Quang Nam: an attraction to South Korean investors

QNN |

(QNO) - South Korea is currently the leading country in the number of FDI (Foreign Direct Investment) projects in Quang Nam.

Sedo Vinako factory in Quang Nam
Sedo Vinako factory in Quang Nam
 

In late 2018, Hyosung Group (South Korea) started its construction of the first phase of a project on fabric, nylon and steel fibers production with a total investment of 210 million USD in Tam Thang Industrial Park. The plant will be put into operation in February 2020. In addition to Panko Tam Thang textile-garment and Ducksan Vina garment accessory plants, there are several South Korean projects investing in the fields such as waste water treatment and recycled water.

According to Chairman of Panko- Choi young Joo, Panko decided to choose Quang Nam because its potential and conditions are suitable for sustainable industrial development. Panko is planning to build a complex of commercial services, sports, education and training, hi-tech agriculture and others.

There are over 30 countries and territories investing in Quang Nam among which South Korea owns the largest number of businesses. South Korean enterprises invest in textile and garment, tent, medical and agricultural products. They are Shin Chang Vina, YS VINA, Sedo Vinako, Rio Quang Nam, One Woo, Seo Nam, Woochang Viet Nam, Hutecs Vina, Gift by Design, Narae. Among them, Tam Anh-South Korea’s Industrial Park specializing in textile and garment with a total investment capital of VND 525 billion is under construction in Tam Anh commune (Nui Thanh district, Chu Lai Open Economic Zone).

According to the Department of Planning and Investment of Quang Nam, after investment promotions in South Korea and a meeting with Korean investors in Chu Lai 2 years ago, the number of South Korean projects in Quang Nam increased from 31 (December 2017) with a total investment of 250 million USD to 54 (October 2019) with a total investment of 570 million USD.

Standing Vice Chairman of the Quang Nam provincial People’s Committee Huynh Khanh Toan said Quang Nam with its competitive, transparent and favourable investment climate is ready to welcome investors from South Korea.