RoK seeks to strengthen investment in central localities

At the confernce on the expansion of investment between the RoK and central localities of Vietnam. (Photo: VNA)

Addressing the event, the RoK’s Consul General in Da Nang Kang Boo-sung noted that since Vietnam and the RoK established diplomatic relations in 1992, their partnership has developed strongly in a variety of fields, especially in the economy.

Two-way trade rose 160 times in the past 30 years to 81.1 billion USD in 2022, said the diplomat, adding that the two sides are currently each other’s third largest trade partner.

Kang held that positive economic cooperation is a premise for the two sides to promote their ties to a comprehensive strategic partnership in 2022.

Particularly, about 8,000 Korean firms are operating in Vietnam, mostly in the northern and southern region. However, thanks to attractive investment attraction policies of central localities, 250 Korean firms have so far invested in the central region of Vietnam, he noted.

Kang said that the Consulate General of the RoK in Da Nang will work closely with regional localities to support Korean firms during their operation in the region, while helping deepen the economic partnership between the RoK and Vietnam’s central region.

Standing Vice Chairman of the People’s Committee of Da Nang Ho Ky Minh introduced the investment environment in Da Nang and central localities of Vietnam, as well as incentives in tax, land rent, labour and equipment that the localities are offering to foreign investors, along with their efforts to reform administrative procedures to provide optimal support to investors.

Da Nang is home to 1,016 FDI projects worth 4.2 billion USD, including 268 Korean-funded projects with a combined capital of over 362 million USD, making the RoK the fifth largest among 45 countries and territories investing in the central city.

A representative of neighbouring Quang Ngai province, which is home to 15 projects invested by Korean firms with a total investment of over 360 million USD, said that Quang Ngai hopes to set up twinning relations with Korean localities, and strengthen exports to the RoK, and promote cooperation with the country in labour.

Leaders of central localities also pledged to provide best conditions for foreign investors to secure long-term operations and healthily compete with other economic sectors for common benefits./.