Representatives from Thai Binh province and Republic of Korea sign an investment Memorandum of Understanding(MOU). (Photo: VNA)

Seoul – A conference was held in Seoul on April 19 to call for investment from the Republic of Korea (RoK) to the northern province of Thai Binh.

The event, co-organised by the Thai Binh provincial People's Committee, the Embassy of Vietnam in the RoK, and The Korea Herald, attracted about 170 delegates, including Korean officials and businesses.

Speaking at the event, Chairman of the provincial People's Committee Nguyen Khac Than said that Thai Binh is coastal province which is connected to the airport and seaport system through the transport systems that have been synchronously and modernly invested.

In recent years, the province's economic growth rate has been among the top in Vietnam. In 2022, despite many difficulties, its Gross Regional Domestic Product (GRDP) growth reached 9.52%. It attracted 660 million USD in foreign direct investment (FDI), ranking 16th out of 63 provinces and cities in Vietnam, according to the official.

The province has advantages such as land areas for industrial development, with eight industrial parks covering nearly 3,000 ha with available surface and infrastructure, Than said, adding that it also has abundant human resources with a population of about 2 million people, over 1 million people in the working age, and about 643,000 trained workers.

“Thai Binh province is having incentive policies to attract investment in the fields of supporting industries, electronics, manufacturing industry, tourism, high-tech agriculture, and pharmaceuticals,” Than said, noting that the local authority will provide support and ensure a favourable and stable investment, production, and business environment for investors.

Vietnamese Ambassador to the RoK Nguyen Vu Tung emphasised that after Vietnam- RoK relations were upgraded to a comprehensive strategic partnership at the end of 2022, the exchange of delegations from the government to the local levels has been stepped up.

Economic cooperation has always been an important pillar and a bright spot in the cooperative relationship between the two countries, he said.

Currently, RoK is the largest foreign investor in Vietnam both in terms of total registered capital and number of projects with nearly 10,000 projects and about 82 billion USD in registered capital, accounting for nearly 18.4% of the total foreign investment capital in Vietnam.

The Korea Herald CEO Choi Jin-young said that Thai Binh is an outstanding province in many aspects including a favourable business environment, rich resources, strategic location, skilled workforce, and developed infrastructure.

This will be an attractive destination for Korean companies to expand and do business in Vietnam, he said, adding that with the RoK's capital and technology combined with Thai Binh’s favourable conditions, the two sides can create new opportunities and build a mutually beneficial partnership for prosperity in the future.

Up to now, Thai Binh has attracted 27 projects from Korean investors with total registered investment capital of 148.72 million USD.

During this business trip to the RoK, the Thai Binh delegation worked with the authorities of Gangwon and Gyeonggi provinces, and met with representatives from groups, including Daewoo E&C, Samsung, LG, and Hyosung.