Quang Tri to Draw More Japanese, Korean Investors

“Quang Tri is attracting more Japanese and Korean investors,” was heard at the working meeting between the Vietnam Association of Foreign Invested Enterprises (VAFIE) and the Quang Tri Provincial People’s Committee at VCCI Headquarters in Hanoi. Quang Tri province will host the first investment and tourism promotion conference on April 17.
Speaking at the meeting, Mr Nguyen Huu Dung, Vice Chairman of Quang Tri Provincial People’s Committee, affirmed that Quang Tri holds a lot of advantages for economic, trade, tourism and investment cooperation and development in the region, particularly with countries in the ASEAN and the Greater Mekong Sub-region (GMS).
Mr Nguyen Huu Dung explained that the Dong Nam Economic Zone of Quang Tri province was approved by the Prime Minister of Vietnam and many important projects were considered for approval, including a US$2.26-billion 1,200-MW thermal plant invested by EGAT International Company of Thailand and the VND13-trillion My Thuy Port which caught the fancy of South Korean investors.
 
Besides, the Government agreed to add Quang Tri province to the central key economic zone and Lao Bao International Border Gate to the list of nine key border gate economic zones. Earlier, the Prime Minister decided to upgrade the La Lay National Border Gate into La Lay International Border Gate to open up a new way to develop investment, trade and tourism from Northeast Thailand.
 
Besides, when a 70-km highway that links La Lay International Border Gate and My Thuy Port is opened, it will open up a huge development advantage for the province, he added.
 
The first Quang Tri Investment and Tourism Promotion Conference will open up big opportunities and send attractive invitations for domestic and foreign investors and enterprises seeking to invest in Quang Tri. Attendants to the conference will be invited to visit local economic and industrial zones and explore investment potential and opportunities in the province.
 
Mr Shimon Tokuyama, Chairman of the Japan Business Association in Vietnam, said that Vietnam's fast-growing economy is expected to be given a strong boost by a number of recently signed free trade agreements (FTAs). This is also a reason for more foreign companies in general and Japanese firms in particular to expand investment in Vietnam. However, the biggest difficulty to Japanese companies in Vietnam is complicated administrative procedures, he said. Hence, administrative procedure simplification is what foreign companies want to see when they invest in Vietnam.
 
Regarding the call for more Japanese business presences in Quang Tri province, Mr Shimon Tokuyama introduced some investment contents, requirements and forms of Japanese investors in Quang Tri province. He also recommended that Quang Tri highlight unique comparative advantages and provide investment materials in Japanese language to enhance its allure to Japanese investors.
 
Mr Hong Sun, General Secretary of the Korea Chamber of Business in Hanoi (KORCHAM), said South Korea and Japan are now leading investors in Vietnam. More than 4,500 South Korean investors are investing in over 5,000 projects in Vietnam, mainly specialising in labour-intensive industries like garment and textile, handbag and electronics. Central Vietnam, where Quang Tri is, is a favourite destination of South Korean investors. He pledged to send sufficient information of Quang Tri’s investment potential and advantages to South Korean investors.
 
Mr Pham Quang Thinh, Deputy Director of VCCI International Relations Department, said that, to help Quang Tri province boost investment attraction and make a progress in development cooperation with foreign localities and businesses, the Vietnam Chamber of Commerce and Industry (VCCI) will serve as a bridge to bring foreign companies to the province to look into investment policies and explore investment and business opportunities. He suggested that Quang Tri host a specific meeting with Japanese and South Korean investors in Hanoi or Ho Chi Minh City to work on long-term cooperation.
 
Mr Nguyen Huu Dung said the province always pays much attention to improving the investment climate and providing best conditions for domestic and foreign companies and investors to do successful business in the locality. He stressed that this meeting with business associations will create important momentum for Quang Tri to enhance its investment environment, attract resources for development investment, and realise socioeconomic development goals and tasks in 2016 and beyond.