Thanh Hoa Province, located southwest of Hanoi, Vietnam, is actively seeking investments from South Korean companies, focusing on expanding economic cooperation in advanced manufacturing, energy, and logistics. Local projects involving South Korean investors have surpassed $3 billion, with plans to enhance not only new investments but also technology transfer and supply chain collaboration.
On October 20, a delegation from Thanh Hoa Province held an investment cooperation meeting with South Korean companies and investors at the Korea Small and Medium Enterprises Association building, in collaboration with the Vietnamese Embassy in South Korea. The event was attended by Nguyen Hong Phong, Permanent Deputy Secretary of the Thanh Hoa Provincial Party Committee and Chairman of the People's Council, along with the Deputy Ambassador of Vietnam to South Korea and representatives from both countries' businesses and related organizations.
Currently, Thanh Hoa Province has attracted 206 foreign direct investment (FDI) projects, with a total registered investment amounting to approximately $16.15 billion. Among these, 49 projects involve South Korean investors, either solely or in joint ventures, with a registered investment of about $3.07 billion, accounting for roughly 19% of the total foreign investment.
The provincial government plans to expand cooperation with South Korean companies based on existing investment foundations. It aims to attract investments particularly in processing and manufacturing, electronic components, supporting industries, logistics, and clean energy, leveraging the location and industrial conditions of the Nghi Son Economic Zone.
During the meeting, Deputy Secretary Phong expressed interest in investment projects that incorporate advanced technology and modern management systems while ensuring energy efficiency and environmental sustainability. He emphasized the importance of sharing technology and management experience, moving beyond merely attracting foreign capital to establishing ongoing partnerships with local businesses.
Expanding cooperation in trade and production was also a key agenda item. Thanh Hoa Province hopes that businesses from both countries will strengthen collaboration in distribution networks and production and processing sectors, broadening market access for competitive products and increasing local companies' participation in South Korean supply chains. Additionally, plans were presented to expand cooperation into tourism, advanced agriculture, education, workforce training, healthcare, digital transformation, and cultural exchange.
Korean companies and investors expressed interest in Thanh Hoa Province's investment attraction policies and industrial development potential. They sought opportunities for collaboration with local businesses in energy, industry, advanced agriculture, manufacturing and processing, and logistics, while requesting improvements in infrastructure and regulations to facilitate smoother business operations.
The Deputy Ambassador of Vietnam to South Korea stated during the meeting, "We hope that Korean companies will gain a concrete understanding of Thanh Hoa Province's investment attraction system and policies through this event." He added, "Based on the proactive and open investment attraction policies of the provincial leadership, we expect an increase in investments from South Korean companies."
Thanh Hoa Province plans to take follow-up actions to address companies' requests. After the meeting, Deputy Secretary Phong instructed the Foreign Affairs Department to collaborate with the Vietnamese Embassy in South Korea, the Korea Small and Medium Enterprises Association, and the Thanh Hoa Business Association to gather cooperation needs and suggestions.
Based on this information, the provincial People's Committee will be informed, and designated points of contact for each cooperation task will be established to provide information, support on-site inspections, and facilitate direct connections between businesses. Issues not resolved during the meeting will also be reviewed further to minimize the inconvenience of companies having to re-confirm necessary information.
On the same day, the Thanh Hoa delegation held a separate working meeting with the Korea Trade-Investment Promotion Agency (KOTRA). The delegation evaluated KOTRA's role in supporting South Korean companies' overseas expansion and trade and investment growth, expressing hopes for strengthened collaboration. They discussed ways to identify South Korean investors that align with Thanh Hoa Province's industrial development direction and enhance local companies' capabilities to enter supply chains.
Collaboration plans for technology exchange, strengthening corporate capabilities, sharing investment information, and regular investment attraction activities were also included in the discussions. Thanh Hoa Province aims to focus on connecting contacts with South Korean companies to specific investment projects and transactions as a result of this visit. With the provincial government promising to improve investment conditions and provide follow-up support, there remains work to connect individual cooperation needs to actual business opportunities.
* This article has been translated by AI.
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