Visiting Speaker of the National Assembly of the Republic of Korea Park Byeong Seug on November 1 made a fact-finding trip to Ninh Binh province where many RoK businesses are operating efficiently. 

Nguyen Thi Thu Ha, Secretary of the Ninh Binh provincial Party Committee (R)
receives RoK National Assembly Speaker Park Byeong Seug on November 1.
(Photo: VGP)

Located about 90km south of Hanoi capital, Ninh Binh holds great potential for economic and tourism development. During the past five years, its gross regional domestic product (GRDP) has increased by 8.03% annually. The province also boasts numerous tourist destinations, including Trang An Tourism Complex which has been recognized as a World Culture and Nature Heritage site by UNESCO.

On investment, Ninh Binh has attracted 37 RoK-invested projects valued at US$300 million, making up 46% of the total amount of foreign direct investment in the locality.

Most recently, Vietnam’s Thanh Cong Group and the RoK’s Hyundai Motor jointly broke ground for a second auto manufacturing plant in Ninh Binh province. The plant, which is designed to produce 100,000 units per year, has a total investment capital of more than VND3,200 billion.

Receiving the RoK National Assembly Speaker, Nguyen Thi Thu Ha, Secretary of the provincial Party Committee, proposed that the RoK continue to share its experience with Ninh Binh in attracting foreign investment in the coming time.

She spoke highly of the fine development of the strategic cooperation partnership between Vietnam and the RoK, as well as the twin-city relationship between Ninh Binh and Jecheon over the years and believed such relationships will be further developed in the future.

Speaker Park acknowledged Ha’s proposal, saying the RoK, as one of the world’s leading automobile and electronic product manufacturers, will continue to encourage its businesses to invest in Ninh Binh. He also proposed the province pay more attention to and create favourable conditions for Korean businesses to operate successfully in the locality.

Park noted that approximately 4.3 million RoK tourists visited Vietnamese attractions, including those in Ninh Binh, last year. He expressed hope that there will be more Koreans to know and travel to Vietnam as well as Ninh Binh in the future.

Speaker Park Byeong Seug and his encourage arrived in Hanoi on October 31, beginning a five-day official visit to Vietnam at the invitation of Vietnam National Assembly Chairwoman Nguyen Thi Kim Ngan.