Conference promoting Thai Binh-South Korea investment cooperation

The promotion conference attracted top government officials, South Korean ambassador to Vietnam, Thai Binh's leaders, and Korean investors and businesses

The event – organised by Thai Binh authorities, in tandem with the Ministry of Foreign Affairs and the Embassy of the Republic of Korea in Vietnam – is part of a chain of activities to commemorate the 30-year diplomatic ties between Vietnam and South Korea.

It is also expected to bring multiple opportunities to usher in fresh opportunities and propel investment cooperation between Vietnam and South Korea generally and between Thai Binh province and South Korean partners in particular.

The conference featured the presence of the National Assembly Deputy Chairman Nguyen Khac Dinh, Minister of Industry and Trade Nguyen Hong Dien, Standing Deputy Minister of Foreign Affairs Nguyen Minh Vu, Thai Binh’s leaders, South Korean Ambassador to Vietnam Park Noh-Wan, representatives from diverse management agencies, and nearly 100 delegates representing South Korean businesses and organisations.

In his opening remarks, Chairman of Thai Binh People’s Committee Nguyen Khac Than noted that South Korea is a trustworthy and important partner to the province in many fields.

The management of Gyongsangbuk province has cooperated and made agreements on agricultural labour for several years.

Thai Binh is currently home to 26 projects from South Korean investors valued at $128 million. Around 100 South Korean investors and experts are living and working in Thai Binh, and nearly 1,500 Thai Binh residents are now studying or working in South Korea.

Thai Binh's leaders presenting the investment certificate to the South Korean investor Korea SMT Co., Ltd.

According to Thai Binh’s top leader, there is huge potential and multiple opportunities for business cooperation between South Korean investors and Thai Binh.

Thai Binh has a significant land fund earmarked for industrial development, with just over 30,500 hectares in Thai Binh Coastal Economic Zone and the province's 22 industrial zones covering a total of 8,020ha that include many investment incentives.

With propitious geographical conditions, transport connections, human resources, and energy, the province provides a lucrative venue for South Korean investors.

South Korean Ambassador to Vietnam Park Noh-Wan noted that the economic cooperation between the Republic of Korea and Vietnam continues to be fostered despite the impacts of the pandemic.

The mutual trade value has resumed strongly post-pandemic and by late 2022 the two countries aim to reach $100 billion in bilateral trade value.

The ambassador added that even though Thai Binh has yet to allure many South Korean investors, he is confident that more will land projects in the province in the near future, leveraging Thai Binh’s perfect conditions and bountiful potential.

Addressing the conference, National Assembly Deputy Chairman Nguyen Khac Dinh reaffirmed that the Vietnam-South Korea relationship has been developing comprehensively after 30 years of diplomatic relations.

With strong commitments from Thai Binh's leaders, he expects that the cooperation between Thai Binh and its South Korean partners will become increasingly consolidated as more come to and successfully invest in the province in the coming time.

Do Nhat Hoang, director general of the Foreign Investment Agency giving remarks at the conference

According to Do Nhat Hoang, director general of the Foreign Investment Agency under the Ministry of Planning and Investment, South Korean investors always take the lead, adhere to the law, pay due regard to the community, and make a strong contribution to the state budget.

Of their $79 billion committed capital volume in Vietnam, about 73 per cent is in the processing and manufacturing sector.

The recent Korean investment into Vietnam focuses on the electronics, processing, and manufacturing industries, particularly developing the semiconductor ecosystem which Vietnam urgently needs.

Vietnamese delegates and Korean businesses discussed concrete measures and orientations aimed at pushing the Vietnam-South Korea strategic partnership relations across diverse fields of trade, investment, cultural exchange, tourism, and human resources development.

The conference witnessed the signing of an MoU between Thai Binh People’s Committee and KorCham. The committee also issued an investment certificate to Korea SMT Co., Ltd. to create the JinYang Electronics Vina facility in Lien Ha Thai Industrial Zone – part of Thai Binh Economic Zone.