Khanh Hoa steps up efforts to attract major Korean investors
Leaders of Khanh Hoa province met with executives of HD Hyundai and SK Innovation to explore opportunities to partnerships in shipbuilding and energy industries.
General Secretary of the Communist Party of Vietnam Central Committee To Lam and Prime Minister of the Republic of Korea Kim Min-seok witness the exchange of cooperation documents between the two countries' ministries, agencies, localities, enterprises, and universities at the Vietnam – RoK Economic Forum in Seoul on August 12. (Photo: VNA)
Seoul (VNA)🦹 – Khanh Hoa province is ramping up efforts to attract major investors from the Republic of Korea (RoK), with provincial leaders holding talks and signing a deal with industry giants during the ongoing state visit to the RoK by Party General Secretary To Lam.
On August 12 in Seoul, a delegation from Khanh Hoa, led by member of the Communist Party of Vietnam Central Committee and Secretary of the provincial Party Committee Nghiem Xuan Thanh, met with leaders of HD Hyundai – a leading corporations in shipbuilding and heavy industry.
During the meeting, Thanh briefed HD Hyundai representatives, including CEO of HD KSOE Kim Sung-joon and CEO of HD Hyundai Mipoon Kim Hyung-kwan, the province’s potential, competitive edges, and development direction, particularly following the recent administrative unit merger. He highlighted the crucial role of HD Hyundai Vietnam Shipbuilding Co., Ltd. (HVS), one of the most successful Korean-invested projects in Vietnam, with over 28 years of operation in the Nam Van Phong area.
Khanh Hoa, he stressed, remains committed to providing a transparent and investor-friendly environment, supporting strategic investors like HD Hyundai towards long-term and sustainable growth. The province’s development orientation prioritises the marine economy and industrial growth centred on Nam Van Phong, coupled with infrastructure upgrades, competitiveness improvement, and attraction of high-tech and environmentally friendly projects.
Meanwhile, HD Hyundai executives appreciated the province’s support and revealed plans to expand their factory in Nam Van Phong to boost shipbuilding capacity and develop a supporting industry ecosystem here. This will help optimise supply chains, enhance value-added production, and attract more satellite enterprises – an approach fully aligned with Khanh Hoa’s industrial development strategy.
Discussing potential cooperation projects, the two sides agreed to maintain regular information sharing and promptly address any challenges facing ongoing projects, aiming to strengthen their long-standing partnership and contribute to broader Vietnam – RoK economic cooperation.
Secretary of the Khanh Hoa provincial Party Committee Nghiem Xuan Thanh (third, from right) attends the Vietnam – RoK Economic Forum in Seoul on August 12. (Photo: VNA)
On August 12 morning, the Khanh Hoa delegation attended the Vietnam – RoK Economic Forum, which saw the participation of Party General Secretary To Lam, RoK Prime Minister Kim Min-seok, senior officials, and over 400 delegates from leading corporations.
Within the forum’s framework, the Khanh Hoa People’s Committee and SK Innovation Co., Ltd. signed a cooperation agreement to develop a specialised energy – industry cluster (SEIC) in the province. The project includes building an LNG power plant, developing a distributed energy resources (DER) system, and establishing LNG-related logistics infrastructure in Khanh Hoa.
According to SK Innovation, the SEIC and related investments could generate potential socio-economic impacts worth around 45 billion USD by 2050 in the south-central region, including Khanh Hoa. The project is expected to become a major driver for the local energy industry, boosting electricity supply capacity, promoting logistics services, and contributing to Vietnam’s clean energy transition./.
The event took place within the Vietnam–RoK Economic Forum which is part of the Vietnamese leader’s state visit to the RoK. The documents span areas including energy, digital infrastructure, manufacturing, logistics, tourism, finance, and high-quality personnel training.
President of the Republic of Korea (RoK) Lee Jae Myung emphasised that the first visit to the RoK by General Secretary Lam in his capacity as the top leader of Vietnam holds special significance as it creates strong momentum for enhancing mutual understanding, strengthening political trust, and further promoting the RoK – Vietnam Comprehensive Strategic Partnership in the next phase.
Vietnam is ready to serve as an important gateway for Korean enterprises to enter the Southeast Asian market. Korean firms with experience and advanced technology to engage in energy transition and national infrastructure modernisation, said Party leader To Lam.
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