Northern Phu Tho Province seeks for Korean investment
Northern Phu Tho Province seeks for Korean investment
People’s Committee of Phu Tho joined hands with the Vietnamese Embassy in South Korea to organise a conference in Seoul on Monday to promote investments into the northern province.
Hoang Dan Mac, Secretary of the provincial Party Committee cum Chairman of the People’s Council, said that Phu Tho had significant untapped potential for foreign investors.
Phu Tho Province was open to foreign investment, especially investment from South Korea, Mac said, adding that the province was creating favourable conditions in terms of policies and procedures for investors.
“Phu Tho Province will always support investors,” Mac said.
The province is hastening its administrative reform, increasing dialogues with businesses to remove their difficulties, together with providing incentives to investors.
Nguyen Vu Tu, Vietnamese Ambassador to South Korea, said that the Viet Nam–Korea free trade agreement, in effect since 2015, had opened significant opportunities to boost the bilateral investment cooperation.
Tu hoped that more Korean enterprises would study investment opportunities in Viet Nam, specifically in the Phu Tho Province, for their future projects.
To date, Phu Tho has attracted 150 foreign-invested projects with a total registered capital of nearly US$1.1 billion, of which, 120 projects worth $793 million came from South Korea.
Statistics from the Viet Nam Foreign Investment Agency showed that South Korea was the largest investor in Viet Nam with a registered capital of $57.5 billion, as of November, making up 18.1 per cent of the country’s foreign direct investment.
