On July 19, Nguyen Anh Tuan, Secretary of Bac Ninh Party Committee, held a meeting with Bang Seung Ho, chairman of Phillips, about the investment opportunities in the locality.

"The group is paying special attention to the manufacturing strategy of high-quality, eco-friendly EVs, EV batteries, and e-bikes to serve the demand in South Korea and countries in the region," Ho said.

Lauding the potential and investment opportunities in Bac Ninh, he further noted, "The group will conduct a comprehensive assessment of the manufacturing factory in the locality. Hopefully, the local authorities will create better conditions for the group to research and implement the project."

The products will be rolled out into the Vietnamese market soon, so that Phillips can access the potential of the domestic market for factory development. The factory's products will be sold in Vietnam and exported to South Korea and the global market, he added.

In response, Tuan committed to providing support for investors including Phillips when making investments and doing business efficiently in the province.

He added that there are 2,350 projects from 41 countries and territories investing in Bac Ninh. Among them, South Korea is the largest foreign investor, with 100 valid projects and a total investment of $14.7 billion, accounting for 60 per cent of the province's total foreign direct investment (FDI) capital.

Many South Korean conglomerates are manufacturing and doing business in the province, such as Samsung, Intops, Hanwha Techwin, Amkor, Hana Micron, CrucialTec, and Hyosung.

"South Korean companies are expanding their reach into new industries such as semiconductors, clean energy, construction, real estate, retail, and distribution. There is ample room to increase FDI influxes from South Korea to Bac Ninh," he said.