Hai Phong looks to attract more RoK investments

Illustrative image (Photo: VNA)

The People’s Committee of Hai Phong city and the Korea Chamber of Commerce and Industry (KCCI) jointly organised a conference on investment promotion with the Republic of Korea (RoK)’s enterprises and another with supporting firms of LG Group in Seoul capital and Gyonggi province on August 23-24.

These are activities among those in celebration of the 30th anniversary of the establishment of the two countries’ diplomatic relations, aiming to provide investors with an insight into socio-economic development of the northern port city in particular and Vietnam in general, strengthen the promotion and attraction of quality and effective investment projects into the city and its industrial and economic parks, and open up more cooperation opportunities between 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 municipal People's Committee. Vietnamese Ambassador to the RoK Nguyen Vu Tung, Minister Counsellor Nguyen Viet Anh also attended and delivered speeches at these conferences.

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 Korean businesses held in Seoul, the Hai Phong delegation briefed participants on the city’s potential, advantages, investment opportunities and attraction policies, while listening to their ideas and recommendations and clarifying their queries on investment in the city.

Meanwhile, in Gyeonggi province, the delegation focused on exchanging information to attract the multinational conglomerate’s supporting firms.

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

These conferences were opportunities for the northern port city to continue promoting its cooperation with RoK localities, agencies, organisations and businesses. It focused on introducing to RoK officials and investors its major policies on building and developing Hai Phong into a modern, smart and sustainable industrial city on the Southeast Asian scale by 2030, with a vision to 2045.

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

To improve the efficiency of production and business of investors that are present in the city and to attract new ones, Hai Phong commits to continuing to strongly improving its business investment environment, developing infrastructure, especially transport infrastructure related to regional connectivity, speeding up construction on new industrial zones, and stepping up the concerted implementation of measures to attract high-quality human resources, and support employees.

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

At the conference in Seoul, representatives of Hai Phong city People's Committee presented the investment registration certificate for new projects from the RoK, including Hai Phong - Nam Dinh Vu Logistics Centre Projects 1&2 with a total investment of 98 million USD, Posco Vietnam Processing Centre worth 18.5 million USD, and KREMS Project with an additional investment of 35 million USD.

Regarding foreign investment attraction, Hai Phong ranks sixth 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 the country rank first in both the number of projects and value among 42 nations and territories pouring capital in the port city.

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

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