Vietnam's Thai Binh province looks to attract investment from Korea

A delegation from Vietnam held a conference in Seoul on Wednesday to promote the Vietnamese province of Thai Binh's potential to rise as an industrial zone, calling for investments from South Korean companies.

The event, co-organized by Thai Binh Provincial People's Committee, the Embassy of the Vietnam and The Korea Herald, sought to introduce the province's transition from agriculture-oriented industry to a smart industrial complex.

"As of first quarter of 2023, Thai Binh's economic growth rate recorded 8.26 percent, which, compared to other regions of Vietnam, is a great achievement," said Nguyen Khac Than, chairman of the Thai Binh Provincial People's Committee, during opening remarks.

"Thai Binh province bears a geographical advantage by working as a connecting point for (Vietnam's) transportation system, and is home to a government-approved sea toll road, which will work as a positive factor for attracting future investments," he added.

Nguyen Vu Tung, the Vietnamese ambassador to South Korea, added that amid the rise in uncertainty of economy following the armed conflict in Ukraine, cooperation between countries, and especially between Vietnam and Korea, is crucial.

He opined that cooperation should include foreign investments being expanded to discovering business opportunities in regional economies of Vietnam, such as the fast-growing Thai Binh province.

Following the opening remarks, three industrial complexes within the Thai Binh province that will function as the main growth driver of the province were introduced in the conference, starting with Lien Ha Thai industrial complex.

Dang Thi Hiep, director of Green I-park, a construction firm in charge of industrial park infrastructure development within the Lien Ha Thai industrial park, said that the province is home to a 30,583-hectare economic zone, with 57 percent of its population economically viable for work. The complex also harbors a thermal power station capable of generating 1,800 megawatts of power.

Kim Jae-wook, the Korean marketing representative of the real estate firm dealing with the Viglacera industrial complex, expounded more on benefits of Korean companies looking to invest in Thai Binh province, emphasizing that foreign firms that invest in Thai Binh province will be able to fix their corporate tax to 10 percent for 15 years.

Pham Ngoc Loi, regional manager of Bao Minh Industrial Park Infrastructure Investment, in charge of building industrial parks in Hailon industrial complex, said that the complex has great potential as a hub for high-tech industries such as manufacturing automotive and machinery parts.