The Republic of Korean businesses have invested nearly US$61 million in 12 valid projects in Nghe An province, employing more than 10,000 local workers.
The figures were released at a July 12 meeting in Hanoi, summarising the provincial investment environment and encouraging even more Korean investors to Nghe An.
Nghe An enjoys advantages that range from land, minerals, and fisheries to tourism, human resources, and investment incentives, As of June 2013, the province has welcomed 36 foreign directed investment projects worth a total approaching US$1.4 billion.
RoK Ambassador to Vietnam Dae Joo noted Korean business investment has traditionally limited itself to urban centres like Hanoi and Ho Chi Minh City. Increasing expenses and high labour costs are driving their emerging interest in other opportunities.
He expressed his hope that with support from the central province, the Korean Embassy, and the Korean Trade Promotion Agency (KOTRA), more Korean businesses will invest in Nghe An in the future.
Nghe An Provincial People’s Committee Chairman Nguyen Xuan Duong said the local administration will complete its administrative reforms as soon as possible and do its utmost to facilitate foreign investor success, particularly in projects involving advanced technology.
The meeting also saw the signing of agreements between the Nghe An People’s Committee and KOTRA, the approval of Korean StrongPlus Elevator’s US$10 million project, and the authorisation of Korean Global Sourcing International’s US$2.5 million garment export investment.