The northern province of Vinh Phuc promoted its potential and called for investment at a conference held in Gyeonggi province of the Republic of Korea (RoK) on July 27.
Speaking before an audience of RoK businesspeople, Chairman of Vinh Phuc provincial People’s Committee Nguyen Van Tri highlighted the province’s convenient location in Vietnam’s northern key economic zone and favourable natural conditions suitable for industry, tourism and hi-tech agriculture.
He informed the Korean business circle that the province has made efforts to streamline its administrative procedures, upgrade infrastructure, especially at industrial zones, and train the local labour force.
The provincial leader reported that Vinh Phuc is now home to more than 300 foreign direct investment (FDI) projects, including many run by RoK corporations such as Partron Vina, Haesung Vina, Bangjoo and Interflex. Several more RoK firms, namely Interflex, Young Poong Electronics and Korea Circuit, are planning investments worth close to 1 billion USD in the Dong Soc industrial cluster.
He urged RoK firms consider investing in such fields as support industry for automobile and electronic part production, farm produce processing, urban areas, hotels, eco-tourism, education-training and health care.
Vietnamese Ambassador to the RoK Nguyen Vu Tu briefed the conference on the growing strategic cooperative partnership between Vietnam and the RoK.
The RoK is currently the top foreign investor in Vietnam with accumulated investment of more than 60 billion USD as of July this year. Bilateral trade topped 60 billion USD in 2017, making the RoK the second largest trade partner of Vietnam, while Vietnam is the fourth largest trade partner of the RoK.
Each country has around 150,000 citizens living and working in the other country.
The ambassador said sound political ties and close people-to-people exchange are factors that help boost economic cooperation between the two sides. He stressed that with a high GDP growth of 6.8 percent last year, Vietnam is an attractive destination for investors.