In late April 2024, Mr. Le Tien Chau, Member of the Central Party Committee, Secretary of Hai Phong’s Party Committee, and Head of Hai Phong’s National Assembly Delegation, led a working delegation to South Korea. The trip achieved initial success, with numerous memorandums of understanding, cooperation agreements, and investment certificates being signed, along with capital increases for South Korean projects in Vietnam during investment promotion conferences. These developments lay a solid foundation for attracting a wave of South Korean investment in Hai Phong across various fields, including manufacturing, industry, trade, education, healthcare, and more.
During the intensive agenda in South Korea, Mr. Le Tien Chau attended investment promotion conferences in Seoul and held meetings with organizations and major corporations such as SK Group and LG Group to attract investment and promote comprehensive cooperation. At these meetings, especially the investment promotion conference with the Korean Chamber of Commerce and Industry (KCCI), attended by 120 leading South Korean businesses and corporations. Over the years, Hai Phong's leadership has consistently supported investors, fostering an ideal environment for South Korean investors.
Currently, Hai Phong hosts over 100 South Korean investment projects with a total capital of $12 billion, accounting for 40% of the city’s total foreign direct investment (FDI) and 14% of South Korea’s total FDI in Vietnam. Prominent South Korean and global corporations, such as SK Group, LG, and Posco, have chosen Hai Phong for their investments.
At the 3rd investment promotion conference organized by the Hai Phong Economic Zone Authority in collaboration with KCCI, positive results were achieved in attracting South Korean investments to Hai Phong. Mr. Le Trung Kien, Head of the Hai Phong Economic Zone Authority, introduced the city’s favorable investment environment and incentive policies for investors, including South Korean companies operating in Hai Phong’s industrial parks and economic zones. Mr. Le Tien Chau expressed confidence that the conference would lead to more South Korean investors choosing Hai Phong as an investment destination.
At the conference, Mr. Baek Chan, General Director of LG Electronics Vietnam, highlighted Hai Phong as a fast-developing locality attracting significant foreign investment. He also shared LG’s plans to expand its production portfolio in Hai Phong, including products like dishwashers and ovens. The conference witnessed the signing of several agreements. Additionally, eight new investment certificates were issued, and six companies increased their investment capital in Hai Phong, amounting to a total of $370 million.
In addition to business and manufacturing cooperation, Mr. Le Tien Chau visited institutions like the Korea Institute of Science and Technology (KIST) and Chung-Ang University to explore collaboration in science, technology, education, and healthcare. During a meeting with the Seegene Medical Foundation (SMF), he witnessed a memorandum of understanding being signed between SMF and Hai Phong’s Department of Health to promote healthcare cooperation and the transfer of modern medical technology. For LG Group, Mr. Chau proposed the creation of an R&D center in Hai Phong and encouraged partnerships with local universities to train skilled workers, support Korean language education in schools, and establish a Korean language department at Hai Phong University.
The visit by Mr. Le Tien Chau exemplifies Hai Phong’s dynamic and investor-friendly governance, fostering a transparent and efficient investment environment. This proactive approach contributes to groundbreaking successes while ensuring mutual benefits for all parties involved.