Vietnam steps up investment and trade promotion with the Republic of Korea through business and investor connectivity

Within the framework of the program, the delegation visited and worked with LX International Corporation, while also attending the Vietnam - RoK Investment and Trade Cooperation Forum at the headquarters of the Korea Trade-Investment Promotion Agency (KOTRA). The activities focused on introducing investment and business opportunities in Vietnam as well as Hung Yen province, thereby promoting connection with corporations, investors, and businesses from the RoK.

Connecting investment between Hung Yen province and LX International Corporation in the RoK

During the working session with LX International Corporation, the delegation was received by Park Tae Jun, Vice President of the Corporation, along with representatives of specialized units. On the Vietnamese side, there were Vu Ba Phu, Director of the Vietnam Trade Promotion Agency, Le Quang Hoa, Vice Chairman of the Hung Yen Province People's Committee, along with representatives of departments and sectors of the province, representatives of industrial parks, and Vietnamese enterprises.

At the meeting, Vu Ba Phu highly appreciated the experience and international network of LX International in investment, business, and project development activities in many markets. The Vietnam Trade Promotion Agency wishes to strengthen the connection between the Corporation and specific investment and business opportunities in Vietnam, especially in Hung Yen province, while promoting cooperation with Vietnamese industrial parks and enterprises.

Acting as the local representative to introduce the investment environment of Hung Yen province, Le Quang Hoa outlined the advantages of location, industrial foundation, and development orientation of Hung Yen province. The province is located in the Northern Key Economic Zone, possessing convenient connections with Hanoi, industrial centers, seaports, and major economic corridors. The economic zone of the province has a planned area of about 305.83 square kilometers, which is oriented to develop into an integrated space for industry, urban areas, services, and logistics, prioritizing high-tech fields, electricals and electronics, semiconductors, new materials, energy, data centers, R&D, and innovation.

Based on the strengths of LX International and the development orientation of the locality, Hung Yen province proposed researching cooperation opportunities in developing industrial park infrastructure, industrial - urban - service zones, logistics, warehousing, and distribution centers, energy and green, sustainable development models, digital infrastructure, and new industries. Hung Yen province also hopes that LX International will connect businesses and partners in the global network of the Corporation with projects, industrial parks, and business opportunities in Hung Yen.

The representative of LX International exchanged opinions on investment and business orientations as well as cooperation needs in Vietnam in the coming time. The two sides agreed to maintain exchanges at the professional level to clarify investment criteria and areas of interest to the Corporation, while also researching the organization of practical survey programs, in-depth working sessions, and connections with suitable industrial parks, enterprises, and projects in Hung Yen province.

The Vietnam Trade Promotion Agency affirmed its readiness to coordinate with LX International and Hung Yen province to act as a focal point for exchanging information and connecting relevant agencies, industrial parks, and businesses, aiming to step-by-step concretize exchange contents into substantive cooperation opportunities and projects. The working session at LX International established a foundation for subsequent investment and trade connection activities of the delegation in Seoul on July 15.

Promoting Vietnam - RoK investment and trade cooperation

On the afternoon of the same day, at the headquarters of the Korea Trade-Investment Promotion Agency (KOTRA), the Vietnam Trade Promotion Agency coordinated with the Korea Trade-Investment Promotion Agency (KOTRA) to organize the Vietnam - RoK Investment and Trade Cooperation Forum.

The forum was attended by Kang Kyung-sung, President and CEO of KOTRA, Vu Ho, Ambassador of Vietnam to the RoK, Vu Ba Phu, Director of the Vietnam Trade Promotion Agency, Le Quang Hoa, Vice Chairman of the Hung Yen Province People's Committee, Tran Thi Tuyet Huong, Vice Chairwoman of the Hung Yen Province People's Council, representatives of industrial parks and Vietnamese businesses, and more than 100 enterprises from the RoK interested in exploring investment opportunities in Vietnam.

In his opening remarks, Kang Kyung-sung, President of KOTRA, emphasized that Vietnam and the RoK share a special relationship, which continues to be consolidated through high-level visits and strategic, mutually beneficial cooperation. The two countries set a target to raise bilateral trade turnover to USD 150 billion by 2030, while expanding cooperation in infrastructure, nuclear power, science and technology, response to climate change, and human resource training.

Kang Kyung-sung stated that KOTRA is supporting enterprises from the RoK investing in Vietnam through the Korea Desk and the RoK Business Support Centers in Hanoi and Ho Chi Minh City. The presence of the Vietnam Trade Promotion Agency, the local government of Hung Yen province, and representatives of industrial parks from three regions at the forum is expected to help businesses from the RoK access practical information and determine appropriate investment options.

Welcoming the delegation, Ambassador Vu Ho stated that the Vietnam - RoK relationship is converging all favorable elements in terms of political determination, development environment, and the consensus of the business community. The Ambassador emphasized that Hung Yen province has advantages in location, infrastructure, human resources, and a spirit of accompanying investors, while affirming that the Embassy of Vietnam in the RoK will continue to coordinate with KOTRA, agencies, and localities to transform connection opportunities into specific projects.

On the side of the Ministry of Industry and Trade, Vu Ba Phu, Director of the Vietnam Trade Promotion Agency, affirmed that the Agency is ready to provide information and connect localities, industrial parks, and Vietnamese enterprises with suitable investors, aiming to form sustainable business relationships and supply chains.

At the forum, Nguyen Ba Hai, Deputy Director of the Trade and Investment Promotion Support Center under the Vietnam Trade Promotion Agency, introduced the investment environment of Vietnam, highlighting the advantages of a market of over 100 million people, human resources, regional connectivity, and a network of free trade agreements. He also clarified the orientation of attracting high-quality investment in technology, supporting industries, clean energy, logistics, digital transformation, and green development.

Meanwhile, the representative of the M&A Investment Department of KOTRA introduced the support system for enterprises from the RoK investing abroad, ranging from strategy formulation, target business search, and due diligence to post-merger integration. The representative of the M&A Investment Department of KOTRA also shared that the overseas M&A support program has been deployed since 2013 and has so far recorded 95 completed deals, focusing on small and medium-scale transactions that have not been fully supported by major investment institutions. Common investment objectives include expanding sales networks, building production bases, accessing technology and brands, and exploring new markets.

Notably, KOTRA provides consulting on legal, accounting, labor, and customs matters, and can support up to 50% of due diligence consulting costs within the budget limit. The portfolio of M&A opportunities in Vietnam introduced spans from food and beverages, footwear, meat processing, and household appliances to medical equipment distribution, electrical equipment, packaging, and plastic components.

Regarding the local representative from Vietnam, the representative of Hung Yen province introduced the potential, development orientation, and investment attraction policies of the province, emphasizing opportunities in the system of industrial parks, economic zones, logistics, high technology, semiconductors, electronics, energy, and smart cities.

At the same time, the representative of the Vietnamese business delegation presented the cooperation needs of industrial parks, investment consulting units, and enterprises, helping partners from the RoK directly access suitable locations, projects, and fields.

Following the presentations, a direct B2B matchmaking session was organized between representatives of Hung Yen province, industrial parks, Vietnamese businesses, and investors and enterprises from the RoK. The parties exchanged views on investment demands, project locations, supply capacities, and cooperation potential in industry, trade, logistics, technology, and services.

Notably, during the trade connection session between Vietnamese and RoK enterprises, Bao Hung International Joint Stock Company secured an order for Bao Hung brand sponge cake products, valued at over USD 16,000, equivalent to more than VND 400 million, for a 40HQ container.

The series of activities at LX International and KOTRA on July 15 combined working directly with a corporation possessing a global network and expanding connections with the investment and business community of the RoK. The exchange results establish a basis for the Vietnam Trade Promotion Agency, Hung Yen province, and partners to continue surveying, clarifying demands, and concretizing cooperation opportunities in the coming time.