South Korea wants to become the largest FDI investor in Hung Yen

Currently, among 630 FDI projects in Hung Yen , Korea is the second largest investor with 162 projects, total registered capital of nearly 1.46 billion USD. However, this position does not fully reflect the potential, available advantages, and opportunities for cooperation and development between the two sides and needs to be promoted more strongly in the coming time.

Korean businesses operate smoothly in Hung Yen

Of the 162 projects of Korean investors in Hung Yen, 144 have come into operation with a total investment capital of 800 million USD, creating jobs for nearly 25,000 workers. Typical projects include the Huyndai Aluminum Vina aluminum factory in Pho Noi A Industrial Park with an investment capital of 204 million USD; the AJ Total Pho Noi project in Pho Noi A Industrial Park with an investment capital of over 32 million USD; and the Chadwick Ecopark International School project with a total registered capital of 45 million USD.

Mr. Lee Hag Ju - General Director of Taeyang Vietnam Company, Chairman of the Korean Business Association in Hung Yen said: "During the operation in Hung Yen, any difficulties of the Korean business community were promptly resolved. We are very satisfied with the support policy of the province".

Mr. Hong Sun, former Chairman of the Korean Business Association in Vietnam (KOCHAM), in a meeting with the leaders of Hung Yen province, expressed his impression of the province's development as well as the support of authorities at all levels and considered this an opportunity to promote Korean enterprises to invest in Hung Yen as a necessity, not a choice. Manufacturing industry, high added value, electronics are the fields in which Korean enterprises want to explore investment opportunities in Hung Yen.

Comrade Nguyen Hung Nam, Vice Chairman of Hung Yen Provincial People's Committee and leaders of LH Group exchanged a memorandum of understanding on cooperation in developing smart cities.

South Korea is currently the largest FDI investor in Vietnam with over 10,000 projects and a total registered capital of over 92 billion USD. Therefore, the second position of Korean investors in Hung Yen has not yet fully reflected the potential, advantages, and opportunities for cooperation and development between the two sides. Mr. Hong Sun, former Chairman of the Korean Business Association in Vietnam (KOCHAM) also said: "South Korea wishes to soon become the largest FDI investor in Hung Yen. Hung Yen province is qualified to become the second homeland of Korean investors".

Continue to strengthen cooperation in many fields

In 2024, Hung Yen province will receive two projects from Korean investors, Texon and Seojin System, in the semiconductor manufacturing sector with a total registered capital of 500 million USD in Kim Dong Industrial Park. Currently, the two projects are implementing procedures: survey, design documents, master plan, environmental impact assessment report, fire prevention and fighting procedures, and construction of production workshops.

Groundbreaking Ceremony of Clean Industrial Park

In particular, since the end of 2022, VTK Hung Yen Industrial Park Investment and Development Company Limited, based on capital contributions from LH Korean Real Estate Group; TDH Ecoland Urban Development and Investment Joint Stock Company; Korean Infrastructure and Urban Development Corporation Overseas; KBI Construction Company; Shinhan Bank, has implemented the Clean Industrial Park project next to the connecting road of 2 highways in An Thi and Khoai Chau districts. Up to now, this industrial park has attracted 21 investors, mainly from Korea, with an occupancy rate of 45%. Following this success, a memorandum of understanding on the development of Clean Industrial Park II was signed between VTK Hung Yen Company and the People's Committee of Hung Yen province in November 2024.

Mr. Han Jongdeok - General Director of VTK Hung Yen Clean Industrial Park said: "With the support of provincial leaders and leaders of departments, branches and sectors, the implementation of site clearance and infrastructure construction of the industrial park has been carried out quickly. At the same time, we are also actively handing over land plots to secondary investors to build factories."

As a secondary project invested in the Clean Industrial Park with an area of nearly 16,000m2 to produce connecting devices for electronic devices with a capacity of 300 million products/year, Shinhwa Contech Hung Yen Co., Ltd. quickly implemented the project and received much support. Mr. Ha Young Soo - General Director of the Company said: "Our company would like to express our deep gratitude to the People's Committee of Hung Yen province, relevant departments and the Clean Industrial Park for actively supporting us in implementing the project. Our factory invested in Hung Yen will start with one factory and plan to expand the scale and operate other factories in the future."

In addition, in recent years, Korean partners have had many cooperative activities with Hung Yen province, such as the Korean Real Estate Group (LH) signing a memorandum of understanding on cooperation in developing smart cities in Hung Yen province. The Comprehensive Socio-Economic Development Project in Viet Tri, Hung Yen and Dong Dang Urban Areas - Investment Project Component in Hung Yen City funded by the Asian Development Bank (ADB) and the Export-Import Bank of Korea (Keximbank), is currently in the process of implementation (total investment capital: 692.5 billion VND). In 2022, Hung Yen province received aid from the Daejeon City Volunteer Center - Korea to build an artificial turf football field in Cam Ninh commune, An Thi district.

Signing of Memorandum of Understanding on the Development of Clean Industrial Park II

Based on the Hung Yen Provincial Planning for the period 2021-2030, with a vision to 2050 approved by the Prime Minister , Hung Yen province calls on Korean investors to pay attention, learn about the investment environment and implement investment projects in industrial parks and industrial clusters in the province along with many other key industries and fields.

Promoting cooperation between Hung Yen province and Korean partners not only aims to better exploit potentials and advantages but also further deepen the strategic and comprehensive partnership between Vietnam and Korea.

Hoang Linh

Source: https://baohungyen.vn/han-quoc-muon-tro-thanh-nha-dau-tu-fdi-lon-nhat-tai-hung-yen-3181163.html