A seminar to promote investment in the northern province of Vinh Phuc took place in the Republic of Korea (RoK)’s Kyeonggi province on June 20.

Illustrative image (Source: VNA)

Speaking at the event, Investment Counsellor Dinh Thi Tam Hien said 2019 marks the 27th anniversary of diplomatic ties and the 10th anniversary of strategic cooperative partnership between Vietnam and the RoK. 

The RoK is now the top investor in Vietnam with over 7,400 projects and a combined capital of 65.2 billion USD as of the end of 2018. It generated jobs to around 70,000 workers and contributed to nearly 30 percent of Vietnam’s total exports. 

The country is also the second largest trade partner of Vietnam with a two-way trade of 65.7 billion USD last year, which is expected to hit 100 billion USD by 2020. 

RoK tourist arrivals in Vietnam neared 3.5 million while about 500,000 Vietnamese travelled to the RoK last year. 

People-to-people exchange has kept improving at all levels with nearly 180,000 citizens living and working in each nation. 

Permanent Vice Secretary of the provincial Party Committee and Chairman of the provincial People’s Council Tran Van Vinh said Vinh Phuc’s economy grows by more than 15 percent each year, with agriculture and services accounting for over 90 percent of the total. 

As of the end of the first quarter this year, there were 345 foreign-invested projects from 17 countries and territories in Vinh Phuc with a combined registered capital of over 4.5 billion USD. 

He committed that Vinh Phuc will offer all possible support to RoK firms to effectively do business in the locality, especially in automobiles and motorbikes, electronics, agricultural machinery, construction materials, clean energy, farm produce and food processing, ecological tourism complexes, entertainment areas, education-training, and health care. 

General Director of Interflex Vina Lee Keun-bae and General Director of the Korea Association of Machinery Industry Lim Kae-hwa shared their experience in successfully doing business in Vietnam and Vinh Phuc in particular. 

Representatives from the provincial departments and agencies answered questions regarding policies, laws, incentives, dispute settlement during investment in Vinh Phuc.