Nghe An has 24 Korean investment projects with a total registered capital of nearly 167 million USD.

Garment and electronic components projects operate effectively

Of the 24 projects, 19 projects with a total registered capital of 70.97 million USD are outside industrial parks and 5 projects/95.73 million USD are in the Southeast economic zone and industrial parks.

Haivina Kim Lien Garment Company (Nam Dan) is a 100% Korean-owned enterprise, invested in Nghe An since 2011. After many difficulties, with the support of Nghe An province, departments, branches, and Nam Dan district, the enterprise has made efforts to overcome difficulties and operate stably and effectively, with stable orders due to highly skilled and reputable workers, the enterprise has created credibility with partners and customers.

Discussing the unit's activities, Ms. Chu Thi Ngoc - Assistant General Director said: The company currently has 2,500 employees, with salaries ranging from 6-8 million VND/month excluding meals. In addition, there are other benefits such as housing support and travel support. With the active support of the government, security and production safety are ensured, especially power outages due to hot weather do not greatly affect production.

At Sang Woo Vietnam Factory, a 100% Korean-invested enterprise in VSIP Nghe An Industrial Park, production and business activities have remained stable after the Covid-19 pandemic. This garment factory is currently creating jobs for 1,379 local workers, mainly in Hung Nguyen, Nam Dan, Vinh, Thanh Chuong, Yen Thanh districts... The company's goods are mainly exported to Europe and the US with a capacity of 5 million products/year. Export revenue in the first 6 months of 2023 reached 105 billion VND, contributing 750 million VND to the budget. The company representative said that with maximum support from Nghe An province and the Southeast Economic Zone Management Board, the company has now been operating stably and is continuing to recruit workers.

The fields in which Korean enterprises invest in Nghe An are mainly textiles, electronic components manufacturing, service consulting, supermarkets, etc. Some of the enterprises that can be mentioned are: Prex Vinh Leather and Textile Factory (Do Luong), with a capacity of 3 million products/year; Wooin Industries Company Limited's garment factory in the Hong Ky Tower Industrial Park (Dien Chau), Vietnam - Korea Marketing and Investment Consulting Center (Vinh city), Factory printing and embroidering logos on ready-made garments associated with the establishment of With Vina Company, With Embroidery Company Limited (Lac Son industrial park), Em-Tech Vietnam Factory (VSIP Nghe An Industrial Park), Lotte Vinh Center (Vinh city) with shopping, service, and culinary activities; Hitech BSE Vietnam Electronics and Telecommunications Components, Equipment, and Electronics Factory (Nam Cam Industrial Park); Sangwoo Vietnam Garment Factory, Kyungshin Nghe An Factory producing spare parts and accessories for automobiles and other motor vehicles, with a capacity of 300,000 products/year in the Southeast Economic Zone.

In general, Korean FDI investment projects in Nghe An province in recent times have had positive impacts on the province's socio-economic development, creating jobs for about 15,000 workers, promoting exports and making large contributions to the province's budget.

Practical projectsofficial development assistance ODA

In recent years, with the good cooperative relationship between Vietnam and Korea in general and Nghe An and organizations and enterprises in Korea in particular, Korea has had effective ODA official support projects. The project to build the Vietnam - Korea Industrial Technical School supported by KOICA in 1999 is a typical example.

Vietnam - Korea Industrial Technical College was established on December 4, 1998 under Decision No. 1272/QD.UBND of Nghe An Provincial People's Committee. In October 1999, Phase I of the project was invested by the Korean Government with a total capital of 5 million USD; Nghe An province's counterpart capital was 11 billion VND.

On February 15, 2007, the School was upgraded to Vietnam - Korea Industrial Technical Vocational College according to Decision No. 258/QD-BLDTBXH of the Minister of Labor, War Invalids and Social Affairs. The Korean Government continued to invest in phase II with a total capital of 2.45 million USD; Nghe An province's counterpart capital was 30 billion VND.

Currently, Vietnam - Korea cooperation is a model of traditional partnership in Southeast Asia. Vietnam and Korea are comprehensive partners in many fields. Recently, President of Korea Yoon Suk-yeol visited Vietnam and was accompanied by many large Korean enterprises, promising that in the coming time, attracting investment between Vietnam and Korea will be increasingly prosperous.

Nghe An province will prioritize attracting investment projects with high added value, using modern technology, environmentally friendly, especially in the fields of high technology; supporting industry; material production; financial and banking services; education; biotechnology for agriculture; infrastructure development, training of high-quality human resources, research and development, modern services, logistics and supply chain...

Regarding investment attraction partners, we aim at businesses with financial capacity, supply chains, connectivity and attracting investment in the production of supporting products.

Nghe An is a good land for Korean investors, with many projects operating effectively. Korean enterprises investing in Nghe An hope to continue receiving support from the government and departments and branches in terms of tax, customs clearance, environment, fire prevention and fighting, etc.

Mr. Un Hyun Soo - General Director of SangWoo Company