Vinh Phuc province views localities and businesses in the Republic of Korea (RoK) as its partners of top importance and a key factor in its international integration strategy, Hoang Thi Thuy Lan, Secretary of the Vinh Phuc Party Committee, has said.

At the signing ceremony of a memorandum of understanding between the Korea Chamber
of Commerce and Industry and the Vinh Phuc Department of Planning and Investment

At a recent conference entitled “Vinh Phuc - Safe and Promising Investment Destination”, Lan said the province has enjoyed long-standing relations and cooperation with Chungcheonbuk province in the RoK.

It hopes to expand its relationships with other RoK localities, which are a potential source of investment, especially in building infrastructure for industrial parks, manufacturing and processing, high-tech application, energy saving measures, support industries, and electronic accessories production, she said.

The provincial leader said that despite the impact of COVID-19, the northern province has maintained the pace of its economic growth, with FDI increasing strongly in recent times.

RoK businesses have expressed interest in investment policies in Vietnam and Vinh Phuc, as well as sectors where Vinh Phuc has demand and clear land reserves for foreign investors.

According to Deputy Minister of Planning and Investment Tran Duy Dong, Vinh Phuc holds advantages in possessing road, railway, and waterway networks, being located near Hanoi’s Noi Bai International Airport, and lying on the Kunming - Lao Cai - Hanoi - Quang Ninh economic corridor, which are favourable for the formation of a northern industrial belt.

Meanwhile, Le Duy Thanh, Chairman of the People’s Committee of Vinh Phuc, said the locality hopes to welcome more RoK investors, especially those with competitive high-tech products.

Vinh Phuc has all the conditions necessary to welcome major enterprises, he said, and pledged it will create optimal conditions for and provide support to investors.

An MoU was also signed between the Korea Chamber of Commerce and Industry and the Vinh Phuc Department of Planning and Investment, along with another between the department and the Vietnam Commercial Bank for Foreign Trade (Vietcombank).