Dong Nai – A promising destination for Korean investors

Workshop in Busan City

• Choosing potential partner

Having 110 projects with the total investment capital of 1.13 billion USD, Korea is one of the top three foreign investors to Dong Nai. As a result, Korea is chosen to  be a place to promote investment in Dong Nai in 2005. This appears to be  a best choice. The numbers of investors attending at two workshops in Seoul and Busan showed that.  The expected numbers of workshop in Seoul and Busan were 120 and 100 investors but the actual visitors were twice higher. In case of workshop in Seoul, the organizers sent 160 invitation letters and hoped to receive about 120 guests. Thus, they just held their workshop in hall with about 200 seats. Contrary to the organizers’ hope, the numbers of Korean investors came to the workshop were over the capacity of the hall. Therefore, many members of organizers had to offer their seats to guests. That also didn’t solve the problem. After the workshop, many investors who heard about it lately had come to Vietnamese ambassador to ask for the documents presented in the workshop. The success of workshop was to catch the special concerns of many medium and small Korean enterprises. Many of them asked many questions about rights and obligations once they invested in Dong Nai. They questioned about investment policy and environment of Dong nai province.

Speaking about two workshops, Mr. Lee Dong Kon, vice chairman of SBC (center for supporting Korean small and medium enterprises), said that he was surprised at the great interest of Korean investors about two workshops in Seoul and Busan. He hoped that in near future Dong Nai province would organize some workshops in other city of Korea.

• Korean pioneer

All questions were answered by Mr. Vo Van Mot, chairman of Dong Nai People’s Committee and representatives of Planning and Investment department, Dong Nai Industrial Zones Authorities and relevant departments and agencies. But the most convinced answers were that of Korea businessmen who were having good business in Dong Nai such as Mr. Rye Jae-Mok, General director of I.S.A Company and chairman of Korean entrepreneurs Association in Dong Nai, Mr. Nam Taek bom, former general director of LG Vina company, Mr. Ma Jung Rak, general director of Sai Gon Steel Pipe joint venture, and Mr. Chuang Sang Gil, former general director of Cho Hung Vina Bank who were known as “Korean pioneer”. They had participated in workshops and settled all wonders of their fellow-countrymen.

Mr. Park Yen Cha, Chairman of TaekWang Vina Group and honour Consul General to Korea, had expressed his experiences of investing in Dong Nai. He said that his company was going to mark the anniversary of 10 years investing in Dong Nai. As you all knew that the help of Dong Nai province authorities played an important role in the success of my group. Besides, Viet Nam Government considered foreign investment as an important part of their economic structure. He advised many hesitant investors to promptly invest to Dong Nai. He added that although the environment of Viet Nam in general and Dong Nai in particular had some minor difficulties here would be a best environmen in ten years to comet. Don’t hesitate, or you will have no chance to invest in Dong Nai. He assured that by taking a visit to Dong Nai you would come to a decision to invest in Dong Nai because at present there were no Korean unprofitable companies in Dong Nai.

These men were good evidences which played a significant role in the success of the two workshops

For long time, despite the efforts of Viet Nam Government in general and Dong Nai province in particular to popularize our foreign investment policies, many foreign investors who have been looking for chances to inveset in Viet Nam in general and Dong Nai still haven’t enough information about foreign investment policies, even the the participants in these two workshops. Therefore, these two workshops are best way to popularize and to increase their trust on our Government’s foreign investment policies, especially to Korean investors

(Source Dong Nai Newspaper)