South Korea keen on northern Vietnam energy, logistics, agriculture opportunities

South Korea’s Hanwha Energy Corporation and Hi-Tech Farm Company are eyeing investment opportunities in energy, logistics, and hi-tech agriculture in the northern province of Hai Duong.

In a meeting with provincial authorities early this week, Hanwha Energy, a comprehensive energy solutions company, expressed its desire to study, research and engage in local energy and logistics projects.

Hai Duong, located in the heart of Red River Delta, has great potential and advantages to become a northern energy and logistics hub due to favorable conditions in transportation, agriculture, and industrial production, as well as proximity to other key economic regions, said Pham Xuan Thang, chief of Hai Duong's Party Committee.

"The province intends to implement various traffic projects in the next years, creating synchronous freight transport links within and across provinces," he told Hanwha Energy leaders.

Hai Duong also aims to develop integrated industrial complexes where enterprises may find partners to help with manufacturing and commercial operations. The province may alter its subdivision planning to meet the project scale sought by investors, Thang added.

Hanwha Energy Vietnam currently operates KN Cam Lam and Cam Lam VN solar power plants in Khanh Hoa province, south-central Vietnam.

The corporation, together with Vietnam’s T&T Group, Korea Gas Corporation (KOGAS), South Power (KOSPO), are also participating in the Hai Lang LNG-to-power project in Southeast Quang Tri Economic Zone, Quang Tri province, central Vietnam.

Another Korean company, Royal K Group, and its subsidiary Hi-Tech Farm, early this week expressed interest in developing a self-contained high-tech agricultural project, covering about 120 hectares, in Hai Duong.

Tran Van Quan, the provincial Vice Chairman, urged the Korean companies to engage in high-tech agricultural production, as well as preliminary and final processing.

A successful project of such kind would boost the province's agricultural growth, according to Le Quoc Doanh, Deputy Minister of Agriculture and Rural Development, who led Royal K Group leaders to Hai Duong.

Doanh added that the ministry would act as a bridge between both sides to ensure project implementation.

He suggested the Korean firms engage in deep processing to seal the linkage and supply chain, as well as improve local agricultural product quality.

Royal K has been researching and exchanging knowledge on Vietnamese agriculture since 2019. In February 2020, Hi-Tech Farm and Cao Bang province signed a memorandum of understanding on developing cooperation in smart agricultural projects. The company also sought partnerships with other localities, including Hanoi and Ho Chi Minh City.

Hai Duong, neighboring Hanoi and the port city of Hai Phong, is a manufacturing hub in northern Vietnam.