Korean enterprises invest more than 118 million USD in Nghe An

On the evening of December 13, in Hanoi, the Korean Business Association in Hanoi (Korcham Hanoi) in collaboration with the Korean Chamber of Commerce and Industry (KCCI) organized the 2019 Korea - Vietnam Friendship Exchange Night.

Attending the conference were Mr. Park Noh Wan - Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Vietnam, Chairman of the Korean Business Association in Vietnam and many guests representing members of the Korean Business Association in Vietnam. Photo: Tran Khanh Thuc

On the Vietnamese side, there were comrades: Vu Dai Thang - Deputy Minister of Planning and Investment, Vu Tien Loc - Chairman of Vietnam Chamber of Commerce and Industry, representatives of a number of central ministries and branches, especially the presence of representatives of leaders of a number of localities with typical cooperation with Korea such as Hanoi, Nghe An, Hai Phong, Thua Thien - Hue,...

On Nghe An side, there were comrade Le Ngoc Hoa - Member of the Provincial Party Executive Committee, Vice Chairman of the Provincial People's Committee and representatives of the Department of Foreign Affairs and the Center for Investment Promotion and Support.

South Korea is the leading partner in terms of both scale and foreign investment capital in Vietnam. Currently, there are more than 8,000 Korean enterprises investing in Vietnam with 8,357 projects, total investment capital of more than 66.8 billion USD.

Speaking at the event, Deputy Minister of Planning and Investment Vu Dai Thang highly appreciated the cooperation results between Vietnam and Korea in recent years. 2019 continued to see strong developments in many fields.

Deputy Minister of Planning and Investment Vu Dai Thang speaks at the Korea - Vietnam friendship exchange. Photo: Tran Khanh Thuc

The two sides have achieved many great achievements and are in a good development stage, bringing benefits, understanding and deep trust to each other. Currently, more than 200,000 Vietnamese people live and work in Korea and more than 150,000 Koreans live and work in Vietnam, creating a solid foundation for the relationship between the two sides.

The Korean Business Association has the function of contributing to promoting investment and trade between Vietnam and Korea; Supporting the promotion of business development for association members; and acting as a bridge between members and agencies of the Vietnamese Government.

The Association was established in 1992 and has gone through 13 terms. Its members are businesses and companies that have actively contributed to the cooperation between Korean and Vietnamese businesses.

Nghe An is one of the localities attracting investment from many Korean enterprises. In Nghe An province, there are currently 21 FDI projects from Korea, with a total committed investment capital of 118.07 million USD, in the main fields such as: textiles, electronic components assembly, electronic equipment, telecommunications...

Mr. Park Noh Wan - Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to Vietnam emphasized: Korea identifies Vietnam as the number one partner in investment, trade and people-to-people diplomacy in ASEAN. Photo: Tran Khanh Thuc

These projects also contribute significantly to export turnover to the Korean market and create stable jobs for tens of thousands of workers and contribute important budget to the province.

Speaking at the conference, Ambassador Park Noh Wan thanked the Vietnamese Government and agencies, ministries, sectors and localities for creating the best conditions for Korean investors.

Informing that among ASEAN countries, Korea identifies Vietnam as the number one partner in investment, trade and people-to-people diplomacy, he believes that two-way trade turnover will reach 100 billion USD by 2020.

Delegates take souvenir photos. Photo: Tran Khanh Thuc

Contributing to promoting the relationship between the two countries, the ambassador affirmed: The Korean representative office is not only a place for businesses to come to but will proactively reach out to businesses and localities.

With the strong determination of both sides, it is hoped that in the coming time Nghe An will be a bright spot in the picture of cooperation between Vietnam and Korea.