Hai Phong looks to attract more RoK investments

Illustrative image (Photo: VNA)

Seoul (VNA) – The People’s Committee of Hai Phong city and the KoreaChamber of Commerce and Industry (KCCI) jointly organised a conference oninvestment promotion with the Republic of Korea (RoK)’s enterprises and anotherwith supporting firms of LG Group in Seoul capital and Gyonggi province onAugust 23-24.

These are activities among those in celebration of the 30thanniversary of the establishment of the two countries’ diplomatic relations, aimingto provide investors with an insight into socio-economic development of thenorthern port city in particular and Vietnam in general, strengthen the promotionand attraction of quality and effective investment projects into the city andits industrial and economic parks, and open up more cooperation opportunitiesbetween RoK investors and the city in the coming time.

The delegation of Hai Phong city was led by Nguyen Van Tung,Vice Secretary of the municipal Party Committee and Chairman of the municipalPeople's Committee. Vietnamese Ambassador to the RoK Nguyen Vu Tung, MinisterCounsellor Nguyen Viet Anh also attended and delivered speeches at theseconferences.

Chairman of Hai Phong People's Committee Nguyen Van Tung speaks at the investment promotion conference in Seoul (Photo: VNA)

At the investment promotion conference with Koreanbusinesses held in Seoul, the Hai Phong delegation briefed participants on thecity’s potential, advantages, investment opportunities and attraction policies,while listening to their ideas and recommendations and clarifying their querieson investment in the city.

Meanwhile, in Gyeonggi province, the delegation focused onexchanging information to attract the multinational conglomerate’s supportingfirms.

Hai Phong’s investment attraction activities attractedhundreds of Korean investors and businesses.

These conferences were opportunities for the northern portcity to continue promoting its cooperation with RoK localities, agencies,organisations and businesses. It focused on introducing to RoK officials andinvestors its major policies on building and developing Hai Phong into amodern, smart and sustainable industrial city on the Southeast Asian scale by2030, with a vision to 2045.

An overview of Hai Phong's investment promotion conference (Photo: VNA)

To improve the efficiency of production and business ofinvestors that are present in the city and to attract new ones, Hai Phongcommits to continuing to strongly improving its business investmentenvironment, developing infrastructure, especially transport infrastructurerelated to regional connectivity, speeding up construction on new industrialzones, and stepping up the concerted implementation of measures to attracthigh-quality human resources, and support employees.

These conferences also offered chances for RoK investors andbusinesses to better understand the investment environment of Hai Phong city sothat they can make fact-finding tours to and pour capital into the Vietnamesecity in the coming time, thus contributing to creating motivation for Hai Phongto become a dynamic, convenient, safe and successful investment destination forRoK investors.

At the conference in Seoul, representatives of Hai Phong cityPeople's Committee presented the investment registration certificate for newprojects from the RoK, including Hai Phong - Nam Dinh Vu Logistics CentreProjects 1&2 with a total investment of 98 million USD, Posco VietnamProcessing Centre worth 18.5 million USD, and KREMS Project with an additionalinvestment of 35 million USD.

Regarding foreign investment attraction, Hai Phong rankssixth nationwide with 872 projects totaling 23.76 billion USD. Of the total,173 projects worth 9.65 billion USD have been invested by Koreans, making thecountry rank first in both the number of projects and value among 42 nationsand territories pouring capital in the port city.

In the first seven months of this year, the city attracted 1.1billion USD worth of FDI, ranking fifth nationwide. In the period, Koreaninvestors poured 71.86 million USD into the city.

LG Group has to date invested 7.24 billion USD in itsprojects in Hai Phong, accounting for 37.13% of the total FDI capital lured bythe city./.

VNA