Business

RoK’s businesses explore investment in Binh Duong province

Mando CEO and president Sung Il-mo along with representatives of over 80 businesses from the Republic of Korea (RoK) had a working session with authorities of the southern province of Binh Duong on October 26 to explore investment cooperation opportunities.
RoK’s businesses explore investment in Binh Duong province ảnh 1At the working session (Photo: VNA)

Binh Duong (VNA) – Mando CEO andpresident Sung Il-mo along with representatives of over 80 businesses from theRepublic of Korea (RoK) had a working session with authorities of the southernprovince of Binh Duong on October 26 to explore investment cooperationopportunities.

Chairman of the provincial People’s CommitteeTran Thanh Liem said the locality recorded an annual average growth of 8.5percent. The industrial development index increases over 10 percent per yearwhile the foreign direct investment (FDI) stands at over 27.9 billion USD, hecited.

He recognised significant contributions ofKorean firms to the local social-economic development, adding that the RoK camethird among 62 countries and territories pouring investment in Binh Duong.

More than 630 enterprises from the RoK have beeninvesting in Binh Duong with a total capital of nearly 3 billion USD, he noted.

In the first six months of 2017, the RoK’sinvestment continued to pour into 16 new projects whilst 17 existing onesregistered to increase capital of 306 million USD.

He highlighted the RoK’s major investmentprojects such as the car tire production worth 220 million USD of the KolonIndustries and the apparel production worth 25 million USD of the Sewanggarment-textile company.

Sung Il-mo said his group has annual revenue ofover 5.5 billion USD and specialises in manufacturing automobile spare parts.

Manando will continue exchanging views withlocal authorities after this field trip to make investment in Binh Duong assoon as possible, he added.

The same day, the RoK business delegationvisited some local factories and met with leaders from Binh Duong Investmentand Industrial Development Corporation (Becamex).-VNA
VNA
#Mando #businesses #Republic of Korea #Binh Duong province #foreign direct investment #FDI #garment-textile #automobile #Binh Duong Investment and Industrial Development Corporation Binh Duong Korea (RoK) Vietnam
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