Hưng Yên learns from Korea’s Incheon model to develop free economic zone

Hưng Yên learns from Korea’s Incheon model to develop free economic zone

A delegation from the Ministry of Industry and Trade and Hưng Yên Province visited IFEZ in Incheon on July 14 to exchange experience on economic zone development.

Delegates from Việt Nam look at the planning of Incheon Free Economic Zone (IFEZ). — Photo congthuong.vn

Hưng Yên is learning from the Republic of Korea’s Incheon Free Economic Zone (IFEZ) as the northern province plans to develop a modern free economic zone focused on high technology, innovation and global supply chain integration.

A delegation from the Ministry of Industry and Trade and Hưng Yên Province visited the IFEZ in Incheon on July 14 to exchange experience on economic zone development, investment attraction and the development of integrated industrial, urban and service ecosystems.

The visit was part of the trip led by the Ministry of Industry and Trade to promote investment and trade cooperation with the Republic of Korea and support Vietnamese businesses in joining global supply chains.

During the meeting, IFEZ introduced its development model, which combines advanced manufacturing, logistics, urban infrastructure, technology, services and high-quality human resources.

The Korean economic zone was considered a valuable reference for Vietnamese localities seeking to build competitive, green and innovation-driven economic zones.

IFEZ’s experience in developing synchronised infrastructure, attracting strategic investors and connecting industrial, urban and service development provided practical lessons for Việt Nam, Vũ Bá Phú, director of the Việt Nam Trade Promotion Agency under the Ministry of Industry and Trade, said.

The agency hoped to promote experience sharing, investor connections and cooperation between IFEZ and Hưng Yên in the coming period, he said.

Hưng Yên People’s Committee Deputy Chairman Lê Quang Hòa said the province had strategic advantages in the northern key economic region, with a growing industrial base and improving regional transport connectivity.

The province’s planned economic zone covers about 305.83 sq km and is expected to become a new growth driver with priority in high-tech industries, electronics, semiconductors, robotics, new materials, logistics, renewable energy, data centres, research and development (R&D), and innovation.

Hòa said Hưng Yên hoped to learn from IFEZ’s experience in economic zone planning and management, mechanisms for attracting strategic investors, smart infrastructure development and building innovation ecosystems.

The two sides also discussed organising business delegations, investment surveys and experience-sharing programmes to strengthen cooperation.

Korean investors currently have around 210 foreign direct investment projects in Hưng Yên, with total registered capital of around US$2.9 billion.

Following the meeting with IFEZ, the Vietnamese delegation held discussions with the Korea Federation of SMEs (KBIZ) in Seoul on supporting industrial cooperation, investment promotion and supply chain linkages.

The two sides agreed to promote cooperation in five key areas, including investment promotion in manufacturing industries, value chain mapping for sectors such as components, materials, automobiles and semiconductors, business networking programmes, trade promotion and the implementation of the 'Go Global' programme to help small-sized enterprises expand internationally. 

Bizhub