Korean enterprises are satisfied when investing in Binh Duong

 Morning Jul 29, Binh Duong Province People's Committee (PPC) held a meeting with Korean businesses investing in Binh Duong at Lucky Square Convention Centre (TDM City). Mr. Tran Thanh Liem, Deputy Secretary of provincial Party Committee, Chairman of PPC, chaired the meeting with the participation of Korean Consul General in Vietnam, representatives of departments in the province, Korean Business Association in Binh Duong…

Binh Duong is always an attractive destination to Korean investors. Photo: Production activities at Vietnam Kumho Tire Company in My Phuoc III Industrial Park, Ben Cat Town

Attractive destination to Korean investors

According to provincial Department of Planning - Investment, by the end of Jun 2016, South Korea has 5,364 investment projects in Vietnam with a total registered capital of about $48.5 billion, was ranked first among countries and regions investing in our country. Particularly, in Binh Duong, South Korea is the No. 3 investors with 569 projects and a total registered capital of $2.25 billion. Among Korean investors in Binh Duong, Vietnam Kumho Tire Company is the largest investor with projects producing tires and a total capital of $128.3 million. Following is the project of finished and semi-finished confectionery with a total investment of $60 million of Vina Orion Food Company. No. 3 is Binh Duong Lotte Shopping Centre with a total investment of $40 million.

Currently, Binh Duong continues to be an attractive destination of Korean businesses. In the first 6 months of 2016, many Korean corporations, investors came and explore the province's investment environment and invested in 27 new projects, added more capital to 13 projects with a total capital of VND155.2 million. According to Mr. Nguyen Thanh Truc, Director of provincial Department of Planning - Investment, from the beginning of the year, Korean investors moved up to No. 2 among new investors and investors adding more capital in the province. Some major projects are: Lumens Vina Company produces and processes all kinds of LED blue lights used in TV, computer, monitor, power applications with an investment of $30 million; production plant for automotive airbags of Kolon Company with an investment of $14.1 million; SGX Company produces and exports shoes with an investment of $12 million...

More and more Korean corporations keep choosing Binh Duong as investment destination. That is a good signal of investment attraction in the province. This proves that provincial investment environment is always favorable and dynamic. Mr. Park Noh Wan, Consul General of Korea in Vietnam said, Binh Duong was an attractive destination to Korean investors. The province has not only very good infrastructure but also many incentives for investors; takes good care of, learns about and promptly resolves all difficulties and problems of investors. He expressed his hope that in the future there will be many more Korean investors coming to Binh Duong.

To keep facilitating business activities

At the meeting, many Korean enterprises raised issues and difficulties while doing business in the province. These questions were answered right at the meeting by PPC, departments and agencies. For example, regarding the lack of transportation ports and freight roads posed by Kolon Group, Mr. Tran Thanh Liem, Deputy Chairman answered immediately: "We I had many roads and river ports to meet the needs of business. Typically, My Phuoc - Tan Van route will become the main traffic route for corporations to transport goods to big ports. Regarding inland waterways, we have Binh Duong general transportation port and An Son, Thanh Phuoc port. Therefore, Kolon Group can confidently invest in Binh Duong”.

Sharing a concern of Mr. Yo Chul Ho, CEO of Vina ABS Company, about 22 kV power lines for their plant, representative of Binh Duong Electricity authorized by PPC said, they would quickly install poles and connect wires to serve the needs of investors within Aug 2016 at My Phuoc Industrial Park III.

Many other questions and concerns of Korean business community in Binh Duong were also answered satisfactorily at the meeting by PPC and departments. This not only improved investor’s satisfaction but also consolidated the firm belief of the Korean business community in the province. Mr. Lee Kwi-Jong, Vice Chairman of Korean Business Association in Binh Duong, said: "While making business investment in Binh Duong, many Korean enterprises faced many difficulties in geographical distance, disagreement language... However, the most common thing is that all obstacles have been resolved quickly by local leaders, so we are very satisfied. "

Mr. Tran Thanh Liem, Deputy Secretary of provincial Party Committee, Chairman of PPC, said, provincial departments received many feedbacks, recommendations of businesses, associations and Korean Consul General in Vietnam. Related departments and sectors received and gave adequate answers to solve most problems of businesses at this meeting. However, there were still a number of questions that had not been answered satisfactorily. He also asked related departments to send formal written responses to businesses in the shortest time. Regarding problems beyond their competence, departments needed to urgently make recommendations to PPC or Central agencies for settlement, contributing to ensuring the business activities of Korean business community to be favorable, efficient in the province.

Reported by Khanh Vinh – Translated by Ngoc Huynh