South Korea promoting investment in Hai Duong

A meeting on development cooperation was held on August 31 with the participation of Mr. Pham Xuan Thang, Secretary of the Hai Duong Provincial Party Committee, other Hai Duong authorities, H.E. Park Noh Wan, Ambassador Extraordinary and Plenipotentiary of South Korea to Vietnam, and representatives of the L-H Group.

The two parties discussed development cooperation and called for FDI from South Korean investors into Hai Duong, especially in industrial park projects, urban areas, services, and specialized industry and high-tech industry in key industrial areas of the northern province. Hai Duong intends to attract large-scale investment projects from South Korea, focusing on industrial parks, in order to create an industrial ecosystem, and to attract large-scale and high-tech supporting industry projects from major corporations around the world in general and from South Korea in particular.

Hai Duong now has 133 South Korean investment projects, with total registered investment of $1.287 billion. South Korea is a major investor in the province, topping the list of 26 investing countries and territories in project numbers and ranking third in investment capital, accounting for 27.4 per cent of FDI projects and 14 per cent of FDI capital.

South Korean enterprises mainly operate in the fields of electrical goods, electronics, molds, electronic products, logistics services, and apparel. The average investment scale is $10 million per project. Enterprises strictly comply with commitments on project implementation schedule as well as the time of capital contribution, operate effectively, and abide by Vietnamese laws. In Hai Duong, some 120 projects have been put into operation, providing jobs to about 60,000 employees.

At the end of the talks, the two sides agreed to immediately promote investments into smart urban projects, services, and golf courses in Dai Hung, Tu Ky district. The South Korean Embassy will act as an intermediary for investors.

It is expected that the parties will sign an official cooperation document during September that will serve as the basis for implementing South Korean investment promotion in Hai Duong.