Representatives from Thai Binh province and Republic of Korea sign an investment Memorandum of Understanding(MOU). (Photo: VNA) Seoul (VNA) – A conferencewas held in Seoul on April 19 to call for investment from the Republic of Korea (RoK) to the northernprovince of Thai Binh.
The event, co-organised by the Thai Binh provincial People's Committee,the Embassy of Vietnam in the RoK, and The KoreaHerald, attracted about 170 delegates, including Korean officials andbusinesses.
Speaking at the event, Chairman of theprovincial People's Committee Nguyen Khac Than said that Thai Binh is coastal province which isconnected to the airport and seaport system through the transport systemsthat have been synchronously and modernly invested.
In recent years, theprovince's economic growth rate has been among the top in Vietnam. In 2022,despite many difficulties, its Gross Regional Domestic Product (GRDP) growth reached 9.52%. It attracted 660 million USD in foreign direct investment (FDI),ranking 16th out of 63 provinces and cities in Vietnam, according to the official.
The province has advantages such as land areas for industrialdevelopment, with eight industrial parks covering nearly 3,000 ha withavailable surface and infrastructure, Than said, adding that it also has abundant human resources with a population ofabout 2 million people, over 1 million people in the working age, and about 643,000trained workers.
“Thai Binh province is having incentive policies to attractinvestment in the fields of supporting industries, electronics, manufacturingindustry, tourism, high-tech agriculture, and pharmaceuticals,” Than said, noting that the local authority will provide support and ensure a favourable and stable investment, production, and business environment forinvestors.
Vietnamese Ambassador to the RoK Nguyen Vu Tung emphasisedthat after Vietnam- RoK relations were upgraded to a comprehensive strategicpartnership at the end of 2022, the exchange of delegations from the governmentto the local levels has been stepped up.
Economic cooperation has always been an important pillar anda bright spot in the cooperative relationship between the two countries, he said.
Currently, RoK is the largest foreign investor in Vietnam both in terms of totalregistered capital and number of projects with nearly 10,000 projectsand about 82 billion USD in registered capital, accounting for nearly 18.4% of the total foreign investment capital in Vietnam.
The Korea Herald CEO Choi Jin-young said that Thai Binh isan outstanding province in many aspects including a favourable businessenvironment, rich resources, strategic location, skilled workforce, anddeveloped infrastructure.
This will be an attractive destination for Korean companiesto expand and do business in Vietnam, he said, adding that with the RoK's capital and technology combined with Thai Binh’s favourable conditions, the twosides can create new opportunities and build a mutually beneficial partnershipfor prosperity in the future.
Up to now, Thai Binh has attracted 27 projects from Koreaninvestors with total registered investment capital of 148.72 million USD.
During this business trip to the RoK, the Thai Binh delegation worked withthe authorities of Gangwon and Gyeonggi provinces, and met with representatives fromgroups, including Daewoo E&C, Samsung, LG, and Hyosung./.
