Quang Tri proactively promotes investment in South Korea

At the end of April 2024, a delegation from Quang Tri Province, led by Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People’s Committee Vo Van Hung, conducted a working trip to promote investment activities in South Korea.

The trip achieved significant results in foreign affairs, opening up many cooperation opportunities for development between the province and South Korea and promoting the image of Quang Tri as a potential investment and tourism destination.

The Quang Tri delegation works with the Korea Federation of Small and Medium Businesses (KBIZ). Photo: P.K

South Korea has been an official partner since 2001 and has become a reliable partner in many fields of the province.

From 2001 to 2023, South Korea funded Quang Tri Province with $25 million to implement various programs and projects related to social welfare, disaster response, and post-disaster recovery.

Recently, three projects invested by South Korean enterprises have been approved and implemented in Quang Tri Province, significantly contributing to the province’s socio-economic development process.

The working trip of the Quang Tri delegation aimed to promote cooperation in politics, economy, and society between the Quang Tri and partners and localities in South Korea. They worked with investors to accelerate the progress of projects being prepared for investment in the province.

The delegation had meetings and working sessions with the Vietnamese Embassy in South Korea, the government of Changwon City, the Changwon Chamber of Commerce and Industry (Changwon CCI) in South Korea, and the Korean Federation of Small and Medium Business (KBIZ).

In particular, a workshop on investment promotion was organized in Seoul to enhance the promotion of the province’s potential, advantages, investment opportunities, preferential policies, and investment support and encourage South Korean businesses and investors to study and survey investment projects.

The delegation also surveyed and learned about models, activities, and themes related to climate change, energy transition, green growth, digital transformation, and local development experiences through local-level relationships with partners in South Korea.

They explored cooperation in the fields of education and training and the development of a high-quality workforce. Cooperation agreements on investment, trade, energy transition and green growth were signed between South Korea’s SK E&S Co., Ltd and Vietnam’s T&T Corporation, which came up with the potential and opportunities for renewable energy and green hydroelectric power development in the province.

The collaboration involves developing low carbon emission projects, including green hydrogen production ones and carbon credit-related projects, researching the establishment of a central LNG storage facility, and promoting investment research or supporting the province in attracting investment in other potential and sustainable development sectors.

The provincial People’s Committee committed to providing favorable conditions for T&T Corporation and SK E&S Co., Ltd during the research, survey, and proposal preparation process for investment approval by Vietnamese laws and regulations regarding the signed sectors.

The two businesses pledged close cooperation with the province in surveying, researching, planning, and mobilizing finance, technology, and human resources to implement the contents stated in the memorandum of understanding.

Chairman of the provincial People’s Committee Vo Van Hung agreed to allow the joint venture between SK E&S Co., Ltd and T&T Corporation to conduct research, survey, and prepare a proposal to convert Quang Tri’s coal-fired power projects to LNG fuel, including determining the investment objectives, scale, and capital sources.

The proposed project implementation schedule will be updated in the Power Development Plan VIII for consideration and approval by the competent authorities, serving as a basis for subsequent steps.

This work is seen as an important premise for welcoming high-quality Korean investments to the province, particularly in clean energy development, to make Quang Tri a central hub for energy in the Central region and the whole country.

During the visit, an investment promotion workshop was opened in South Korea, which attracted nearly 100 Korean businesses, investors, and partners.

This is a highly significant activity for the province, opening up new development opportunities and new relationships in investment cooperation between Vietnam and South Korea, and between the province and the KBIZ and South Korean partners.

The workshop provided an opportunity to promote and attract foreign direct investment (FDI) from South Korea to the province.

The province is actively promoting investment in supporting industries, processing, manufacturing, environmentally friendly industries, and green growth.

Phan Khiem – Khanh Khanh