At the event. Photo: VNA

An investment promotion conference with businesses of the Republic of Korea (RoK) was held in the northern port city of Hai Phong on April 15, reported VNA.

The hybrid event, held by the Management Board of Hai Phong Economic Zone and Foreign Investment Agency under the Ministry of Planning and Investment, drew 150 Korean investors and enterprises.

This is part of the activities to celebrate the 30th anniversary of diplomatic relations between Vietnam and the RoK (December 22, 1992 - 2022).

Min Moon Ki, Commercial Attaché of the RoK Embassy in Vietnam, said the successful investment of RoK businesses in Hai Phong reflects the outcomes of the Vietnam-Korea relationship. This is a solid foundation to promote the bilateral cooperation in the coming time, he added.

Le Trung Kien, head of the Hai Phong Economic Zone Authority (HEZA), said Hai Phong welcomes Korean investors to invest in the fields of electronics, high technology, supporting industry, and renewable energy that Korean businesses boast strengths.

The city has 12 industrial parks, of which eight are located in the Dinh Vu - Cat Hai economic zone, Kien said. In the period 2021-2025, it plans to build 15 new industrial zones with a total area of over 6,200 hectares.

As of March 31, Hai Phong economic and industrial parks had attracted 102 projects invested by businesses from the RoK with a total investment of USD 8.5 billion, accounting for 36.6% of the total foreign investment capital of the city.

At the event. Photo: VNA

Park Jae Hong, Deputy General Director of LG Display Vietnam Hai Phong Co. Ltd said Hai Phong is a locality with many advantages on investment attraction, especially administrative reform, adding that the HEZA always stands side by side with investors and supports them during the implementation of the project.

For example, the period when LG Display Vietnam Hai Phong Co., Ltd. increases investment capital for projects, usually takes 1 to 3 months. However, with the enthusiastic support of the HEZA in connecting with agencies, units and departments from the central to local levels, the process has been greatly shortened.

On the occasion, the Investment Promotion and Employment Service Center of Hai Phong Economic Zone signed a cooperation agreement with the Joint Stock Commercial Bank for Foreign Trade of Vietnam - Hai Phong branch on the provision of banking and financial services for projects and enterprises in industrial parks and economic zones in the city. Deep C Industrial Park and LogisValley HTNS Co., Ltd also signed an agreement.

The HEZA granted an investment certificate to Halla Electronics Vina Co. Ltd which will pour USD 30 million in additional investment capital into a project at Trang Due Industrial Park in An Duong district.

Le Trung Kien, head of the Hai Phong Economic Zone Authority (HEZA), hands over the Investment Registration Certificate to Halla Electronics Vina Co., Ltd. Photo: VNA

The Vietnam-RoK relationship is in a thriving period, with the RoK being an important partner of Vietnam in many areas, and Vietnam is an important pillar of the RoK’s New Southern Policy Plus.

Currently, the RoK is the biggest investor in Vietnam with 9,223 underway projects worth USD 74.7 billion. It is Vietnam’s second-largest labor export market and the third-largest trade partner, with two-way trade reaching USD 78 billion in 2021.

Localities of the two countries have signed about 80 memoranda of understanding across various areas including trade, investment, people-to-people exchange, agriculture, education-training, and labor.

The RoK has provided Vietnam with nearly 1.4 million doses of Covid vaccines, reflecting the close friendship between the two nations.

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