An overview of the meeting with the delegation of the Korea Chamber of Business in Vietnam (KOCHAM).

Also attending were Giang Quoc Hung, Member of the Standing Board of the Provincial Party Committee and Vice Chairman of the Provincial People's Committee, along with leaders of the offices of the Provincial Party Committee and Provincial People's Committee, the Department of Foreign Affairs, the Department of Finance, and the provincial Investment, Trade and Tourism Promotion Centre.

The Korea Chamber of Business in Vietnam (KOCHAM) represents Korean enterprises investing and operating in the country. It protects their lawful rights and interests, helps Korean businesses learn about Vietnam's investment environment and policies, and promotes trade and economic cooperation between Vietnam and the Republic of Korea.

More than 10,000 Korean businesses are currently operating in Vietnam, including about 9,000 Korean-invested FDI enterprises nationwide.

Provincial Party Secretary Duong Quoc Huy spoke at the meeting.

Lao Cai currently has four operational Korean foreign direct investment projects with combined registered capital of approximately USD 37.05 million, concentrated mainly in export garment manufacturing and entertainment services.

The Korean-invested projects have maintained stable production and business operations and created jobs for about 2,350 local workers. They include the CGV Yen Bai cinema complex, the Vina KNF export garment factory in Tran Yen Commune, the Unico Global YB export garment factory in Au Lau Industrial Park, and D-CODE Inc's export garment factory in Yen Binh Commune.

Jang Soon Bong, Vice Chairman of the Korea Chamber of Business in Vietnam (KOCHAM), spoke at the meeting.

Beyond investment projects, Lao Cai has received support from the Korean Government through official development assistance programmes and projects, including the USD 23.8 million Lao Cai Happiness Programme; a project to strengthen capacity and provide technical support to Lao Cai Provincial General Hospital No. 1; and equipment support for several ethnic minority boarding and semi-boarding schools in the province.

Two projects of the Korea International Cooperation Agency (KOICA) are supporting Lao Cai College and residents affected by natural disasters in several communes, while three other projects are under implementation.

Both parties committed to promoting cooperation and development.

In its cooperation with Korean partners, Lao Cai Province has signed five provincial-level memoranda of understanding, mainly covering cooperation, surveys and exploration of investment and business opportunities, as well as the introduction and promotion of the province's potential, advantages, investment incentives and projects calling for investment.

The province also cooperates on sending workers to the Republic of Korea for seasonal employment. To date, Lao Cai has signed 18 memoranda and cooperation agreements with Korean localities on receiving seasonal workers. Since 2022, the province has sent 564 workers to the Republic of Korea for seasonal jobs, including 529 in agriculture.

At the meeting, Provincial Party Secretary Duong Quoc Huy provided an overview of Lao Cai's socio-economic development and policies for attracting investment resources. He highlighted the province's strengths in tourism and agriculture, with key products such as cinnamon, several varieties of ginseng, notoginseng and artichoke. Lao Cai also has large reserves and diverse mineral resources, creating strong appeal for domestic and foreign investors.

Provincial Party Secretary Duong Quoc Huy presented a souvenir to the Korea Chamber of Business in Vietnam (KOCHAM).

In addition to its expressway, Lao Cai is seeing investment in a railway connecting it with Hanoi and Hai Phong, while Sa Pa Airport is planned for the future. These modern transport links are expected to create further opportunities for the province to attract investors from around the world, including Korean enterprises. Domestically, Lao Cai is pursuing coordinated development policies, prioritizing administrative reform and investment attraction under the motto: "Businesses prosper, Lao Cai develops".

 Jang Soon Bong, Vice Chairman of the Korea Chamber of Business in Vietnam (KOCHAM), said Lao Cai had introduced many innovative investment policies and was a business-friendly locality. The association hopes to elevate relations and expand cooperation with the province, and wishes Lao Cai to continue regarding the association and Korean enterprises as trusted partners while creating favourable conditions for more effective Korean investment projects in the province.

https://baolaocai.vn/bi-thu-tinh-uy-duong-quoc-huy-tiep-va-lam-viec-voi-hiep-hoi-doanh-nghiep-han-quoc-tai-viet-nam-post904033.html