Vietnamese, Korean firms connect investment in Hai Phong

Thursday, 18/08/2022 10:37
More than 40 businesses have attended a conference connecting investment and business between Vietnamese and Korean businesses recently held by the Hai Phong Department of Planning and Investment.
Signing a memorandum of understanding on business investment between Vietnamese and Korean firms. (Photo: 

Standing Vice Chairman of the Hai Phong City People’s Committee Le Anh Quan said the Republic of Korea (RoK) is one of the strategic partners of the city. Korean enterprises also lead in both the number of projects and the amount of investment capital among investors from 42 countries and territories pouring capital in the port city with the focus on the fields of: processing industry, create electrical-electronic products; auto components and spare parts; machinery, equipment and plastic products.

Vice Chairman Le Anh Quan also affirmed that Hai Phong always respects and supports the cooperation between businesses of the two sides; at the same time, commits to always making efforts to create a favorable and equal business and investment environment for foreign investors, including investors from the RoK.

In recent years, Hai Phong has become a reliable and attractive address for domestic and foreign investors and is one of the leading localities nationwide in attracting foreign investment flows, especially from the RoK.

Currently, there are 173 projects invested by Korean firms in Hai Phong with a registered capital of 9.65 billion USD, accounting for 20.92% of the total number of projects and accounting for 40.61% of the total registered capital.

Notably, the complex of LG Group with 3 investment projects belonging to the 20 largest Korean projects in Vietnam, including: LG Display, LG Electronics, and LG Innotek has a total registered capital of 7.24 billion USD in the Trang Due industrial park.

This complex has brought nearly 25,000 jobs; generated revenue of 14.5 billion USD in 2021 and budget revenue of more than 95 million USD.

Director of the Hai Phong Department of Planning and Investment Nguyen Hoang Long said that the city always creates all favorable conditions for businesses to invest, develop production, and do business in the Dinh Vu - Cat Hai economic zone, industrial park and industrial clusters.

The Department is committed to cutting 50% of the time to process investment procedures, along with the most favorable investment conditions./.