Bac Ninh’s major industrial park expanded

Tuesday, 2016-03-08 05:57:07
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A corner of Yen Phong 1 Industrial Park.
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NDO/VNA – Work started on the expansion of the Yen Phong 1 Industrial Park in Yen Phong district, the northern province of Bac Ninh, on March 7.

The industrial park will be expanded by 314 hectares at a cost of VND3 trillion (US$135 million), raising its total area to over 658 hectares.

The project is expected to transform Bac Ninh into a hub of electronics, telecommunication and green industries in Vietnam, said Tran Anh Tuan, Director of the Viglacera Infrastructure Investment Development Company.

The Viglacera Corporation, which owns the company, began building the industrial park in 2005. The park is considered as an attractive destination for investors from the Republic of Korea, Japan and other countries with a number of major businesses operating there such as Samsung, Orion, Flexcom, Dongsin, Mobase, Dawon Vina and Hansol.

Yen Phong 1 has drawn nearly US$8 billion of investment capital so far, including US$7.2 billion of foreign direct investment. Notably, Samsung allocated an additional US$3 billion for investment in the park last year.

Deputy Minister of Construction Le Quang Hung said it is one of the industrial parks with the most effective land use, elaborating that the park attracted US$0.31 billion on each of the existing 246 hectares of industrial land. Enterprises based there also significantly contributed to Bac Ninh’s total export of US$28 billion in 2015.

He added that the firms have created jobs for over 60,000 workers, including local residents and labourers from around the nation.

Located at the centre of the northern economic development triangle (whose three points are Hanoi, Hai Phong city and Quang Ninh province), the Yen Phong 1 Industrial Park was built with the ultimate goal of turning Bac Ninh into a modernity-oriented industrial province.

A number of foreign investors noted the park’s attraction comes from Viglacera’s continual improvement of infrastructure and services. The facility also boasts a large high-quality workforce.