Secretary of the Hai Phong Party Committee Le Tien Chau speaks at the conference. (Photo: VNA)

This is a key event in the series of activities of Hai Phong city's delegation to boost investment promotion in the RoK this year. Vietnamese Ambassador to the RoK Nguyen Vu Tung attended and delivered a congratulatory speech at the conference.

The event was jointly held by the Hai Phong People’s Committee and the Korea International Trade Association (KITA), with the participation of nearly 200 delegates who are representatives from RoK agencies, organizations, businesses and investors.

At the conference, the delegation of Hai Phong city, representatives of infrastructure and service businesses in the city's industrial parks and economic zones introduced information about the potential, advantages, investment opportunities, and policies to attract investment in Hai Phong.

They listened to the opinions and experiences of large RoK investors and businesses that succeeded in Hai Phong city. They also answered and clarified the concerns of businesses in the process of researching and investing in the city.

Speaking at the conference, Le Tien Chau, secretary of the Hai Phong Party Committee, said the city continues to strengthen comprehensive cooperation with RoK partners.

The city calls on RoK investors to focus on surveying and investing in the fields of smart city construction, e-government construction, renewable energy, infrastructure and urban development, hospitals and schools construction.

Le Tien Chau emphasized that this investment promotion conference in the RoK is an opportunity for RoK investors and businesses to better understand the investment environment of Hai Phong city, promote research, and investment activities in the future.

It motivates Hai Phong to become a dynamic, convenient and safe investment destination for investors.

Secretary of the Hai Phong Party Committee Le Tien Chau speaks at the conference. (Photo: VNA)

Speaking at the conference, Vietnamese Ambassador to the RoK Nguyen Vu Tung stated that Vietnam and the RoK are both top economic, trade, investment, labor and tourism partners of each other, with closely linked production chains.

As a country with high economic openness, Vietnam cannot avoid economic difficulties in the first half of 2023 due to the decline of the world economy.

However, recently, Vietnam's economy began to have positive signs. Domestically, the basic macroeconomic indicators are guaranteed. The indicators of import and export, production, consumption, tourism and especially the results of attracting foreign direct investment (FDI) recovered to the level in 2022.

The Government of Vietnam will continue to implement macroeconomic policies with the highest goal of achieving gross domestic product (GDP) growth of over 6%.

Vietnam maintains and stabilizes macroeconomic indicators, finds new driving forces in economic development as well as maintains competitive advantage in the new context.

Statistics show that the RoK invested US$81.5 billion in Vietnam, of which investment in Hai Phong is nearly US$10 billion, accounting for about 12% of the whole country.

RoK's investment focuses mainly on the fields of electronics, auto parts, and machinery. In 2022, the total export turnover through Hai Phong port border gate to the RoK market reached US$12.3 billion, and the total import turnover through Hai Phong port border gate from the RoK market reached US$7.8 billion.

The RoK now ranks first among 42 countries and territories investing in Hai Phong in terms of both quantity and quality of investment projects, Vietnamese Ambassador to the RoK Nguyen Vu Tung said, adding that the city is home to 14 operational industrial parks and the number is expected to increase by 13 by 2025.

Hai Phong will work harder to improve its investment environment, focus on infrastructure development, particularly in transport, and speed up the formation of new industrial parks, he pledged.

The RoK is a large economy with far-reaching regional and international influence. In the ASEAN economic community, Vietnam is RoK's largest partner in ASEAN.

After 30 years, the Vietnam-RoK relationship continuously developed, and achieved comprehensive results in all fields including economy, politics, diplomacy, and culture.

In addition to the strong cooperation between the two countries, the friendly relations between the localities of the two countries continuously developed extensively and effectively in many aspects, including Hai Phong city.

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