Goals have also been set for the sector’s gross regional domestic product (GRDP) to grow by 19 percent annually during 2021-2030 and for its value to exceed VND 652.15 trillion (USD 28.3 billion) by 2025 and hit VND 2.2 quadrillion by 2030.

Bac Giang aims to set up 23 new industrial parks (IPs), expand five IPs, and merge six industrial clusters into a 6,518-ha IP, pushing the total number of local IP to 29 spanning 7,840 ha by 2030.

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Meanwhile, 29 new industrial clusters will be established and three other expanded, covering a total area of 1,853 ha. By 2030, Bac Giang hopes to house 66 clusters spanning 3,209 ha.

The local IP development follows a model that consists of an IP and an urban-service area with modern technical and social infrastructure. Prioritized industries include mechanics and manufacturing, and farm produce and food processing. Investment attraction, high-quality human resources building, and technological transfer and application are also focal points.

According to the provincial Department of Industry and Trade, to date, Bac Giang has six IPs covering 1,322 ha; five of them have become operational. They have attracted 409 projects from domestic and foreign investors worth VND 9.4 trillion and nearly USD six billion, respectively.

In 2020, budget collection from the IPs reached over VND 2.2 trillion, or 11 percent of the provincial budget.

Source: VNA