RoK investors pour roughly US$1.4 billion into Vietnam
VOV.VN - The northern provinces of Hai Phong and Hai Duong have continued to attract capital inflow from the Republic of Korea (RoK) investors by increasing investment capital in the field of electronic component manufacturing, and urban growth.
Hai Phong- LG's main production base
The Hai Phong municipal People's Committee has presented an investment registration certificate to adjust capital increase for LG Innotek Hai Phong Factory Project.
Accordingly, the project will increase capital by more than US$1 billion to be implemented during the 2023 – 2025 period, thus bringing the total investment capital to more than US$2 billion.
The LG Innotek Hai Phong factory, located in Trang Due Industrial Park, is invested by LG Innotek Vietnam Hai Phong Co., Ltd. After obtaining an investment certificate in 2016, it officially began operations in 2020. The factory specializes in manufacturing electronic components for the automotive, mobile, and phone camera module industries.
According to Le Trung Kien, head of Hai Phong Economic Zone Management Board LG invested projects in Hai Phong all produce high-tech products for the global market.
Korean investors have so far injected nearly US$82 billion into Vietnam, including nearly US$11 billion into Hai Phong, accounting for 14%.
LG’s projects are the most prominent, with a total value of US$7.24 billion, representing more than 37% of the total FDI in the city.
“LG Group is increasingly asserting its secure foothold in Hai Phong city and building the northern metropolis into a key production base of LG around the world," Le Tien Chau, Secretary of the Hai Phong municipal Party Committee said.
Hai Duong sign cooperation agreements with two Korean enterprises
Within the framework of the visit to Vietnam by Korean President Yoon Suk Yeol, Trieu The Hung, Chirman of the Hai Duong provincial People's Committee, signed a memorandum of understanding between the Hai Duong provincial People's Committee and the Korea Land and Housing Corporation (LH) on urban growth partnership.
Accordingly, the two sides agreed to build a long-term cooperative relations in the field of urban development such as smart new urban areas, industrial parks, public infrastructure policies, and planning in order to develop Hai Phong into a typical smart city in Vietnam.
At the Vietnam-RoK Business Forum, the Hai Duong provincial People's Committee and Doosan Group also signed a memorandum of understanding on an investment project to expand the production plant in Dai An Industrial Park with an additional capital of US$120 million.
Among 492 foreign direct investment (FDI) projects from 26 countries and territories, with a total registered capital of more than US$9.2 billion in Hai Duong, there are 134 RoK-invested projects totally capitalized at more than US$1.4 billion, ranking first in the number of investment projects and third in total FDI in this locality.
The projects invested by Korean enterprises primarily focus on electricity, electronics, molds, logistics services, and apparel. Notably, Dai An Industrial Park has the largest number of Korean enterprises, accounting for 37% of the total.