Korean enterprises are major partners of Long An

The province always cares about businesses, especially those from Korea, by listening to opinions and finding solutions to remove difficulties and obstacles.

Promote cooperation

Vietnam and Korea established diplomatic relations on December 22, 1992. After that, the two countries built a good relationship, close ties between the two peoples, political trust, increased cooperation and economic support. Up to now, the friendly cooperation between Vietnam and Korea has developed strongly and effectively in all fields, including investment, trade, culture and tourism exchanges.

Vietnam and Korea have many similarities in history and culture. This is also a good condition for both countries to continue to enhance the development of cooperative relations.

On the basis of that good relationship, in recent times, the province has proactively implemented many programs to further strengthen the cooperative relationship with localities, organizations, and enterprises of Korea in various fields, especially bilateral cooperation in the economic field. The province has organized many delegations of leaders to visit, work, and promote investment in provinces and cities of Korea. The results of the investment promotion were very good, the province attracted many investment projects from Korean enterprises.

In order to enhance information exchange and enhance mutual understanding, the Korean Chamber of Commerce and Industry (KOCHAM Long An ) in the province was launched in March 2022. Through this, the Association also promotes investment cooperation of Korean investors in the province.

From March 2022 to present, the province has received 16 projects from Korean enterprises with a capital of 36 million USD. Korea is one of Long An's major partners, ranking 3rd among 41 countries and territories with direct investment capital in the province, with a registered capital of more than 1.1 billion USD with 214 projects (accounting for 8.96% of foreign investment capital in the province).

In addition, Korea and Long An also signed many thematic cooperation agreements and memorandums of understanding on socio-economic development cooperation.

Chairman of the Korean Chamber of Commerce and Industry in Long An Province - Mr. Ho Joong shared that since the launch of KOCHAM Long An, investment connection activities between Korean enterprises have had positive changes. The most obvious is the significant increase in the number of Korean enterprises researching and investing in Long An, especially in industrial parks (IPs). Currently, KOCHAM Long An has 85 member enterprises. This is one of the great efforts of the Association in connecting and connecting member enterprises in the locality.

Long An is promoting investment from Korea in the fields of high-tech agriculture, innovation, renewable energy, logistics, towards a green economy and sustainable development.

Important contribution to the economy

Recently, CW Wind Group (Korea) decided to choose Long An as an investment location in the field of wind power equipment. This not only shows confidence in the development potential of the province but also opens up many opportunities for local economic development.

In early September 2024, Dong Tam Group (DTG) and CS Wind Group officially signed a memorandum of understanding and cooperation agreement. DTG and its member units will lease 50 hectares of industrial land and industrial services to CS Wind Vietnam to build a factory, assembly yard for offshore and onshore wind tower equipment, wind power products such as single piles, transition equipment, etc. to supply the global market. This is a factory with the largest wind power equipment production capacity in the world, with a total investment capital in the first phase expected to reach 200 million USD. The expected operating capacity is up to tens of thousands of units per year, supplying super-sized and super-heavy equipment from 500-4,000 tons per device.

In particular, 100% of equipment and accessories in the first phase are imported and exported through Long An International Port, estimated at 150,000-200,000 tons/year. CS Wind's presence in Long An not only brings economic value but also affirms the province's position in the renewable energy industry.

If CS Wind has just signed an investment agreement, Korean enterprises in the province such as Samduck Vietnam Co., Ltd. (Hoa Binh Industrial Park), CJ Foods Vietnam Co., Ltd. (Tan Kim Industrial Park expansion), Simon Vietnam Handbag Co., Ltd. (Long Hau Industrial Park), Lotte F&G Vietnam Co., Ltd. (Long Hau Industrial Park),... are enterprises that have been present in Long An for many years, have large production scale, contributing to the provincial economy through job creation, creating stable income for thousands of workers. At the same time, these enterprises also contribute to the provincial budget with import, export activities, and corporate income tax.

Mr. Ho Joong added that many Korean enterprises choose Long An due to its advantages in geographical location, developed infrastructure, attractive investment policies, and friendly local government. Over the years, the province has always paid attention to enterprises, especially Korean enterprises. The province regularly listens to opinions and finds quick solutions to help enterprises overcome difficulties, simplify investment procedures and improve the business environment. In addition, the province creates favorable conditions for enterprises to invest in industrial parks, creating favorable conditions for secondary enterprises to deploy production and business activities. With a friendly investment environment and reasonable policies from provincial government agencies, we believe that Long An will continue to attract more Korean enterprises, contributing to the sustainable development of the locality. The Association always accompanies Korean enterprises, supporting the exploitation of investment opportunities and expanding cooperative relations in Long An.

Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee - Nguyen Van Ut said that Long An is now becoming an attractive destination for many domestic and foreign investors. This proves that the province's investment environment truly creates trust for businesses, especially foreign investors, including Korean ones. Long An commits that Korean businesses coming to invest and do business are always guaranteed political stability, safety, favorable investment and business environment, equality, healthiness, and fairness with partners.

“If you want to go fast, go alone, if you want to go far, go together” - with the motto of accompanying enterprises, the province continues to focus resources to invest in completing the socio-economic infrastructure system such as transportation, water supply, electricity, environmental treatment, etc.; speed up the progress of industrial parks, create clean land funds to attract investment. At the same time, the province also deploys training of high-quality human resources, builds social housing, housing for workers, fully and promptly supplies labor resources for enterprises to invest in the province; continues to reform administrative procedures in the direction of streamlining, openness and transparency from the provincial to grassroots levels./.

Mai Huong

Source: https://baolongan.vn/doanh-nghiep-han-quoc-la-doi-tac-lon-cua-long-an-a185052.html