Northern Vietnam port city okays $368 mln investment by South Korean firms

The northern port city of Hai Phong granted investment certificates Wednesday to eight Korean-invested projects worth around $368 mln at a forum held in Seoul.

The biggest investment was by HKT Electronics Vietnam Hai Phong, which will pour an additional $73.5 million at the Trang Due Industrial Park. Other projects with additional investments in the same industrial park were Youngjin E&C Vina with $51 million and Hanmiflexible Vina with $10 million.

Kyungnam Chemical Vina and Hansung P.T.C Vina will invest $72 million and $60 million, respectively, in projects at the Nam Cau Kien Industrial Park.

DH Lightning Vina will add $55.8 million to its investments at the Deep C Industrial Park.

Two new investors that received the investment certificates were Innox Ecom, a silicon material and Advanced material company, for a $10 million project; and Seyoung Vietnam, an electronic firm, for a $35 million project.

Saodo Group, a Vietnamese multi-sector business, and Samsung Engineering signed a memorandum of understanding on expanding their collaboration.

At the second edition of the investment promotion forum, Le Tien Chau, a Party Central Committee member and chief of the Hai Phong Party Committee, lauded South Korean investment as a major driving force for the city with over 100 projects and a total registered capital of $12 billion. The capital accounted for 40% of the total FDI in the city and 14% of South Korea’s FDI in Vietnam, he said.

Hai Phong “welcomes investments and will always strive to provide the best facilitation, such as investments in traffic infrastructure connecting with industrial parks, construction of wharves and issuing preferential policies for renewable energy projects.

“Other support provided by the city includes cooperation with businesses and universities for workforce training; social welfare; social housing; healthcare for workers; and high-quality facilities including hospitals, hotels, schools and gold courses to serve expatriates and their families,” Chau said.