Overview of our industrial parks

1. Overview of industrial parks in Vietnam

In the progress of renovation of Vietnam, the formation and development of industrial parks, export processing zones and economic zones have created a driving force to promote the industrialization and modernization of Vietnam. By the end of 2020, the country had 366 industrial parks established, attracting more than 15,000 domestic and foreign investment projects with registered capital of VND 970 trillion domestic investment capital.

In the context of international integration and the development of the technology 4.0 Revolution, Vietnam have to innovate, restructure and improve the model of industrial zones to catch up with the global trend. The development of industrial zones in Vietnam are supposed to ensure the harmony of interests, long-term, take socio-economic efficiency, environmental protection and sustainable development.

Many provincial authorities have recently boosted investment in the construction of industrial parks in many areas as well as prepared infrastructure to be ready to welcome foreign investors in the global investment shift.

2. Plan of developing industrial parks

In the context of the COVID-19 pandemic, broken global supply chains, Vietnam remains stable when it comes to controlling the epidemic well, ensuring the growth rate for the economy. With a GDP growth of 2.91%, Vietnam is in the group of countries with the highest economic growth in the world in 2020.

In addition, the impact from the US-China trade war also causes many corporations and businesses to look for new lands, where there may be future factories, replacing supply chains. Are too focused as they are now. In such a situation, Vietnam continues to be considered a safe investment destination and faces the opportunity of a wave of investment capital shifting from China.

In Bac Giang, the leading province in the country in terms of economic growth, from the end of 2020, there have been promising bright spots. In a move seen to reduce reliance on Chinese manufacturing facilities, Foxconn, Apple's largest assembly partner, decided to locate local factories. According to the leaders of Bac Giang province, this is only phase 1 when Foxconn invests about 270 million USD. In phase 2, Foxconn will continue to invest about 400 million more to expand production here.