Quang Tri actively promotes investment in Korea

In the last week of April 2024, a delegation of Quang Tri province led by Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee Vo Van Hung visited and carried out investment promotion activities in Korea. The trip not only achieved important results in foreign affairs activities, opening up many opportunities for development cooperation between Quang Tri province and Korean agencies, organizations and enterprises, but also contributed significantly to promoting the image of Quang Tri as a potential destination for investment and tourism .

Quang Tri province delegation worked with the Korean Small and Medium Enterprises Association (KBIZ) - Photo: PK

South Korea is currently the leading country in direct investment in Vietnam, with a total accumulated capital of 86 billion USD, ranking second in tourism development cooperation, and third in trade, with a turnover of 76 billion USD in 2023. For Quang Tri province, South Korea has officially cooperated since 2001, becoming one of the province's trusted and important partners in many fields.

During the period 2001 - 2023, Korea has sponsored Quang Tri with a total budget of 25 million USD to implement many programs and projects on social security, response and overcoming the consequences of natural disasters... Especially in the past time, 3 projects of Korean enterprises have been approved and invested in Quang Tri province, making a significant contribution to the socio-economic development of the province.

The working trip of Chairman of Quang Tri Provincial People's Committee Vo Van Hung and leaders of departments, branches and localities aims to promote political , economic and social cooperation between Quang Tri and partners and localities in Korea, work with investors to promote the progress of projects that have been and are being prepared for investment in Quang Tri.

The delegation had a meeting and working schedule with the Vietnamese Embassy in Korea, the Changwon Special City Government, the Changwon Chamber of Commerce and Industry, and the Korea Small and Medium Business Association (KBIZ). In particular, the organization of an investment promotion seminar in Seoul to promote the potential, advantages, investment opportunities, preferential policies, and investment support of Quang Tri province for Korean businesses and investors to research and survey investment projects.

The delegation also spent time surveying and learning about models, activities, and topics related to climate change, energy transition, green growth, digital transformation, local development experience through local-level relations with partners in Korea, and research on cooperation in the fields of education - training and human resource quality development.

One of the important working sessions was the signing of cooperation agreements on investment, trade, energy conversion and green growth with SK E&S Co., Ltd (Korea) and T&T Group Corporation (Vietnam).

The two sides informed about the potential and space for developing renewable energy and green hydrogen in Quang Tri province as well as the capacity and experience in developing pioneering renewable energy business of SK E&S Co., Ltd, and the long-term cooperation between SK E&S Co., Ltd and T&T Group Corporation (Vietnam).

On the basis of goodwill cooperation, the parties agreed to sign a memorandum of understanding on cooperation in investment, trade, energy transition and green growth. Accordingly, the parties agreed to enhance information exchange and cooperation in investment, trade, energy transition and green growth in Quang Tri province on the basis of respect, equality and mutual benefit, in accordance with the laws and policies of the parties in areas such as cooperation and promoting the conversion of the Quang Tri thermal power project from using coal fuel to using more environmentally friendly LNG fuel.

Cooperate in developing low-carbon emission reduction projects, including green hydrogen production projects; cooperate in implementing projects related to carbon credits, cooperate in research to establish a central LNG warehouse, promote investment research or support Quang Tri province to call for investment in other potential and sustainable development fields. Quang Tri Provincial People's Committee commits to creating favorable conditions for T&T Group Joint Stock Company and SK E&S Co., Ltd. in the process of researching, surveying, and preparing investment proposal documents in accordance with Vietnamese law for projects in the signed fields.

At the same time, T&T Group Corporation and SK E&S Co., Ltd. committed to closely coordinate with Quang Tri province in the process of surveying, researching, developing plans, mobilizing finance, technology, and human resources to implement the contents agreed upon in the memorandum.

Chairman of Quang Tri Provincial People's Committee Vo Van Hung agreed in principle to assign the joint venture investor SK E&S Co., Ltd and T&T Group Corporation to research, survey and prepare documents to convert the Quang Tri thermal power project using coal to using liquefied petroleum gas (LNG), and at the same time determine the objectives, scale and investment capital; project implementation schedule... propose to update the LNG project into the Implementation Plan of Power Plan VIII to submit to competent authorities for consideration and approval as a basis for implementing the next steps.

This is an important premise to open up opportunities to welcome a "wave" of high-quality Korean investment in Quang Tri province, especially in the field of clean energy development, striving to soon turn Quang Tri into an energy center of the Central region and the whole country.

The highlight of the trip was the Quang Tri investment promotion seminar in Korea, attracting nearly 100 Korean enterprises, investors and partners to participate. This is one of the most important activities of Quang Tri province, opening up many new development opportunities and new relations in investment cooperation between Vietnam and Korea in general and between Quang Tri province and the Korean Small and Medium Enterprises Association (KBIZ), Korean partners in particular.

The workshop is an opportunity to promote and attract FDI investment into Quang Tri province, especially FDI from Korea, to introduce to investment corporations and enterprises in Korea the potential, advantages, investment and business environment, investment incentives, key projects calling for investment and the potential of Quang Tri province. Quang Tri province is continuing to promote investment attraction in the fields of supporting industry, processing, manufacturing, environmentally friendly industry, green growth...

The workshop also introduced the Quang Tri Provincial Planning for the period 2021-2030, with a vision to 2050, which is the most important legal basis for spatial arrangement, investment attraction, and allocation of development resources, as a basis for sectors and localities to implement, and as an opportunity for investors and businesses to invest and do business in the province. Investors highly appreciated the goodwill of cooperation, strong commitment of the provincial leaders, and the investment policies and environment of Quang Tri province.

Mr. Kim Seung Cheon, CEO of Sangshin Electronics Co. Ltd - Korea said: “Since 2022, we have invested in Quang Tri and received support from ministries, departments, and leaders of Quang Tri province. After this workshop, we have learned more about the information and development potential of Quang Tri province. We hope that in the coming time, there will be many opportunities for investment cooperation with Quang Tri province in many areas of mutual interest.”

Through investment promotion activities in Korea in 2024, Quang Tri province has demonstrated its positivity and initiative in promoting and attracting investment. Instead of waiting for investors to come to the locality, the provincial leaders have proactively "come to the house, knock on the door" to invite investment.

Chairman of the Provincial People's Committee Vo Van Hung said: "Through meetings and seminars like this, businesses and investors in Korea will learn more about Quang Tri, at the same time opening up great opportunities for cooperation and development, promoting investment cooperation between Korean businesses and Quang Tri province".

Through this investment promotion activity in Korea, many cooperation memorandums of understanding were signed, creating many opportunities to learn about the investment environment and find partners for investment cooperation. The proactive promotion of investment in foreign countries such as Korea is a good start for Quang Tri province, and at the same time opens up a new direction to improve the effectiveness of investment promotion activities in the coming time.

Phan Khiem

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