On the evening of August 25, the People's Committee of Nghe An Province and the Korea Chamber of Business in Viet Nam (Kocham) collaborated to organize a seminar on investment connectivity between Nghe An and Kocham in Vinh city to promote and introduce potentials, investment and business opportunities in Nghe An to Korean investors and enterprises.

The seminar was attended by Nghe An delegates, including: Mr. Nguyen Duc Trung - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee (PPC); Mr. Bui Dinh Long - Provincial Commissioner, Deputy Chairman of the PPC; and leaders of departments, committees, branches.

Representing the Kocham in Viet Nam were Mr. Hong Sun - Chairman of the Korea Chamber of Business in Viet Nam; and Korean enterprises.

Overview of the Seminar

Speaking at the seminar, the Chairman of Nghe An PPC Nguyen Duc Trung expressed his pleasure to welcome the Korean enterprise delegation organized by Kocham to explore investment opportunities in Nghe An.

The PPC Chairman Nguyen Duc Trung speaks

In the past years, Nghe An has focused on improving the investment environment to attract investors and enterprises to invest in Nghe An. Nghe An has the 12th largest economy out of 63 provinces and cities in Viet Nam. In recent years, Nghe An's economy has experienced tremendous growth. In 2022, the growth rate reached 9.08%. In particular, in attracting investment, Nghe An ranks in the top 10 localities with the highest results in attracting foreign investment. In the first 8 months of 2023, Nghe An is ranked 8^th in attracting FDI. This is a very positive result, demonstrating the efforts of the local government, departments, and localities in improving the investment environment.

Import and export turnover for Korean partners is still very modest. In 2022, it reached 231 million USD and the first 6 months of 2023 reached 149 million USD, mainly on the following items: Textile, steel sheet of all kinds, electronic equipment and components, etc. Nghe An imported from South Korea in 2022 reached nearly 206 million USD and in the first 6 months of 2023 reached 129 million USD, mainly on the following items: Textile raw materials, footwear, phone components, aluminum coils, etc.

Currently, Nghe An province has 24 projects by Korean enterprises with a total investment capital of nearly 170 million USD. Diverse investment fields such as garment, electronic components manufacturing, telecommunications equipment, creating jobs for about 15,000 workers.

The PPC Chairman assessed that the cooperation results of Korean enterprises in Nghe An province are still very modest, below the potential that can be achieved. The cooperation relationship between Korea and Viet Nam is a comprehensive strategic partnership. Korea is one of Viet Nam's top partners, especially in attracting investment. Korean enterprises investing in Nghe An are ranked 34th out of 63 provinces and cities nationwide.

To attract investors, Nghe An has prepared the most favorable conditions, referred to as the "5 readiness": Planning and connection infrastructure to facilitate investors. The expressway system passing through Nghe An has basically been completed; is implementing a project to upgrade and expand Vinh International Airport, is calling for investment in the seaport.

Land for industrial parks: Nghe An has 5 industrial parks with about 2,000 ha. In which, there are 3 capable and experienced industrial park infrastructure investors including VSIP, Hoang Thinh Dat, and WHA. These are investors who are very active in attracting investment.

Human resources: Nghe An has about 1.6 million workers. There are training facilities in the province to meet the human resource requirements of investors. Ready to promote administrative reform with the motto of accompanying, serving investors from researching, surveying, implementing projects in Nghe An. The head of the provincial government pledged to accompany investors throughout the investment process in Nghe An with the view that the investor's success is the province's success, the investor's development is also the development of the province.

The PPC Chairman  wished that the seminar is the first step to have connections, long-term cooperation, and more Korean enterprises to invest in Nghe An in the near future with the motto of doing methodical, sure to have real and effective enterprises to invest in Nghe An, not to follow achievements and quantity.

Regarding investment attraction, the Chairman Nguyen Duc Trung said that Nghe An focuses on attracting manufacturing and processing enterprises, the automobile industry, and the new environmentally-friendly material industry. He hopes that the enterprises introduced by Kocham will meet the conditions of Nghe An province. In the coming time, it is hoped that many Korean enterprises will invest in Nghe An province.

Mr. Hong Sun - Chairman of the Kocham in Viet Nam speaks

Speaking at the seminar, Mr. Hong Sun - Chairman of the Kocham in Viet Nam thanked the leaders of Nghe An province for the warm welcome to the Korean enterprise delegation to invest in Nghe An province.

He concurred with the assessment that the cooperation and investment results of Korean enterprises in Nghe An have not fully aligned with the potential and the relationship between the two sides. The majority of Korean enterprises are focusing on investing in the northern and southern provinces. Kocham hopes to be the bridge of investment enterprises in Nghe An province. Currently, Kocham is establishing branches in localities, hoping to have Kocham branches in Nghe An province.

After the visit of the President of the Republic of Korea in Viet Nam, many large Korean corporations have committed to invest in Viet Nam. The business delegation attending the conference today included 25 enterprises. Through the seminar program, Korean enterprises interests in Nghe An province and will learn more about the investment environment in Nghe An.

Nghe An province is large, and densely populated, with a synchronous industrial park infrastructure system, which is a condition for Korean enterprises to invest. Kocham is committed to accompanying Korean enterprises to invest in Nghe An province.

Kocham leaders wish to receive support from the province in performing the procedures for granting investment certificates and granting work permits to foreigners working in the province. Hopefully, there will be many Korean enterprises investing in Nghe An.

During the seminar, representatives also raised questions regarding labor resources, and investment support mechanisms in the province. The representatives from the industrial parks introduced about the potential and advantages of industrial parks.

PT