Businesses are expanded with more new orders

Blueway Vina Company Limited in Van Trung industrial park (Viet Yen township) is a Chinese enterprise specializing in manufacturing and processing electronic components including integrated circuit, mobile displays and other electronic accessories supplying some big corporations from the Republic of Korea, Europe and the US. Coming into operation since 2012 in Bac Giang, this company has ceaselessly developed, creating stable jobs for nearly 1,000 workers.

The production chain at Blueway Vina Company Limited.

Due to the world economic situation and post-Covid 19 difficulties in 2023, the company faced declining orders that hindered business and production. This year, thanks to increased promotion to expand the market and innovation in production, the company has attracted more new clients and gained strong revenue growth.

Particularly, the company earned over 70 million USD in the first 9 months in 2024, up 40 percent against the previous year, reaching the highest result ever since starting their business in Bac Giang.

A large number of enterprises in the province were reported to maintain stable production and business activities. Apart from Blueway Vina Company Limited, many foreign direct investment (FDI) companies continue to gain good growth, especially the subsidiary companies of Hon Hai Technology Group and mechanical and manufacturing companies.

The increased revenues gained by enterprises helped to raise the industrial production value of the province in the first 9 months to nearly 500 trillion VND (19.8 billion USD), up 28.5 percent.

According to the provincial Taxation Department, enterprises have quickly recovered and expanded their business scale, making great contributions to state budget and socio-economic development of the locality.

Attracting secondary investors to industrial parks

The breakthroughs of businesses, especially those operating in industrial sector have made great contributions to the province’s economic growth. Continuing the growth momentum in the first 6 months, Bac Giang’s economy gained high growth rate in the third quarter (Q3) at 12.23 percent; however, the province also faced numerous disadvantages affecting the growth. Particularly, the weather change caused a lychee crop failure and typhoon Yagi severely affected agricultural production.

One corner of Quang Chau industrial park, Viet Yen township.

With the result it gained in Q3, Bac Giang’s economic growth rate reached 13.89 percent in the first 9 months, securing the highest rate nationwide. Industrial sector is still the driving force for growth, mainly in FDI enterprises with major products of economic components.

Bac Giang has maintained its top position in economic growth since 2022 with the economic size ranking 12th in Vietnam. In order to gain these impressive achievements, Bac Giang has implemented synchronous solutions, focusing on improving investment climate and enhancing the provincial competitiveness index.

Besides, the province has concentrated on constructing socio-economic infrastructure to attract investment while listening to, sharing with and removing obstacles for enterprises. As a result, several multi-national corporations such as Foxconn, Luxshare-ICT, JA Solar and Hana micron chose Bac Giang to invest.

In addition, the Government provided many macroeconomic policies to support economic recovery and development including reduction of value added tax and registration fees while stimulating disbursement of public investment, which help to stimulate Bac Giang’s growth.

The industrial and construction sector is forecast to maintain the growth momentum in the last months this year, which is estimated to increase by 18 percent while the service sector is expected to increase by 6 percent.

In order to overcome difficulties and fulfill the targets to reach 14.5 percent of economic growth rate in 2024, at the regular meeting in September, Vice Chairman of the provincial People’s Committee Phan The Tuan directed to concentrate on implementing measures to promote growth and investment attraction from now to the end of this year.