The Hai Phong Economic Zone Authority (HEZA) on Wednesday organised an investment promotion with supporting businesses of the Republic of Korea’s multinational conglomerate corporation LG.

The RoK participants expressed their wish to invest or expand their current investment in the northern port city.

Head of the HEZA management board Le Trung Kien introduced to investors Hai Phong’s advantages, including the largest deep-water port in the north, a direct flight route to the RoK’s Incheon International Airport, and the teaching of the Korean language at school.

The local economic zones currently house 102 RoK-funded projects worth US$8.53 billion, accounting for 88.4 per cent of capital channeled into the city by Korean investors. In the past seven months, RoK businesses in Hai Phong saw their revenue and number of labourers growing by nearly 20 per cent and 15 per cent, respectively.

LG has so far invested in seven projects worth $7.24 billion in the Trang Due Industrial Park in An Duong District. A network of local satellite projects and auxiliary production for LG has also been formed with more than 50 enterprises, who have injected close to $1 billion into the industrial park.

HEZA wished LG to further enhance its investment and production activities, focus on research and development (R&D), technology transfer, and high-quality human resources training.

It suggested the group establish an R&D centre in the city.

It also unveiled the city’s growth orientations that highlight the circular economy, renewable energy, and a high-quality workforce. — VNS