Thanh Hoa, RoK partners bolster human resources development

Delegates at the Thanh Hoa-RoK meeting on March 24 (Photo: VNA)

Thanh Hoa (VNA) – A meeting between authorities of the north-central province of Thanh Hoa and firms of the Republic of Korea (RoK) was held in the province on March 24, part of activities to mark the 30th founding anniversary of the Vietnam-RoK diplomatic ties (December 22, 1992 – 2022).

The event, jointly held by the provincial People’s Committee, the Ministry of Foreign Affairs and the Embassy of the RoK, looked for ways to bolster human resources for recovery and sustainable development.

To date, investors and ventures of the RoK have channelled 1.6 billion USD into 37 projects in Thanh Hoa, accounting for 11 percent of total foreign direct investment (FDI) in the province.

Major projects of the RoK include the Nghi Son II thermal plant joint venture with Japan, in which the RoK side pumped in 1.39 billion USD.

In addition, the RoK government funded 135 million USD in official development assistance (ODA) for five projects in Thanh Hoa in the fields of health care, education, transport and urban development.

In 2021 alone, the RoK financed 13 projects in Thanh Hoa with total disbursed capital worth over 1.84 million USD. Those projects contributed to promoting industrial and handicraft production, thus creating jobs for local labourers and revenues for the local budget. 

Speaking at the meeting, Chairman of the provincial People’s Committee Do Minh Tuan said the event provided a chance for RoK businesses and investors to voice their aspirations, and get updated on new regulations and policies of the Party and State as well as development orientations of Thanh Hoa. Leaders of the province and relevant agencies were also able to garner opinions of the investors and will strive to address bottlenecks.

For his part, Deputy Minister of Foreign Affairs Nguyen Minh Vu highlighted that the RoK is currently the largest foreign investor of Vietnam, with cumulative capital hitting 74.7 billion USD, and the third largest trade partner of Vietnam. He said he hopes the event will help both sides exchange useful information and practical ideas, thereby opening a new era for cooperation between Thanh Hoa and RoK partners.

The official believed that Thanh Hoa will be an attractive destination for global investors, including those from the RoK, given the province’s strategic location and huge potential for growth. Local authorities have devised policies conducive for external economic cooperation, investment and trade with partners from the RoK and other countries and territories, he added.

RoK Ambassador to Vietnam Park Noh-wan said Vietnam boasts a large workforce and is a signatory of trade pacts like the Regional Comprehensive Economic Partnership (RCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), adding that the country needs to capitalise on chances brought by the agreements and make efforts to improve quality of foreign investment. 

The diplomat underlined the significance of human resources development and facilitation for the support industry, which are fields that RoK high tech firms want to invest in Vietnam.

Friendship and cooperation between Thanh Hoa and the RoK have been thriving across multiple sectors of diplomacy, economy and culture, contributing to the partnership between Thanh Hoa and RoK in particular and the two countries at large.

Representative of the province signed a memorandum of understanding with RoK investors at the event.

At the opening session of the exhibition (Photo: VNA)

Also in the series of activities to celebrate 30 years of the bilateral relations, an exhibition showcasing typical products of Vietnam and RoK was opened in Sam Son city of Thanh Hoa on March 25.

The event features 29 pavilions, including 12 of RoK businesses. Thanh Hoa businesses run seven pavilions, and 10 of other localities in the northern and central regions. 

Delegates visit the pavilion (Photo: VNA)

The two-day event offers opportunities for Vietnamese and RoK localities and firms to introduce their products and form partnership so as to bolster market development in both countries./.