Hai Phong will focus on developing transport infrastructure, creating favorable conditions for Korean investors to study and explore investment opportunities.
According to the Hai Phong Department of Planning and Investment, Korea is currently the leading country in terms of both the number of “projects” and the “investment capital” out of a total of 42 countries and territories investing in Hai Phong. Accumulated up to now, Hai Phong ranks 6th nationwide, with 827 foreign investment projects, total investment capital of 23.76 billion USD. In which, there are 173 projects from Korea, with a registered capital of 9.65 billion USD, accounting for 20.92% of the total number of investment projects in the city.
The mark of Korean investment in Hai Phong is a combination of LG Group’s projects, with 3 investment projects belonging to the 20 largest Korean projects in Vietnam: LG Display, LG Electronics, LG Innotek, with a total registered capital of 7.24 billion USD, invested in Trang Due Industrial Park. This complex has brought nearly 25,000 jobs to employees, revenue in 2021 is estimated at 14.5 billion USD, contributing more than 95 million USD to the budget.
At the conference on investment and business connection between Vietnamese and Korean businesses taking place on August 16, Mr. Nguyen Hoang Long, Director of Hai Phong Department of Planning and Investment said that the goal of attracting investment The city’s foreign investment in the period 2021 – 2025 is 11 billion USD. Therefore, in the coming time, the City will give priority to attracting capable and experienced investors to invest in spearhead economic sectors and industries, projects with high added value and using technology. high quality, environmentally friendly, modern management, energy saving, efficient use of resources, large budget contribution, linkage with domestic enterprises along the value chain, contributing to innovation and improvement improve the city’s technological level, increase the localization rate…
Along with that, Korean enterprises can increase their competitiveness through proactively sourcing domestic materials, reducing product costs, and increasing the localization rate of products. At the same time, it not only increases the spread and localization rate of foreign-invested enterprises, but also increases production capacity and promotes the development of domestic enterprises.
It can be said that Hai Phong is receiving great attention from Korean businesses. This was clearly demonstrated at the Investment Promotion Conference with ancillary businesses of LG Group (Korea) on August 10. When discussing the business and investment environment in Hai Phong, Korean investors expressed interest in the policy of developing economic zones and industrial zones, exchanging a number of contents related to transport connections. Trade between Hai Phong and a number of countries in the world, at the same time expressed his desire to invest and continue to invest in this locality.
Nam Han Yong, Deputy General Director of LG Display Korea Co., Ltd. assessed: “At present, compared to other provinces and cities in Vietnam, Hai Phong is one of the localities that are actively supporting and providing resources. Abundantly trained human resources. Therefore, LG Group’s ancillary businesses are planning to move to Vietnam. However, our ancillary business is also present in China a lot. Therefore, if there is a channel to be able to link between Vietnam and China, it will be very convenient for transportation and trade.”
And Mr. Le Trung Kien, Head of Hai Phong Economic Zone Authority, affirmed that Hai Phong has outstanding advantages in traffic with all 5 types of traffic and has the largest deep-water port in the North; has direct flights to Incheon International Airport (Korea). The city currently has 14 industrial zones in operation. The period from now to 2025 will focus on developing and expanding 15 more industrial zones with a total area of 6,148 ha. According to the expected plan, in the fourth quarter of 2022, Trang Due 3 Industrial Park will be officially put into operation. This will be a favorable condition for Korean businesses to learn and invest in Hai Phong.
In order to improve the production and business efficiency of Korean investors who have been investing in Hai Phong as well as attracting new investors, in the coming time, Hai Phong will continue to focus on developing infrastructure. infrastructure, especially transport infrastructure works with regional linkages, to maximize the advantages of geographical location, strengths and potentials in the logistics field of the City. Focus on speeding up the implementation of the development of new industrial zones; supporting and developing the circular economy, prioritizing the use of renewable energy according to modern and sustainable trends such as solar energy, wind power…
With the Department of Planning and Investment, projects registered to invest in industrial clusters under the licensing authority, the Department commits to cut 50% of the time to process investment procedures for investors.
