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Monday, July 15, 2024

South Korea becomes largest investor in Haiphong

The Saigon Times

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HCMC – South Korea has invested nearly US$10 billion in Haiphong City, making it the largest investor in the port city of northern Vietnam.

Le Tien Chau, secretary of the Haiphong City Party Committee, led a delegation to South Korea to attend a trade and investment promotion conference between Haiphong and South Korea in Seoul from June 11 to 14.

During the conference, the Haiphong authorities presented investment certificates to new projects and amended certificates to existing projects that had revised up capital. These projects include Bumhan Vina Heavy Industries – Nam Dinh Vu, Haewon Vina Company Limited, Hala Electronics Vina Company Limited, and EST Vina Haiphong Company Limited.

At the event, the South Korean business association signed a memorandum of cooperation with Haiphong, committing to invest up to US$1.5 billion in the city in the near future.

The trade and investment promotion event attracted over 150 companies, investors, and investment consulting organizations from South Korea, exploring business opportunities in Haiphong.

To date, South Korea has invested US$81.5 billion in Vietnam, with 12% of that capital being poured into Haiphong, totaling US$10 billion.

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