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South Korean firms explore Bac Ninh business potential

Update: October, 18/2014 - 08:39
Workers assemble mobile phones at a Samsung factory in Bac Ninh Province. — Photo: baohaiquan.vn
HA NOI  (VNS) — A delegation of South Korean companies from Jeongju City yesterday visited and studied the investment climate and business opportunities in northern Bac Ninh Province.

Cho Young Jun, head of the Korean Chamber of Commerce and Industry in Viet Nam, led the delegation. Nguyen Luong Thanh, deputy chairman of the provincial people's committee, said Bac Ninh had become one of the leading provinces in the country that were attracting more foreign investments.

Currently, a number of the world's largest companies have investments in the province, including Samsung. Thanh attributed this to the province's open policies and incentives to create an investment environment that was advantageous to foreign investors.

Figures showed that in the first nine months of this year, the province granted new investment licences to 111 foreign direct investment (FDI) companies with a total registered capital reaching more than US$1.3 billion. Of these, a total of 82 companies were South Korean, with a total registered capital of more than $1.25 billion.

Thanh pledged to continue creating advantageous conditions for foreign investors and ensure the security needed for a safe and stable environment for their businesse operations.

He also expressed hopes that Bac Ninh would continue to be a destination for South Korean investments.

Companies from Jeongju expressed appreciation for Bac Ninh's investment climate, adding that this was an opportunity for South Korean investors to better understand the province's investment policies and incentives.

This would also help promote investments between the province and Jeongju in particular and Viet Nam and South Korea in general.

Currently, more than 220 South Korean companies have invested nearly $4.5 billion in the province, and this has largely contributed to the province's industrial production and created jobs for residents.

In the first nine months of this year, South Korea was the country's leading FDI source with $3.55 billion, or 31.8 per cent, of the country's total registered FDI. — VNS

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