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KOREA LEADS IN PROJECTS AND INVESTMENT IN VINH PHUC PROVINCE
With its geographical location, well-developed infrastructure and transparent investment attraction policies, Vinh Phuc's industrial parks have emerged as favored destinations for foreign investors including those from Korea.
According to the Vinh Phuc Industrial Zones Management Board, there are currently 20 countries and territories investing in the province's industrial parks. Korea leads with 185 projects and a registered investment capital of approximately US$2,558.6 million, accounting for 38% of the total investment capital. Taiwan follows in second place with 45 projects and US$1,168.4 million, representing 17.4% of the total. Japan ranks third with 49 projects and an investment capital of US$1,167.0 million, making up 17.3% of the total. Thailand is fourth with 10 projects and US$734.5 million, which constitutes 10.9% of the total investment capital. China rounds out the top five with 41 projects and an investment of US$384.8 million, accounting for 5.7% of the total. Others include Italy, Singapore, the British Virgin Islands, Samoa, Seychelles, the Netherlands, Sweden, the UK, the USA, India, Belize, Indonesia, Spain, Mauritius and France.
After more than seven years of operation in Binh Xuyen II Industrial Park, Young Poong Electronics Vina Co., Ltd., a wholly Korean-owned enterprise specializing in the production of electronic circuit boards and surface mount circuit boards for mobile phones and computers, has established a strong market presence. The company has become a key partner for major corporations such as Apple, LG and Samsung. It is the first enterprise in the province to be certified as a high-tech support enterprise in the priority development plan.
In a recent meeting with the leaders of Vinh Phuc province, Mr. Hawng Jin Ju, General Director of Young Poong Electronics Vina Co., Ltd., commended the investment environment in Vinh Phuc. He emphasized that this favorable environment is an important factor in the company's decision to expand with a third factory in the Dong Soc Industrial Cluster, alongside its existing facilities in Binh Xuyen district.
Investment projects from Korean enterprises are primarily concentrated in key sectors such as electronic components manufacturing, automotive and auto parts, textiles, and electronics and semiconductor manufacturing. These industries align with Vinh Phuc province's priorities for attracting investment.
To maintain the industrial parks as an attractive destination for investors, especially from Korea, local authorities will continue to enhance efforts in land compensation and site clearance. This will ensure the availability of clean land for enterprises to establish factories and implement production projects. Additionally, reforms will be made to streamline administrative procedures, addressing challenges and facilitating the granting of investment licenses and related permits for investors.
Source: VCCI
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