Northern Vietnam province seeks Korean law firm’s help to attract more investments

The Vinh Phuc People’s Committee has asked Lee & Ko, a leading South Korean law firm, to provide legal consultations to attract more Korean investors to the northern province.

During a meeting with the firm's representatives on Friday, Vinh Phuc's Chairman Tran Duy Dong underscored the crucial role legal advice plays in helping investors make informed decisions about where to invest.

Recognizing Lee & Ko’s extensive experience in advising major South Korean corporations such as Samsung and EG on their investments in Vietnam, Dong expressed his hope that the firm would explore the possibility of signing an MoU with Vinh Phuc to facilitate the introduction of more South Korean investors to the province in the future.

He shared that Vinh Phuc has already attracted over 480 foreign direct investment (FDI) projects, with total registered capital exceeding $8.5 billion.

South Korea leads the way in terms of both the number of projects and total investment capital, particularly in sectors such as electricity, electronics, and mechanical engineering.

Currently, the province has planned 29 industrial zones, 17 of which are operational. Moving forward, Vinh Phuc is focusing on attracting investments in high-tech industries, electronics, semiconductors, commerce, and services, he sated.

Ho Joon Moon, partner in the Corporate and M&A Practice Group of Lee & Ko, expressed the firm’s desire for Vinh Phuc to create favorable conditions that would encourage more South Korean businesses to invest in the province.

South Korea strengthens position as the largest investor in Vinh Phuc

According to data shared during a meeting between Chairman Tran Duy Dong and the Korea Chamber of Commerce and Industry (Kocham) in August 2024, there were 238 investment projects from South Korean investors in Vinh Phuc, totaling over $3 billion.

This made South Korea the leader in both the number of projects and total investment capital, among 20 countries and territories investing in the province.

As of April 15, 2025, Vinh Phuc had issued certificates for 27 new and adjusted FDI projects, amounting to a total registered capital of $163.17 million, a 55% decrease compared to the same period last year.

South Korea remains the largest investor, contributing $70.72 million across 11 projects, accounting for 43.34% of the total registered capital.

Some notable South Korean companies in the province include Partron Vina, Heasung Vina, Bangjoo, Cammsys, YoungPoong, and Uti Vina.

These companies are primarily involved in producing electronic components, circuit boards, cameras, lenses, semiconductors, auto parts; garment manufacturing, mechanical processing; and high-tech electronic products.

Partron Vina, with the largest South Korean investment in the province, was established in 2008 at the Khai Quang Industrial Zone. The company increased its investment from $4 million to $269.4 million in July 2024 to expand its production of circuit boards, electric vehicle controllers, and antennas for mobile devices. Its current annual capacity reaches approximately 1.57 billion products.

Heasung Vina, another major South Korean company, specializes in producing components for smartphone cameras. The company has raised its investment from $13 million to $165 million.

Vinh Phuc has identified South Korea as a key market for future cooperation. The province is committed to promoting administrative reforms, creating a favorable investment environment, expanding and upgrading industrial zones, offering investment incentives, and strengthening diplomatic and investment promotion efforts.