Yen Bai Calls for More RoK Investments

At the signing ceremony of a cooperation agreement within the framework of the conference. Photo: dangcongsan.vn

Speaking at the event, Chairman of the provincial People's Committee Tran Huy Tuan emphasized that the conference was expected to help Korean businesses and investors to better understand the province’s potential, advantages and its investment attraction policies, VietnamPlus reported.

The province called on Korean businesses to actively recommend solutions to help Yen Bai remove investors’ difficulties and provide them with favorable conditions to do business in the province.

Chairman of the provincial People's Committee Tran Huy Tuan speaks at the conference. Photo: dangcongsan.vn

Cha Sung Wook, Deputy General Director of the Korea Trade and Investment Promotion Agency in Hanoi (KOTRA Hanoi), said that through studying Yen Bai's potential and strengths, he hoped that Korean investors will invest in Vietnam in general, and Yen Bai in particular in different areas, including processing industry, new material production, clean energy, electronic component production, traditional handicrafts, services, and health care.

Many Korean businesses highly appreciated Yen Bai's recent development, especially its transport infrastructure, as well as the province's attention and efforts to create favourable conditions for investors.

Vu Van Chung, Deputy Director of the Foreign Investment Agency under the Ministry of Planning and Investment, said Yen Bai has paid attention to investing in synchronous infrastructure and convenient traffic connectivity so its industrial clusters and parks have much room for development.

The inter-regional cooperation between Yen Bai province and Hai Phong city promotes mutual development and attracts Korean investors, he said.

At the conference, representatives from agencies of Yen Bai province signed cooperation agreements with those from Hai Phong city and the RoK to enhance exchange activities and experience sharing in investment, trade, tourism, health care, and agricultural product consumption.

Meanwhile, the RoK ranks first among the 42 nations and territories pouring capital into the northern port city of Hai Phong, with 105 projects totaling $11 billion, according to the Hai Phong Economic Zone Authority.

Korean investors pour USD2.34 billion into Vietnam in 7 months. Photo: thoibaotaichinhvietnam.vn

Notably, on June 26, municipal authorities handed over a license to LG Innotek Vietnam Hai Phong Co., Ltd. to add $1 billion to its project in the city, raising its total investment to over $2.05 billion.

On September 29, an investment registration certificate was handed over to Ecovance high-tech biodegradable material factory project worth $500 million by SK – the second largest corporation in the RoK.

Secretary of the municipal Party Committee Le Tien Chau affirmed that Hai Phong is committed to always accompanying and creating good conditions for investors to implement their projects.

In July, Korean investors alone poured more than $1.1 billion into Vietnam, bringing the total investment capital of Korean enterprises in Vietnam in the first 7 months to $2.34 billion, accounting for 14.4% of the total foreign investment capital to Vietnam in the first 7 months of the year, according to Thoi bai tai chinh Vietnam (Vietnam Financial Times)./.

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