South Korean investors flock to Binh Duong
South Korean investors flock to Binh Duong
South Korean investments are steadily pouring into the southern province of Binh Duong, ranking third among countries and territories currently investing there.
According to Phu Huu Minh, deputy director of the Binh Duong Department of Planning and Investment, more South Korean investors are expected to invest in the province in various fields.
“In the first seven months of 2015, many South Korean-based companies visited Binh Duong to study the investment climate and potential for co-operation. Inward investments from South Korea to the province during the given period, including 25 newly registered and 14 expanded projects, reached $134.2 million,” he added.
Among them, Castec Vietnam pledged $14.4 million for an auto and electronic components project, while NPC Toda registered to spend $30 million producing plastic products. Another manufacturer, Remote Solution Vietnam, has injected $10 million to manufacture remote control devices and antennas in the province’s My Phuoc 3 industrial park (IP).
Park Jin Ku, chairman of the Korean Business Association in Binh Duong, said that South Korean enterprises were ramping up their investments in Vietnam’s textile and garment sector in preparation for the potential Trans-Pacific Partnership (TPP). “They are also looking to electronics, manufacturing, and supporting industries in Binh Duong,” he said.
Choi Jae Ho, director of Panko Vina shared with VIR that the company had been operating two textile workshops in the My Phuoc 1 IP, employing 2,000 workers since 2003. To date, the company’s investment capital has grown fourfold, with a cumulative sum of $50 million, creating jobs for over 8,000 people.
“In light of a favourable investment climate and positive forecast for production, the company decided to expand production capacity ahead of the possible TPP deal,” he affirmed.
In this sentiment, Jo Chang Sik, director of Baiksan Vietnam, said, “In 2007, the company was granted an investment certificate to make artificial leather, with the registered capital of $16 million in the Vietnam Singapore IP 2. We plan to roll out new investments in woven fabrics in anticipation of the TPP. If our project is given the go-ahead, we will build an incinerator for better waste management.”
