Hai Phong city approves Korean investments of $230 mln
Vietnam’s northern coastal city of Hai Phong approved four South Korean-invested projects with total registered capital and additional capital of $230 million at the Hai Phong-Korea trade and investment promotion conference on Monday.
At the event in Seoul featuring about 150 South Korean businesses, Hai Phong leaders granted investment certificates to Bumhan Vina Heavy Industries, Haewon Vina, Hala Electronics Vina, and EST Vina HaiPhong. City leaders also signed other cooperation agreements with a total investment commitment of $1.5 billion.
Bumhan Vina Heavy Industries is a manufacturer of boilers, storage tanks, and industrial equipment. Haewon Vina is a metal casting company, while Hala Electronics Vina and EST Vina HaiPhong are both an electronics manufacturer.
Le Tien Chau, Secretary of Hai Phong's Party Committee (right), grants an investment certificate to a South Korean firm at an investment promotion conference in Seoul, South Korea on June 12, 2023. Photo courtesy of Vietnam News Agency.
Le Tien Chau, chief of Hai Phong's Party Committee, said the city would continue pushing comprehensive cooperation with South Korean partners and call for investments in smart city development, e-government, renewable energy, semiconductor components, infrastructure and urban areas, hospitals, and schools to develop of an ecosystem of South Korean businesses in Hai Phong.
The municipality is committed to improving the business environment and infrastructure, especially transport connections, along with new industrial parks, the leader said. Meanwhile, South Korean firms also lauded the business environment and the local authorities’ support.
South Korea is the top foreign investor in Vietnam with 9,666 valid projects and total registered capital of $81.56 billion, according to ministerial data. The country is also Hai Phong’s biggest foreign investor with investment of nearly $10 billion so far, mostly in electronics, auto parts, and machinery, according to Vietnam Ministry of Planning and Investment data.
The biggest investor in Hai Phong is LG. The electronics giant's three factories in the city, namely LG Display Vietnam Haiphong, LG Electronics Vietnam Hai Phong, and LG Innotek Vietnam Hai Phong, recorded a total net profit of KRW434.51 billion ($328.5 million) in 2022, down 21% year-on-year. Their total sales reached KRW11,504 billion ($8.7 billion), up 16.71%, according to the company's financial statement.
- Related News
- Read More
Institutional breakthroughs to provide solid foundation for heightened business confidence: economists
At a meeting of the National Assembly's Economic Committee in early February, the government proposed the 2025 GDP growth be "8% or more", instead of 6.5-7% set last November. The Investor introduces opinions of some leading Vietnamese economists on this proposed target.
Economy - Mon, February 17, 2025 | 8:02 am GMT+7
Vietnam consumer credit enters new growth cycle
After the decrease in consumer capital demand, negative growth, and peaking bad debts in 2023, Vietnam’s consumer financial market is entering a new growth cycle, backed by positive signs from the macroeconomic environment.
Finance - Sun, February 16, 2025 | 3:19 pm GMT+7
Vietnam property investors seek new opportunities in provincial markets
Real estate investors in Vietnam, both individuals and organizations, are shifting their investments from city centers to suburban regions and neighboring provinces where land remains abundant and significant investments are being made in infrastructure, particularly in transportation.
Real Estate - Sun, February 16, 2025 | 2:00 pm GMT+7
Five Vietnam pilgrimage destinations perfect for spiritual seekers: Booking.com
Booking.com, the world's leading digital travel company, has suggested some destinations in Vietnam for those seeking spiritual enrichment and a chance for reflection and connection, including Ba Den mountain and Bai Dinh pagoda.
Travel - Sun, February 16, 2025 | 10:59 am GMT+7
Malaysia takes the lead in data center development
Malaysia is making efforts to align with the global trend towards digitalization, which is driving demand for data centers, cloud computing, blockchain, and artificial intelligence (AI).
Southeast Asia - Sun, February 16, 2025 | 10:57 am GMT+7
WB sees Thai fiscal risks mounting due to spending surge
Thailand’s pursuit of an expansionary fiscal policy strategy to propel growth faces the risk of rising costs for elderly care, investment and the need to keep public debt level to sustainable levels, according to the World Bank.
Southeast Asia - Sun, February 16, 2025 | 10:41 am GMT+7
Vietnam mining stocks rally amid global trade tension
Shares of Vietnam’s mining companies have rallied since early this month, fueled by heightened global trade tensions following the start of Donald Trump’s second term as the U.S. president.
Finance - Sun, February 16, 2025 | 10:36 am GMT+7
Online purchase below VND2 mln may be exempt from Vietnam import tax
The Vietnamese Ministry of Finance has proposed exempting goods purchased through e-commerce platforms worth no more than VND2 million ($78) from import tariff, with an annual purchase limit of VND96 million ($3,781).
Finance - Sun, February 16, 2025 | 8:00 am GMT+7
Malaysia expected to remain magnet for FDI
Malaysia’s foreign direct investment (FDI) is expected to remain robust in the long term, but there could be repercussions in the short term as investors hold back on their investment decisions amid heightened global uncertainties.
Southeast Asia - Sat, February 15, 2025 | 9:01 pm GMT+7
Laos to build $1.9 bln wind power plant to export electricity to Vietnam
The Lao Government and Chitchareune Construction - a Lao builder will jointly build the 1,200 MW Nong wind power plant, with an investment of $1.9 billion, to export electricity to Vietnam.
Energy - Sat, February 15, 2025 | 8:46 pm GMT+7
Malaysia needs more funding for semiconductor sector
Malaysia needs more funding for the implementation of the National Semiconductor Strategy (NSS) to enhance its competitiveness with neighboring countries, said Penang Chief Minister Chow Kon Yeow.
Southeast Asia - Sat, February 15, 2025 | 4:31 pm GMT+7
Thailand considers easing rules on income from overseas
Thailand’s government is considering easing personal income tax rules for individuals’ overseas income to encourage the remittance of those funds back into the country, said a senior official.
Southeast Asia - Sat, February 15, 2025 | 4:29 pm GMT+7
Nissan to close factory in Thailand
Japanese automaker Nissan has announced plans to close one of its two automobile factories in Thailand this year, following the collapse of merger talks with Honda.
Southeast Asia - Sat, February 15, 2025 | 4:10 pm GMT+7
Vietcombank leads Vietnamese banks in 2024 pre-tax profit
Vietcombank reported a pre-tax profit of VND42.2 trillion ($1.66 billion) last year, ranking as the most profitable Vietnamese lender, according to the Vietnam Banking Association (VNBA).
Banking - Sat, February 15, 2025 | 4:04 pm GMT+7
Vietnam's leading trade firm Hapro appoints new general director
Hanoi Trade Corporation (Hapro), a leading producer and exporter of agricultural produces in Vietnam, has appointed deputy general director Duong Thi Lam as general director, effective from March 1, 2025.
Companies - Sat, February 15, 2025 | 2:18 pm GMT+7
Private Vietnamese lender DongA Bank renamed Vikki Bank
DongA Bank, a private lender in Vietnam, has changed its name to Vikki Bank, with approval from the State Bank of Vietnam (SBV).
Banking - Sat, February 15, 2025 | 10:59 am GMT+7
