Korean firms urged to invest in hi-tech sector

10-Aug-2019 Intellasia | The Saigon Times | 6:02 AM Print This Post

HCM City has called on South Korean firms to invest in various fields, especially hi-tech transfers, in Vietnam as a way of executing a national programme on the effective use of energy, heard attendees at a workshop on August 7.

The city has attracted 30 percent of the country’s total foreign-invested projects. South Korea was the third biggest foreign investor in the city, with 1,700 projects worth $5.1 billion in total.

Speaking at the workshop, a representative of the HCM City Investment and Trade Promotion centre (ITPC) introduced to South Korean businesses several technology and hi-tech projects in need of investment.

Apart from this, some projects in the infrastructure, traffic infrastructure, education and tourism sectors were also presented for investment by the city.

Tran Viet Ha, head of the Investment Management Department of the HCM City Export Processing and Industrial Zones Authority, said that the city is home to 17 operational processing zones and industrial parks that cover a combined area of 4,129 hectares of land. The figures will be raised to 20 zones and parks covering some 5,240 hectares by 2020.

The existing zones and parks have already attracted over 1,600 projects, with total registered capital of $10.6 billion, of which 61 are being funded by South Korean investors.

Tan Thuan Processing Zone and Hiep Phuoc, Tan Phu Trung and Dong Nam Industrial Parks, among others, are available for projects developed by foreign investors, especially those from the South Korean province of Gyeonggi, Ha said.

Responding to South Korean firms’ concerns over manpower with experience in the areas of technology, input materials and business license applications, ITPC deputy director Cao Thi Phi Van pointed out that the city has a population of 13 million people, turning out 150,000 graduates a year. Some companies, including Intel and Samsung, had previously cooperated with the city to train human resources, so manpower is not a major problem.

As for materials, Vietnam is currently collaborating with multiple enterprises from the United States and European countries to manufacture various products specifically for certain projects, Van said, adding that apart from materials available in the country, other materials can be imported to meet the standards of these projects.

ITPC will help explain license applications to South Korean firms and will help them complete any associated procedures, she said.

Jeon Kyung Pyo, chair of the Federation of Associations for the Gyeonggi Small and Medium-Sized Enterprises, said that Vietnam boasts great potential and many business opportunities for investors, adding that he expected authorities to create more favourable conditions for South Korean firms to do business in HCM City.

“The visit of the delegation of South Korean firms was aimed at exploring processing zones and industrial parks in the city and seeking energy-saving, hi-tech and ecofriendly projects for investment,” Pyo remarked.



Category: Business, Vietnam

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