Eyeing More Korean Investors

The event was organised by the Yen Bai People’s Committee in cooperation with the Vietnam Chamber of Commerce and Industry (VCCI), the Korea Chamber of Commerce and Industry (KCCI), the Korea Trade-Investment Promotion Agency (KOTRA) in Hanoi, and Korean Chamber of Commerce in Hanoi (Korcham).

 

VCCI President Vu Tien Loc spoke highly of Vietnam - South Korea cooperation ties since the two countries established diplomatic relations in 1992. Over 20 years of cooperation, the two countries have achieved many important milestones such as official establishment of the "Comprehensive partnership in the 21st century" and "Partners strategic partnership" in 2009.

 

South Korea is globally taking the lead in technology and the country is stepping up high-tech development with the green growth strategy. Mr Loc hoped that South Korean investors will share valuable development experience to Yen Bai province for developing its local strengths and see the locality as a potential investment in the future.

 

Mr Jun Dae Joo, Korean Ambassador to Vietnam, said that Korea’s investment value in Vietnam exceeded US$45 billion as of the end of 2015, securing its top place on the list of foreign investors in Vietnam. Over 4,600 Korean companies are operating in Vietnam. Currently, many Korean businesses are considering investment plans in Vietnam, particularly after the Vietnam - Korea free trade agreement took effect and Trans-Pacific Partnership (TPP) negotiations concluded.

 

Currently, Korean businesses are concentrating in some big cities such as Hanoi and Ho Chi Minh City. Only six Korean enterprises have invested in Yen Bai province. He hoped that the meeting and exchanges between Yen Bai officials with Korean investors will be useful for upgrading and improving the investment environment. This is the favourable foundation to introduce Yen Bai province to Korean investors. He also expected that Yen Bai will introduce more about is investment environment to Koreans.

 

Yen Bai is considered an important link in the "Kunming - Lao Cai - Hanoi - Hai Phong" economic corridor, a bridge connecting with the ASEAN Free Trade Area, a satellite of development cooperation in Greater Mekong sub-region (GMS) countries. Especially, since Noi Bai - Yen Bai - Lao Cai Highway is completed and operated, Yen Bai province has received a big advantage - one of driving forces of development and international integration for the northern upland area.

Korean businesses appreciated investment attraction policies and efforts of Vietnam in general and of Yen Bai province in particular, while confirming that they are very interested in investment, trade cooperation and business expansion in Vietnam, especially in supporting, processing and manufacturing industries.

 

They also hoped Vietnam and Yen Bai province in particular will provide favourable conditions and supports for Korean companies to successfully carry out their business and investment plans in Vietnam, thus helping strengthen Vietnam - Korea economic relations.

 

Ms Pham Thi Thanh Tra, Chairwoman of Yen Bai Provincial People’s Committee, said that Yen Bai province is committed to applying best investment incentive policies, creating favourable conditions to support and cooperate with investors and enterprises when they are in the province. The strong determination of Yen Bai province, the active support of the South Korean Embassy in Vietnam, KCCI, KOTRA in Hanoi, Korcham, VCCI, ministries and central agencies, and the ongoing response of business associations, entrepreneurs and companies of South Korea will exert a strong pull on investment flows in Yen Bai province.

 

Thanh Nga