Korean enterprises are major partners of Long An

The province always supports businesses, especially those from Korea, by listening to opinions and finding solutions to remove difficulties and obstacles

Promoting cooperation

Vietnam and Korea established diplomatic relations on December 22, 1992. After that, the two countries built a good relationship, close ties between the two peoples, political trust, increased cooperation and economic support. Up to now, the friendly cooperation between Vietnam and Korea has developed strongly and effectively in all fields, including investment, trade, culture and tourism exchanges.

Vietnam and Korea have many similarities in history and culture. This is also a good condition for both countries to continue to improve the development of cooperative relations.

On the basis of that good relationship, in recent times, the province has proactively implemented many programs to further strengthen the cooperative relationship with localities, organizations, and enterprises of Korea in various fields, especially bilateral cooperation in the economic field. The province has organized many delegations of leaders to visit, work, and promote investment in provinces and cities of Korea. The results of the investment promotion were very positive, as the province attracted many investment projects from Korean enterprises.

In order to enhance information exchange and enhance mutual understanding, the Korean Chamber of Commerce and Industry (KOCHAM Long An) in the province was launched in March 2022. The Chamber helps enhance investment cooperation of Korean investors in the province.

Since March 2022, the province has received 16 projects from Korean enterprises with a capital of 36 million USD. Korea is one of Long An's major partners, ranking 3rd among 41 countries and territories with direct investment capital in the province, with registered capital of more than 1.1 billion USD in 214 projects (accounting for 8.96% of foreign investment capital in Long An).

In addition, Korea and Long An have signed many thematic cooperation agreements and memorandums of understanding on socio-economic development cooperation.

Chairman of the Korean Chamber of Commerce and Industry in Long An Province - Mr. Ho Joong shared that since the launch of KOCHAM Long An, investment connection activities between Korean enterprises have had positive changes. The most obvious is the significant increase in the number of Korean enterprises researching and investing in Long An, especially in industrial parks. Currently, KOCHAM Long An has 85 member enterprises. This is one of the great efforts of the unit in connecting enterprises in the locality.

Long An is promoting investment from Korea in the fields of high-tech agriculture, innovation, renewable energy, logistics, aiming for a green economy and sustainable development.

Contribution to the economy

Recently, CW Wind Group (Korea) decided to choose Long An as an investment location in the field of wind power equipment. This not only demonstrates confidence in the development potential of the province but also opens up many opportunities for local economic development.

In early September 2024, Dong Tam Group and CS Wind Group officially signed a memorandum of understanding and cooperation agreement. Dong Tam Group and its member units will lease 50 hectares of industrial land and industrial services to CS Wind Vietnam to build a factory, assembly yard for offshore and onshore wind tower equipment, wind power products such as single piles, transition equipment, etc to supply the global market. This is a factory with the largest wind power equipment manufacturing capacity in the world, with a total investment capital in the first phase expected to reach 200 million USD. The expected operating capacity is up to tens of thousands of units per year, supplying oversized and overweight equipment from 500-4,000 tons per device.

In particular, 100% of equipment and accessories in the first phase are exported and imported through Long An International Port, estimated at 150,000-200,000 tons/year. The presence of CS Wind in Long An not only brings economic value but also affirms the province's position in the renewable energy industry.

Other Korean enterprises in the province such as Samduck Vietnam Co. Ltd. (Hoa Binh Industrial Park), CJ Foods Vietnam Co. Ltd. (Tan Kim Industrial Park expansion), Simon Vietnam Handbag Co. Ltd. (Long Hau Industrial Park), Lotte F&G Vietnam Co. Ltd. (Long Hau Industrial Park), etc have invested in Long An for many years. They all have large production scale, contributing to the provincial economy through job creation, creating stable income for thousands of workers. At the same time, these enterprises also contribute to the provincial budget with import, export activities, and corporate income tax.

Mr. Ho Joong shared that many Korean enterprises choose Long An due to its advantages in geographical location, developed infrastructure, attractive investment policies, and friendly local government. Over the years, the province has always paid attention to enterprises, especially Korean enterprises. The province regularly listens to opinions and finds quick solutions for businesses when they encounter difficulties, simplifies investment procedures and improves the business environment. In addition, the province creates favorable conditions for businesses to invest in industrial parks, creating favorable conditions for secondary businesses to deploy production and business activities. With a friendly investment environment and reasonable policies from provincial authorities, he believed that Long An will continue to attract more Korean businesses, contributing to the sustainable development of the locality. The association always accompanies Korean businesses, supports the exploitation of investment opportunities and cooperative relations in Long An.

Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee - Nguyen Van Ut said that Long An is currently becoming an attractive destination for many domestic and foreign investors. This result emphasizes that the province's investment environment really creates trust for businesses, especially foreign investors, including Korean ones. Long An commits that Korean enterprises coming to invest and do business are always guaranteed political stability, safety, favorable investment and business environment, equality, health, and fairness with partners.

"If you want to go fast, better go alone. If you want to go far, better go together". With the motto of accompanying enterprises, the province continues to focus resources to invest in completing socio-economic infrastructure systems such as transportation, water supply, electricity, environmental treatment, etc; speed up the progress of industrial parks, create clean land funds to attract investment; deploy training of high-quality human resources, build social housing for workers, fully and promptly supply labor resources for enterprises coming to invest in the province; continue to reform administrative procedures in the direction of streamlining, openness and transparency from the provincial to grassroots levels./.

By Mai Huong - Translated by Q. Thien

Source: https://baolongan.vn/doanh-nghiep-han-quoc-la-doi-tac-lon-cua-long-an-a185052.html