, has attracted an accumulated $27.67 billion in 2,347 FDI projects to date.

The local government attributes this success to well-developed infrastructure, stable workforce, administrative reform efforts and active promotion activities.

The northern province’s economy, highly exposed to FDI, was hard hit by global supply chain disruptions during the Covid-19 pandemic. After expanding 5.14% in 2022, its GRDP slumped 9.28% in 2023, before recovering with a 2.32% growth rate in H1/2024, according to municipal statistics.