Quang Tri promote investment activities at South Korea’s Changwon City

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, on April 22 held discussions with the Changwon Chamber of Commerce and Industry (Changwon CCI) in South Korea as part of the province’s investment promotion program.

During the working session, Choi Jae-Ho briefed the delegation about the Changwon Chamber of Commerce and Industry (Changwon CCI). This organization, a part of the South Korean Chamber of Commerce and Industry, is the oldest and largest business organization in the country.

Established to support the overall development of trade and industry in the region, Changwon CCI aims to promote balanced growth within the community and protect the rights and interests of regional businesses as a representative organization. They provide various support programs and services.

Chairman of the People’s Committee of Quang Tri Province Vo Van Hung (r) and Mayor of Changwon City Hong Nam-pyo (l) signed a memorandum of understanding on "Enhancing cooperation in investment, trade, education, and labor." - Photo: Phan Khiem.

The main members of Changwon CCI include major Korean companies and conglomerates in consumer goods, machinery, automobiles, and electronics industries, such as Hyundai, DooSan, Bumhan, GMB, Hanwha Aerospace, and Kisco.

Changwon CCI offers business management services such as organizing member services, educational and business meetings, conducting research and proposals, community cooperation programs, building business networks, export support programs, certification services, business support, intellectual property ownership consulting, innovation support, and industrial workforce assistance.

Chairman of the Provincial People’s Committee Vo Van Hung shared information about the economic development potential and advantages of Quang Tri Province to Korean investors in general and Changwon city in particular.

Highlighting Quang Tri’s role as the “gateway” province to the East of Vietnam in the East-West Economic Corridor (EWEC), Hung mentioned the significant efforts to invest in developing new transportation infrastructure, including airports, seaports, and highways, ensuring a flow of investment and trade. Currently, Quang Tri has 19 valid FDI projects with a total registered capital of over US$2.5 billion, including 3 projects from Korean investors with a total registered capital of $2.34 billion.

Overview of the meeting. Photo: Phan Khiem

Hung expressed the desire that through this meeting, Changwon CCI would support providing information on the investment environment, investment and business opportunities in Quang Tri Province to the business community in Changwon City, and facilitate investment and trade activities between Quang Tri Province and Changwon City.

Additionally, he expressed the hope for cooperation with Changwon CCI in attracting investment in areas where Changwon city has strengths, such as heavy industry, electronics and medical equipment, innovation and startups, education and training, healthcare, sharing experiences in sustainable water management, high-tech agricultural production solutions, AI-driven agriculture, electronics manufacturing, advanced industries, automobile assembly, and electronics equipment.

Later that afternoon, the delegation from Quang Tri province signed a memorandum of understanding on investment and trade cooperation with Changwon City.

Speaking at the signing ceremony, Mayor of Changwon city, Hong Nam-pyo, emphasized that this is an opportunity for both sides to explore the potential and opportunities of each province for future investment cooperation. Changwon, located in Gyeongsangnam province, is the 8th most populous city in South Korea with a population of over 1.1 million and a natural area of 743 km2. It is a leading city in manufacturing, electronics, and textile industries, home to many major brands like Samsung, Deawoo, LG Electronics, and Hyundai.

Hung stated that initiating cooperation between Quang Tri Province and Changwon City opens up a new historical phase in the province’s local-to-local cooperation program because it marks the first time Quang Tri Province has signed cooperation with a Korean locality.

After discussions with a spirit of goodwill to enhance cooperation, Quang Tri Province and Changwon City signed a memorandum of understanding on “Enhancing investment, trade, education, and labor cooperation”.

Under this agreement, both parties agreed to strengthen information exchange, cooperation in promoting investment, trade, education, and labor based on mutual respect, equality, and mutual benefit, in accordance with the laws and policies of both countries. The Changwon city government will provide information on investment and business opportunities in Quang Tri province to the business community in Changwon, support Quang Tri Province in investment promotion activities, and assist businesses in developing markets in both localities.

To strengthen cooperation, Quang Tri province pledged to create the most favorable conditions for businesses introduced by Changwon city to explore investment and business opportunities in the province.

On this occasion, Hung cordially invited the Mayor to attend the Peace Festival 2024 in Quang Tri in July 2024 or to visit and work in Quang Tri province at a suitable time to further discuss the cooperation program.

Earlier in the day, the Quang Tri provincial delegation conducted a survey and research at Hanwha Aerospace’s equipment and space technology factory, and exchanged and worked with the leaders of Hanwha Group and T&T on potential cooperation in biomass energy in Quang Tri Province.

Phan Khiem - Ngoc Mai