Promoting and connecting Yen Bai investment with Korean enterprises

On the afternoon of October 27, in Yen Bai city, Yen Bai Provincial People's Committee coordinated with Hai Phong Economic Zone Management Board to organize a conference to promote and connect investment with Korean enterprises (Meet Korea 2023).

Attending the conference were: Chairman of Yen Bai Provincial People's Committee Tran Huy Tuan, Deputy General Director of Korea Trade and Investment Promotion Agency in Hanoi (KOTRA) Cha Sung Wook; representatives of the Vietnam Federation of Commerce and Industry (VCCI); Foreign Investment Agency, Ministry of Planning and Investment ; leaders of Hai Phong Economic Zone Management Board; representatives of the office of the Korean Association of Small and Medium Enterprises in Vietnam; representatives of departments, branches and sectors of Yen Bai province and more than 50 Korean companies and enterprises in Hai Phong; enterprises and investors operating in production and business in Yen Bai province.

Speaking at the opening of the conference, Chairman of the Provincial People's Committee Tran Huy Tuan said: Vietnam and Korea are each other's leading important partners in many fields. In which, economic, trade and investment cooperation is both a pillar and a driving force to promote the cooperative relationship between the two countries. Korea currently ranks first in direct investment in Vietnam; second in development cooperation (ODA), labor and tourism ; third in trade cooperation. In particular, Vietnam is Korea's largest economic partner in ASEAN, accounting for 30% of investment and 50% of total trade turnover between Korea and ASEAN.

Introducing the potential and strengths of Yen Bai province, Chairman of Yen Bai Provincial People's Committee Tran Huy Tuan emphasized: With a favorable geographical location, being the midpoint of the economic corridor Kunming - Lao Cai - Hanoi - Hai Phong - Quang Ninh, Yen Bai has many advantages in connecting trade with economic centers, border gates, seaports, important international airports such as Hanoi, Hai Phong port, Noi Bai airport, international border gates with China.

Yen Bai has abundant natural resources, including: minerals, forests, tourism, synchronous infrastructure, abundant and high-quality human resources, dynamic government, business development support services, quick and convenient administrative procedures, easy access to land, transparent information on planning, open and attractive investment attraction policies, low investment costs...

In particular, the Yen Bai Provincial Planning for the period 2021-2030, with a vision to 2050, approved by the Prime Minister in September 2023, is the most important legal basis for spatial arrangement, investment attraction, and allocation of development resources, and is the basis for sectors and localities to implement; it is an opportunity for investors and enterprises to invest and do business in the province. These are important conditions and the right time for investors to invest and do business in Yen Bai.

Emphasizing that Yen Bai province is always interested in and wishes to promote economic cooperation and investment promotion with Korean partners, the Chairman of the Provincial People's Committee said that today's Conference with the theme "Meeting Korea 2023" is an opportunity for Korean businesses and investors to better understand the opportunities, potentials and advantages of Yen Bai; understand the viewpoints, policies and determination of Yen Bai province as well as their responsibilities when investing and doing business in the locality.

At the conference, many Korean enterprises highly appreciated the development of Yen Bai province in recent times, especially the transport infrastructure that has helped shorten the distance between Yen Bai and major economic regions of Vietnam. At the same time, they highly appreciated the attention and facilitation of local authorities for investors.

Korean enterprises hope that in the coming time, Yen Bai will continue to identify its potential and strengths to focus on attracting foreign investment resources through investment promotion conferences and meetings with foreign enterprises and units. At the same time, they hope that Yen Bai province will promote and share its image, potential and advantages through many mass media channels so that foreign enterprises can learn and know about it to attract investment and connect with Korean enterprises in particular and enterprises around the world in general.

At the conference, the parties agreed to sign an agreement to enhance exchange activities and share experiences in investment and trade promotion; exchange of goods and cooperation in production and business.

The 2023 Investment Promotion and Connection Conference with Korean Enterprises is the first step and an important milestone, creating favorable conditions for Korean investors and enterprises to learn about the potential, mechanisms, preferential policies and investment environment of Yen Bai province, creating a premise for investment activities as well as expanding economic, trade and cultural cooperation relations between Yen Bai province and Korean organizations and enterprises, Hai Phong in the coming time./.

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