RoK financiers eye greater investment in Hai Phong
VOV.VN - Investors from the Republic of Korea (RoK) have developed a greater presence in multiple fields in the northern port city of Hai Phong, including garments and textiles, electronics, automobiles, finance and banking.
Most notably, the majority of investment projects in industrial parks and zones come from the world's leading technology corporations such as LG, Heesung, Ohsung, and Woosung.
Le Trung Kien, head of the Hai Phong Economic Zone Authority (HEZA), said that among the RoK investors pouring capital into Hai Phong, the most prominent one is LG Group which has seven projects capitalised at US$7.24 billion, mainly operating in the fields of high-tech products such as audio-visual equipment, as well as mobile and home appliances.
The total number of projects by LG group and supporting industry businesses have therefore contributed roughly 97% of the total FDI capital put in by RoK investors in industrial and economic zones in Hai Phong.
Kien emphasized that the LG Group’s projects have made positive contributions to the northern city’s socio-economic development, whilst accelerating the modernization process for the industrial sector and application of high technology in production activities.
They have also helped to establish a production chain linking foreign and domestic enterprises, increase the localisation rate of production, develop supporting service industries, as well as generating jobs and creating a stable income for workers, he stated.
Last year witnessed revenue from RoK-invested firms reach US$13.1 billion, while export turnover also hit US$13.59 billion.
As part of LG's development strategy in Hai Phong, the group has devised plans aimed at establishing a research and development centre at its production complex in Trang Due industrial park.
Do Nhat Hoang, director of Foreign Investment Agency under the Ministry of Planning and Investment, suggested the northern port city upgrade its infrastructure and train human resources, and improve the investment climate to welcome additional large FDI capital flows moving forward.
Most notably, 20 RoK investors are expected to inject between US$2 billion and US$4 billion this year in economic zones across the city, generating up to 12,000 jobs in the process.
Min Moon Ki, commercial attaché of the RoK Embassy in Vietnam, said the two governments will move to raise the co-operation framework to a comprehensive level this year, adding that there will be a new wave of investment in the Vietnamese market, with priority being given to Hai Phong due to its proximity with Hanoi and developed infrastructure.
