Nghe An welcomes new wave of investment from Korea

(Baonghean) - Identifying Korea as an important strategic partner to continue attracting investment in the coming time, Nghe An province has increased coordination to organize investment promotion activities right in Korea. These new ways demonstrate the spirit of proactively welcoming a new wave of investment from this country.

BSE factory production line. Photo: Thanh Le

Innovation in investment promotion

Nghe An Provincial People's Committee coordinated with VSIP Company, Vietnam Chamber of Commerce and Industry (VCCI), Korea Chamber of Commerce and Industry (KCCI) to organize an investment promotion workshop and implement activities to call for and mobilize Korean enterprises and business associations to invest in VSIP Nghe An Industrial Park in Korea. This workshop was attended by the Ambassador Extraordinary and Plenipotentiary of Vietnam to Korea and 100 investors and enterprises from the land of Kim Chi.

The workshop focused on introducing Nghe An, an attractive destination for investors, analyzing the differences and comparative advantages in attracting investment of the province compared to localities in the region and the whole country.

Through the activities, the provincial leaders and departments and branches affirmed their strong commitments and preferential policies, creating the most favorable conditions for businesses when investing in Nghe An province. Especially with the important speech of Comrade Nguyen Vu Tu - Ambassador Extraordinary and Plenipotentiary of Vietnam to Korea, emphasizing that Korea is currently the leading country in foreign direct investment (FDI). The Ambassador believes that with the new approach of the leaders of Nghe An province and VSIP Nghe An, through this event, the image, people, potentials and strengths of Nghe An province will be introduced and strongly promoted to Korean businesses.

At the same time, the Ambassador called on Korean businesses and investors attending the workshop to pay attention to learning about and investing in Nghe An province in general and VSIP Industrial Park in particular.

The representative of VSIP company also presented impressive results of attracting investment and effective business of FDI projects in industrial parks implemented by VSIP in Vietnam; at the same time, affirmed that Korean FDI projects investing and doing business in VSIP Nghe An industrial park will enjoy the best investment incentives of the Vietnamese Government today, with synchronous infrastructure, convenient legal procedures for quick project establishment and implementation.

In that process, there is active participation and support from local authorities and people. Along with that, VCCI is ready to be a bridge and a trusted address for Korean investors to connect investment and business with localities, including Nghe An.

Also within the framework of the investment promotion trip to Korea, provincial leaders and sectors met and worked directly with enterprises and small and medium-sized enterprise associations of Ulsan city and Kicox region; enterprises that have invested and are investing in VSIP and have plans to expand production and business activities in the future have left many good impressions on the Korean business community.

The event organized by the Provincial People's Committee in coordination with VSIP Nghe An Company, VCCI and the Korea Chamber of Commerce and Industry (KCCI) to organize an investment promotion seminar in Korea attracted the attention, monitoring and participation of more than 100 Korean enterprises wishing to learn about the investment and business environment in Nghe An province in general and VSIP Nghe An industrial park in particular.

According to Mr. Nguyen Van Nam - Deputy Director of the Provincial Investment Promotion and Support Center, "The success of investment promotion activities in Korea has connected and grasped the needs of investors when intending to implement projects in Nghe An, opening up great opportunities to welcome investment waves, especially in fields where Korea has strengths such as: Automation, manufacturing of electronic components and accessories, car assembly, chemicals and petroleum products".

Investment promotion conference in Seoul, Korea.

Hope for a bright path

Immediately after the investment promotion trip to Korea, in July, Nghe An province welcomed large Korean corporations to explore investment opportunities. For example, Kovinet Corporation (Korea) committed to investing in the infrastructure of Hoang Mai 2 Industrial Park, covering an area of ​​343 hectares, with a total investment of VND 1,500 billion. When the administrative procedures were completed, Kovinet set out a construction roadmap within 5 years, starting from January 2018 and attracting about 350 small and medium-sized Korean export enterprises in the global export network to this area.

Along with that, Kovinet Group will call for Korean enterprises to invest. Kovinet also commits to cooperate with Vietnamese enterprises to nurture strategic industries in the fields of new renewable energy, LED technology, wind power, electronic components, textiles, information technology, two-wheeled electric vehicles, and food production. When fully occupied, the value of this Industrial Park will be about 16,000 billion VND.

A good sign in July 2017 came from the land of Kim Chi, Sunpower Solar Power Company (Korea) had a working session with the People's Committee of Nghe An province about the investment project of Solar Power Park in the province. At the meeting, Sunpower Solar Power Company under the Korea Electric Power Corporation (KEPCO) proposed that the People's Committee of Nghe An province study the options for approaching and surveying to participate in thermal power projects at Quynh Lap Power Center - Southeast Economic Zone.

Sunpower Solar Energy Company also proposed to invest in the Sunpower Solar Park in Ru Rim in Nghi Yen and Nghi Tien communes, Nghi Loc district. The scale of this project is from 20 - 100 MW on an area of ​​about 70-80 hectares. The estimated investment capital is from 25 - 150 million USD. If approved, the project can start in late 2017 and be completed and put into use in 2020.

In addition, some Korean enterprises expressed their desire to come and learn about the investment environment in Nghe An in the near future. As planned, the Ulsan Small and Medium Enterprises Association plans to coordinate with the province and VSIP Nghe An Company to organize a seminar to promote investment in Nghe An province in Ulsan and Busan, Korea at the end of 2017.

Meanwhile, TKV Group Joint Stock Company of Korea announced that it will return to Nghe An in 2017 to carry out the next activities of the Container Housing Factory project in Nam Cam Industrial Park. At the same time, TKV Joint Stock Company has sent Nghe An province 5 sets of documents on the Korea-Vietnam Cultural Exchange Cooperation Program, wishing to cooperate with Nghe An Radio and Television Station and the Department of Culture and Sports to carry out events on the Asian Film Festival scheduled to be held in Nghe An. And, recently, TKV Joint Stock Company has signed an agreement with Nghe An Radio and Television Station on cooperation in developing business in the television sector...

Comrade Le Ngoc Hoa - Vice Chairman of the Provincial People's Committee said: "Nghe An considers attracting Korean investors as a priority direction, a strategic and important partner to continue attracting investment in the coming time. The province will create the most favorable conditions for Korean investors when they come to the locality".

Up to now, of the 35 FDI ​​projects licensed in Nghe An, Korea has 12 projects with registered capital of 60.97 million USD, employing over 10,000 local workers. Regarding ODA capital, Korea has 1 project that has been put into effective operation, which is the Vietnam - Korea Technical Vocational College, invested by the Korean Government with a total investment of 7.3 million USD, currently implementing phase 2./.

Le Thanh