Korea Emerges as Leading Investor in Bac Ninh Province

8:32:36 AM | 30/11/2023

Bac Ninh Province is currently witnessing a prominent surge in investment activities, with South Korea leading the pack among 39 countries and territories involved in various projects. Ms. Nguyen Huong Giang, Chairwoman of the Bac Ninh Provincial People's Committee, lauded South Korean investors as exemplary models, highlighting their significant contribution to the province's comprehensive development across diverse sectors.

Korean delegation meets with leaders of Bac Ninh province during the "Meet Bac Ninh - Korea" program

After more than three decades of fostering diplomatic ties between Vietnam and South Korea, the economic collaboration has proven exceptionally successful. Vietnam, currently drawing investment from 142 countries and territories, sees South Korea at the forefront with an impressive investment exceeding US$81.3 billion.

Despite the global economic slowdown reshaping investment flows and triggering a recession, Bac Ninh Province has effectively attracted substantial Foreign Direct Investment (FDI). South Korea, with 960 projects totaling over US$14.34 billion, emerges as the principal investor, constituting 60% of the province's total FDI and generating employment for over 150,000 workers. Prominent South Korean companies, including Samsung Group, Intops, Hanwha Techwin, Amkor, Hana Micron, CrucialTec, and Hyosung, actively participate in projects spanning electronics manufacturing, mobile phones, precision mechanics, agriculture and food processing, services, and civil industries. These investments have not only created job opportunities but also significantly contributed to the socio-economic advancement of the province.

Samsung, for instance, stands out as the largest investor in Vietnam, having injected over US$20 billion, with Bac Ninh alone receiving investments surpassing US$9.3 billion. The province also hosts over 6,400 Korean workers, constituting 48% of the foreign workforce, fostering crucial exchanges of modern technology and effective administration.

Bac Ninh Province prioritizes infrastructure development, accelerates industrial park site clearance, and streamlines administrative procedures to enhance its appeal to South Korean investors

Bac Ninh authorities at all levels have been actively promoting and establishing friendly cooperation ties with South Korean localities such as Daegu, Gumi, Busan, Bonghwa, Daejeon, and Chungcheonam. Many delegation exchanges and cooperation activities have been carried out to practically deepen the comprehensive strategic partnership between Vietnam and South Korea.

Ms. Nguyen Huong Giang emphasized the pivotal role of South Korean investors in propelling Bac Ninh's exceptional development and expressed hope for continued "green" investments in high-tech industries. This includes energy batteries, semiconductors, chips, advanced supporting industries, 5G and 6G terminal technologies, high-end commercial and service complexes, infrastructure projects, urban development, and ecosystem initiatives.

Looking ahead, Bac Ninh Province is poised to enhance its appeal to South Korean investors by prioritizing infrastructure completion, expediting site clearance for industrial parks, and streamlining administrative procedures. The province's commitment to fostering a conducive environment aligns with its focus on key sectors such as supporting industries, precision mechanics, automobiles, electricity, electronics, ICT, digital, nanotechnology, and biotechnology.

By Bao Ngoc, Vietnam Business Forum