Chairman of the Ninh Binh provincial People's Committee Dinh Van Dien had a working session with a South Korean delegation on October 28 in Ninh Binh city. Attending the talks were representatives of relevant authorities and leading officials of the Hyundai Thanh Cong Vietnam Auto Joint-Stock Company.
Dien, who is also vice secretary of provincial Party Committee and head of provincial industrial-economic development board, briefed his guests on the province's potential and strengths. Ninh Binh, with its attractive investment environment, has been ranked "mid-high" in the provincial competitiveness index chart for years. Located at the southern gateway to the northern coastal region, Ninh Binh enjoys favourable conditions for transport, economic and cultural exchanges. The province has stepped up infrastructure investment to serve the industrial development in recent years. There have been seven industrial parks totally covering nearly 2,000 hectares. Besides, Ninh Binh is home to abundant resources of skilled labor. Over past few years, the province has always been paying attention to accelerating administrative reforms, creating favorable investment environment with incentive policies. Currently, it counts 36 FDI projects with a combined investment of over 1 billion USD, of which South Korea accounts for 12 projects with a total investment of around 70 million USD in the fields of electronic component manufacturing, art and handicraft, garments… Dien emphasized the establishment of the industrial-economic development board is to support investors to study investment environment and market as well as make investment in the province, in an attempt to attract more investment to support industries like automotive assembly. The Chairman expressed his wish that the visit would help the South Korean delegation understand Ninh Binh's potential, strengths and incentive policies, and later popularize them to enterprises and investors. Speaking at the session, representatives of the South Korean delegation thanked the province for its warm welcome. As scheduled, FTA negotiations between Vietnam and South Korea will be concluded by the end of 2014.The signing of the FTA will create a new wave of Korean investment into Vietnam in general, and Ninh Binh in particular, opening up many cooperation opportunities for investors, particularly in the automobile industry the province has called for investment. Korean delegates spoke highly of the incentives as well as the potential market of the province. They also exchanged ideas and clarified some issues related to developing the automobile industry and support industry.The delegation concluded the visit with a fact-finding tour to the Hyundai Thanh Cong Vietnam Auto Joint-Stock Company in Ninh Binh. This is the only car manufacturing and assembling factory of the Hyundai Motor Company (the largest car manufacturer in South Korea) in Vietnam.
(Translated by Nguyen Thuy)