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South Korea to take the lead in investment in Dong Nai

South Korea ranks first among more than 40 countries and territories investing in Dong Nai with 346 projects and the total capital of US $ 5.45 billion. Many large Korean corporations have invested in Dong Nai includingHyosung, Changshin, Taekwang, Woosung, CJ ...


​Korean companies make investing in Dong Nai mainly in the field of industrial production. In particular, many enterprises invest in support industries, for which the province prioritize calling for investment. Most Korean companies operating in Dong Nai have achieved significant success, and they have increased their capital by 2-3 times to expand their production.

uhm nè.jpgProduction activity at Dong Jin Vietnam Joint Stock Company in Long Binh Agtex Industrial Park (Bien Hoa City)
* Move forward to take the lead
 
Over the past two years, Korea has become the largest investor in Dong Nai. The majority of these enterprises making investment in making products for domestic and export markets. According to the Department of Planning and Investment, Korean companies make the most investment in the textile and garment industry, machinery, electronic components, footwear...
 
Mr. Nguyen Huu Nguyen, Deputy Director of the Department of Planning and Investment, said: "For the last 3-4 years, Korea's investment in the province has grown rapidly with large projects ranging from several dozen to hundreds of millions of dollars. Korean enterprises started their operation 1-2 years after receiving investment certificates. Successful enterprises have helped many more enterprises that come later trust and choose Dong Nai as a reliable investment destination. The Korean enterprises share, investment in the province is very convenient, difficulties in the province are timely resolved, so that the production and business activities can run more smoothly.
 
Mr. Lee Sung Jae, General Director of Dong Jin Vietnam Joint Stock Company (100% Korean capital) in Long Binh Agtex Industrial Park (Bien Hoa City), said: "The company specializes in manufacturing all kinds of motors and engines for export to more than 10 countries in the world, but the markets accounting for the largest market shares include Europe and South Korea. In 2003, the company started its operation with the registered capital of only US $ 6 million, which is now US $ 11 million and the enterprise is expected to continue expanding its production in Dong Nai. According to Mr. Lee Sung Jae, the investment environment of Dong Nai has been improved and the dossier processing time has been shortened. Therefore, many Korean companies will come to the province to make their investment. Currently, some Korean companies are asking Mr. Lee Sung Jae about dossier and investment procedure in Dong Nai.
 
Hyosung is the leading Korean corporation in terms of total investment capital in Dong Nai with $ 1.5 billion, this year's revenue is estimated to reach $ 1.5 billion. Mr. Yoo Sun Hyung, CEO of Hyosung Vietnam Limited Company in Nhon Trach Industrial Zone 5 (Nhon Trach District), said: "Hyosung has been investing in Dong Nai for more than 10 years and has continuously increased its capital and expanded its production nover the last few years thanks to enthusiastic support from the provincial leaders and departments during the process of operation. Difficulties are resolved timely manner, which helps operation maintain very stable and results in steep rise in annual sales. This year, Hyosung is expected to reach $ 1.5 billion, up by $ 500 million from last year due to the addition of a new plant." Hyosung expects to continue to maintain the top position in investment in Dong Nai in the years to come.
 
* A major market
 
Korea is one of the largest export and import market of Dong Nai after the US, China and Japan. Since the end of 2015, when the Vietnam-South Korea Free Trade Agreement took into effect, export and import tariffs on more than 90% of the items have been reduced according to the plan, which helps to enhance mutual trade activities.
 
According to Mr. Luc Van Thuy, Head of the Trade Department (Department of Industry and Trade), export turnover between Dong Nai and Korea for the first eight months of 2017 reaced over $ 2.2 billion, up by 12% over the same period last year. Particularly, Dong Nai exported nearly $ 610 million to Korea and imported more than $ 1.6 billion. South Korea is a big import market of Dong Nai. Local enterprise mainly import garment accessories, machinery for production from Korea, and exports textile, footwear, wood, steel, plastic products.... to this market.
 
Currently, Korean consumer goods are available in retail channels in Vietnam as well as in Dong Nai. Such items as confectionery, cosmetics, dry food, clothing, machinery and equipment made in Korea are displayed at the market. It is safe for consumers to choose imported goods from Korea. Experts from the Institute of Economics and Policy of the University of Economics (National University of Hanoi) forecast that in the coming years, trade activities between Vietnam and Korea continue to increase because of the tariff lines on import and export items are on the decline. Korea is replacing China to become the country that has the largest trade deficit ratio in Vietnam.
Huong Giang

 

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