Investment promotion conference connects Yen Bai with Korean firms
- Tuesday, October 31, 2023
YBO - A number of cooperation agreements have been signed at a recent investment promotion conference themed “Meet Korea 2023” connecting Yen Bai province with businesses from the Republic of Korea (RoK).
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Chairman of the provincial People’s Committee Tran Huy Tuan and Mun Hyun, head of the RoK’s happy development fund, sign an agreement on cultural, arts, economic exchange, tourism, and healthcare cooperation.
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The event was held by the Yen Bai provincial People’s Committee and the Hai Phong Economic Zone Authority (HEZA). It attracted representatives of the Korean Trade - Investment Promotion Agency (KOTRA), the Vietnam Chamber of Commerce and Industry (VCCI), and Vietnamese and foreign businesses, including over 50 Korean companies currently operating in Hai Phong city.
Addressing the conference, Chairman of the Yen Bai provincial People’s Committee Tran Huy Tuan stressed that Vietnam and the RoK are leading partners of each other in multiple areas. Their economic, trade, and investment partnerships form both a pillar and an impulse of bilateral cooperation. The RoK currently ranks first in terms of foreign direct investment in Vietnam; second in terms of official development assistance (ODA), labour, and tourism cooperation; and third among trading partners of the Southeast Asian nation. Vietnam is the biggest economic partner of the RoK in ASEAN, accounting for 30% of the investment and 50% of total trade between the Northeast Asian country and the bloc.
Expressing his hope for stronger economic and investment ties with Korean partners, Tuan said with a favourable geographical location enabling it to serve as a point of transit of the Kunming - Lao Cai - Hanoi - Hai Phong - Quang Ninh economic corridor, Yen Bai holds many advantages in connecting with important economic hubs, border gates, seaports, and international airports such as Hanoi, Hai Phong Port, Noi Bai Airport, and international border gates of China.
An overview of the conference.
The province boasts diverse natural resources for mineral mining, forest economy and tourism, comprehensive infrastructure, abundant and high-quality human resources, a dynamic administration, services supporting business development, lean and favourable administrative procedures, easy access to land sources, transparent planning information, an open and attractive investment policy, and low investment costs.
In particular, the Provincial Planning for 2021 - 2030 with a vision to 2050, approved by the Prime Minister in September 2023, is the most important legal foundation for arranging spaces, attracting investment, and allocating development resources. It is a basis for sectors and localities to perform duties and also provides opportunities for investors and enterprises to invest and do business in Yen Bai, according to the official.
These are important conditions, and it’s now the right time for investors to come to invest and do business in the province, he noted.
Chairman Tuan held that "Meet Korea 2023” was an occasion for Korean businesses and investors to learn more about Yen Bai’s opportunities, potential and advantages, the province’s viewpoints, policies and determination, as well as their responsibilities when operating here.
At the event, many Korean firms highly valued local development, especially in transport infrastructure which has helped shorten the distance between Yen Bai and major economic regions of Vietnam. They also recognised the local administration’s attention and optimal conditions given to investors.
They voiced their hope that in the coming time, Yen Bai will continue identifying its potential and advantages to focus its investment attraction activities like investment promotion events and meetings with foreign businesses on. They also called on the province to popularise its images, potential, and advantages via different mass media channels so that Korean firms and global companies in general can learn about it and make investments.
At the event, participants agreed to work towards an agreement to increase sharing experience in investment and trade promotion. They also agreed to boost trade in goods and production and business partnerships.
Chairman Tuan and Mun Hyun, head of the RoK’s happy development fund, signed an agreement on cultural, arts, economic exchange, tourism, and healthcare cooperation. Meanwhile, representatives of the Yen Bai provincial Centre for Enterprise Support and Investment Consulting and Investment and HEZA inked a deal on increasing cooperation in investment promotion and enterprise support.
The province’s centre for industrial extension and trade promotion and HEZA’s centre for employment services – training – investment promotion also signed an agreement on cooperation in business matching and product sale, as the Yen Bai provincial Business Association and the Korean Business Association in Hai Phong inked a deal on investment and business partnership promotion.
Thu Trang - Duc Toan
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