The northern province of Bac Ninh has always sought to create optimal conditions for foreign businesses, especially those from the Republic of Korea, said Chairman of the provincial People's Committee Nguyen Tu Quynh while receiving Chairman of the Gumi Chamber of Commerce and Industry Jo Jung-moon on September 26.

At the reception (Photo: VNA)

During the reception, Chairman Quynh highlighted the province’s outstanding socio-economic milestones achieved in recent years, noting that Bac Ninh represents one of the fast growing localities in the country. The local economy was ranked fourth, while production value was in the second position nationwide.

Currently, Bac Ninh is home to 16 industrial parks and approximately 1,400 foreign-invested enterprises from 34 countries globally with a total investment capital of US$18.2 billion. Of the figure, more than 900 of these firms are from the Republic of Korean (RoK), which have invested over US$12 billion in the province

Bac Ninh will continue improving its business environment, create favourable conditions for foreign investors, and cultivate conditions for Korean businesses to expand their investment across the locality, Quynh told his guest.

When introducing the economic development of Gumi, Mr Jo Jung-moon added that the area is a major industrial hub located in the key economic development region of the RoK. 

At present, a number of large corporations such as Samsung Electronics operate in Gumi. The most prominent manufacturing sector in the city is mobile phone and screen production, which has served to greatly contribute to the country’s exports.

Chairman Jo Jung-moon praised Bac Ninh's remarkable developments in recent years, notably a number of incentives aimed at attracting investments from businesses across the RoK and Gumi in particular.

Mr Jo Jung-moon also expressed his hope for proper local mechanisms and policies to facilitate investment from RoK businesses, thus contributing to the locality’s overall economic development in the future.