The Dung Quat Economic Zone Authority (DEZA) in Vietnam and the Korea Industrial Complex Corporation (KICOX) in Ulsan in the Republic of Korea (RoK) have signed a Memorandum of Understanding (MoU) on investment cooperation.

The MoU was signed at a meeting between DEZA and a delegation from the Ulsan business community on Feb. 25 in the central province of Quang Ngai .

Under the deal, within two years, DEZA will enable KIKOX and other businesses in Ulsan to invest in DEZA, especially in petro-chemicals, shipbuilding, heavy manufacturing and vehicle assembly.

KIKOX is now responsible for providing information about DEZA to other RoK’s firms who are keen to invest there.

Both will work together to run courses in the Korean language as well as engineering courses for Vietnamese workers who will be sent to work in Ulsan.

At present, DEZA had granted 111 business permits with registered investment of almost 8 billion USD. The 67 of these companies which are up and running already contribute significantly to Quang Ngai province’s overall economic growth.-VNA