Van Phong Bay, Nha Trang, Khanh Hoa. (Photo: nhandan.vn)

The Khanh Hoa – Republic of Korea (RoK) investment promotion conference took place in Seoul on September 27, drawing over 150 Korean firms.

The event, co-organised by the Khanh Hoa People's Committee, the Vietnamese Embassy in the RoK, the Korea Federation of Small and Medium Enterprises (FOMEK), and the Korea Trade-Investment Promotion Agency (KOTRA), showcased Khanh Hoa's potential and strength.

Leading the provincial delegation, Chairman of the Khanh Hoa People's Committee Nguyen Tan Tuan presented Khanh Hoa's compelling investment landscape, saying that the province boasts favourable natural conditions, including its expansive coastline and three major bays - Van Phong, Nha Trang, and Cam Ranh - which offer ample space for development.

With a well-developed transportation infrastructure encompassing road, sea, and air networks, Khanh Hoa has become one of the most dynamic economic hubs in Vietnam's south central coast region, renowned for the tourist city of Nha Trang.

"In recent years, Khanh Hoa has proactively shifted its economic model, focusing on sustainable tourism and green industry. Our goal is to become a leading marine economic hub and a top smart urban area in Asia", Tuan said.

Hailing the RoK as one of the most important economic partners, particularly in investment and tourism, Tuan said with a total direct investment of 359.97 million USD, accounting for 9.18% of the province's total foreign investment, Korean firms have made substantial contributions to Khanh Hoa's socio-economic growth.

According to him, Khanh Hoa is developing key industries that align with strengths of Korean enterprises, including information technology, software production, artificial intelligence, and semiconductor.

In the food processing industry, Khanh Hoa holds great potential thanks to its abundant and quality raw materials. It is also calling for investments in maritime, logistics and renewable energy.

Notably, the high-tech manufacturing and supporting industries for shipbuilding have been identified as key sectors crucial to local economic development strategy. The province plans to work closely with universities and colleges to train a skilled workforce that meets market demand.

Participants discussed investment incentives focusing on industrial parks and clusters in the province.