Quang Nam: Receive South Korean investment wave

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(QNO) - Along with the investment promotions in South Korea and Vietnam, the 2017 meeting with South Korean investors happening in Quang Nam on December 16 will be the golden opportunity for Quang Nam to receive investment wave from South Korea.

Cooperative agreements signed between Quang Nam and South Korean localities.
Cooperative agreements signed between Quang Nam and South Korean localities.

Investment Connection

Quang Nam received several South Korean investors to seek investment opportunities in 2017. One of them was CEO Dinh Duy Tan from KT Bellest with the intention of a joint venture with CJ Vina Agri Co.Ltd in a 30ha farm model of husbandry and cultivation and a 5ha plant of Kimchi in Phu Ninh district, Quang Nam province. Besides, according to Chairman of the South Korea-Vietnam Exchange Association Kim Hyeon Uk, South Korean investors are interested in building and construction, food, electronics and fashion. They hope Quang Nam will create favourable conditions for them to invest into the province. The number of South Korean investors to Quang Nam is more and more, which results from the investment promotions in South Korea (at least once a year since 2012) or in Vietnam.

There are currently 31 South Korean projects in Quang Nam. The number is expected to be up in the future thanks to clear investment policies.

Favourable conditions

On behalf of 140 South Korean enterprises at an investment promotion conference in Seoul (South Korea), Vice Chairman of the South Korean Business Association Song Jae-Hee said that they were really impressed by the open investment environment, simple and time-saving investment procedures, and investment incentives such as land and water rental rates, supports of ground clearance, infrastructure construction, and vocational training. In reality, a lot of South Korean investors have taken advantages of these conditions to pour their money into Quang Nam.

Since January 1, 2016 when the Vietnam-South Korea Free Trade Agreement (VKFTA) came into force, both Vietnamese and South Korean businesses have got lots of benefits of export and import taxes, creating favourable conditions for goods exchanges between two countries, especially Quang Nam and South Korean localities.

Statistics after VKFTA show that Quang Nam is having comparative advantages to attract Korean investment. One of them is the marine container route Chu Lai-South Korea, which helps import and export goods directly between Quang Nam and South Korea. In addition, the Meeting with South Korean investors 2017 introducing Quang Nam- potentials and advantages is expected to attract more and more South Korean businessmen to Quang Nam.