Vinh Phuc Continues to Seek Investment Opportunities from South Korea

During a recent trip to South Korea, Mr. Tran Duy Dong, Chairman of Vinh Phuc’s People's Committee, led a delegation that met with leaders of Gyeonggi province, South Korea's most populous province, to introduce Vinh Phuc's investment environment to the Gyeonggi business community.

Vinh Phuc’s delegation visits Gyeonggi province, South Korea, to promote its investment environment to the local business community

Tran Duy Dong highlighted impressive figures from 237 South Korean companies that have invested over US$3.1 billion in Vinh Phuc province, clearly showing their business performance in the locality. With its existing potential advantages such as a favorable geographical location, synchronous infrastructure and the business-friendly government, Vinh Phuc is an attractive destination for domestic and foreign investors. Currently, Vinh Phuc is the manufacturing center of automobiles, motorbikes and electronic equipment in northern Vietnam. Many large companies from South Korea and other countries have invested in Vinh Phuc, including BH Flex, Cammsys, Young Poong Group, Patron and Haesung Vina (South Korea), Toyota, Honda and Sumitomo (Japan), Prime Group (Thailand), Piaggio (Italy) and De Heus (the Netherlands).

He briefed local leaders on the province’s socioeconomic development in recent years, adding that Vinh Phuc is always a top destination for investment flows. He also introduced local potential advantages for developing industries, especially processing, manufacturing and electronic industries, the strengths of South Korean firms.

Vinh Phuc is an attractive destination for domestic and foreign investors

Vinh Phuc has a close relationship with many South Korean localities. Its investment and business environment has become a launching pad for South Korean firms to develop and grow rapidly to contribute more to local economic development and budgetary revenue growth. Therefore, Vinh Phuc hopes that the government and business community of Gyeonggi province will strengthen cooperation and invest in high-tech, value-added industrial projects in the province. Specifically, he suggested the two provinces officially establish a friendly relationship and soon sign a memorandum of understanding to this effect. Regarding urban planning, to become a smart city and a livable city, Vinh Phuc hopes that Gyeonggi province will share its experience in this field. He hoped that Gyeonggi province and its businesses would further explore cooperation and investment opportunities in high-tech, mechanical engineering, chemicals, cosmetics, tourism services, healthcare and education in Vinh Phuc. Additionally, he suggested that the two provinces expand the market and enhance collaboration in other areas such as education, culture and health.

On this occasion, Chairman of Vinh Phuc Provincial People's Committee Tran Duy Dong visited and worked with Samsung leaders (South Korea), emphasizing that Samsung's suppliers in Vinh Phuc are playing an important role in increasing the high-tech content in the local economy. He requested Samsung to consider expanding its investment in Vinh Phuc, especially in semiconductor, green and eco-friendly industries. Vinh Phuc is committed to creating favorable conditions in terms of policies, infrastructure and support services for Samsung and other South Korean businesses to develop sustainably in the province.

By Le Hien, Vietnam Business Forum