Republic of Korea Expands Investment Cooperation in Central Vietnam

Da Nang, Vietnam – The Consulate General of the Republic of Korea (RoK) in Da Nang hosted a conference on November 24 to foster investment cooperation between the RoK and central localities of Vietnam. This event marks a significant step in strengthening economic ties between the two regions.

According to Vietnam News Agency, the RoK’s Consul General in Da Nang, the bilateral relationship between Vietnam and the RoK has flourished since diplomatic relations were established in 1992, particularly in economic sectors. Over the past 30 years, trade between the two countries has surged 160 times, reaching 81.1 billion USD in 2022. This robust trade growth has elevated both nations to being each other’s third largest trade partner. Kang highlighted that the thriving economic cooperation lays a solid foundation for advancing the partnership to a comprehensive strategic level in 2022.

Particularly noteworthy is the presence of about 8,000 Korean companies in Vietnam, predominantly in the northern and southern regions. However, the central region has attracted 250 Korean firms, thanks to its appealing investment policies. Kang emphasized the Consulate General’s commitment to collaborating closely with central Vietnamese localities to support Korean enterprises and deepen the economic partnership between the RoK and central Vietnam.

Ho Ky Minh, Standing Vice Chairman of the People’s Committee of Da Nang, introduced the investment environment in Da Nang and other central localities. He highlighted incentives for foreign investors, including tax, land rent, labor, and equipment benefits, and noted the efforts made to streamline administrative procedures to optimize investor support. Da Nang currently hosts 1,016 foreign direct investment (FDI) projects valued at 4.2 billion USD, with 268 projects funded by Korean investors totaling over 362 million USD, making the RoK the fifth largest foreign investor in the city.

A representative from Quang Ngai province, home to 15 Korean-invested projects worth over 360 million USD, expressed the province’s desire to establish twinning relations with Korean localities, enhance exports to the RoK, and promote labor cooperation. Leaders of central Vietnamese localities pledged to provide favorable conditions for foreign investors, ensuring their long-term success and healthy competition with other economic sectors for mutual benefit.