Illustrative photo (Source: baodautu.vn) Hanoi (VNA) - Investors from and localities in the Republicof Korea (RoK) have carried out a host of investment promotion activities in HCMCity, Dong Nai, and Binh Duong recently as capital, especially for the high-techindustry, begins shifting to Vietnam.
In an interview with Vietnam Investment Review, Kim Heung Soo, Chairmanof the Korean Chamber of Commerce & Industry (KOCHAM) in Vietnam, said RoKinvestment in the country used to primarily focus on production sectors such asapparel, handbags, and footwear.
Capital has now been steered towards high-tech industries such aselectronics, IT, automobiles, construction materials, and services, he explained.In addition to Samsung and LG, leading RoK enterprises such as Hyosung, the SKGroup, and Hyundai Motors are also investing in these fields.
Analysts have noted that Vietnam continues to benefit from productionchains being moved into the country. RoK giants like Samsung and LG are also buildingresearch and development facilities in Vietnam, proving that it is moving upthe value chain and attracting more high-quality foreign investment.
Dean Rolfe from audit, tax, and advisory services provider KPMG Vietnam notedthat one reason behind capital flowing into Vietnam’s high-tech sector is thediversification of production chains.
The southern province of Dong Nai is among the key destinations of RoK investors.It is currently home to 400 projects from the RoK worth more than 6.6 billionUSD, making the country the largest investor among the 43 countries andterritories pouring capital into the province.
In neighbouring Binh Duong province, meanwhile, the Investment andIndustrial Development Corporation (Becamex IDC) and its RoK partner haveproposed an investment in building a 900-ha science and technology industrialpark. Becamex IDC said they have prepared the necessary paperwork for theproject and identified potential tenants.
The RoK is ranked fifth among the countries and territories investing inBinh Duong, with over 800 projects worth nearly 3.2 billion USD./.
VNA
