Dong Van IV Industrial Park in Ha Nam. The northern province is seeking foreign investment in the many fields including infrastructure development and the support industry. — Photo viglaceraip.com

Ha Nam Province is stepping up its efforts to attract large investment from the Republic of Korea (RoK).

The northern province held an investment promotion conference at the headquarters of the Korean Chamber of Commerce and Industry (KCCI) in Seoul on Wednesday.

Speaking at the event, Vice Secretary of the provincial Party Committee and Chairman of the provincial People’s Council Pham Sy Loi said Ha Nam considers investment cooperation as a crucial mission to bolster socio-economic development.

The province needs investment in infrastructure development, support industry, hi-tech agriculture and industry, health care, education, tourism service and trading, Loi said.

He pledged to create an open and transparent investment environment for RoK enterprises to operate effectively in the locality.

According to Vietnamese Deputy Ambassador to the RoK Tran Truong Thuy, the Viet Nam-RoK relations have been developing rapidly.

The RoK is the biggest foreign investor in Viet Nam with total capital of US$62.5 billion in 7,460 projects by the end of 2018, generating jobs for more than 700,000 direct labourers and tens of thousands of indirect workers. RoK-run companies accounted for about 30 per cent of Viet Nam’s total export turnover.

The country is Viet Nam’s second largest trade partner, with two-way trade hitting $65.7 billion in 2018. The two sides aim to lift their trade to $100 billion next year.

The RoK’s strength in manufacturing makes it an ideal partner for Viet Nam to attract investment in industrialisation and modernisation, Thuy said, adding that the RoK technology in combination with Viet Nam’s young and dynamic labour force creates competitiveness of goods in the global value chain. — VNS