Khanh Hoa delegation participates in investment exchange and promotion activities at Vietnam-South Korea Business Forum

* Provincial Party Committee Secretary Nghiem Xuan Thanh works with SK and HD Hyundai corporations

Vietnam-South Korea Business Forum themed “Cooperation in Developing Production Chains in the New Era” took place in Seoul, South Korea on August 12 as part of the official State visit of General Secretary of Vietnam To Lam to South Korea. Present at the event were South Korean Prime Minister Kim Min Seok, together with senior delegates from both countries together with more than 400 representatives from leading Vietnamese and South Korean organizations and enterprises.

Khanh Hoa Provincial delegation included Nghiem Xuan Thanh, Member of the Party Central Committee, Secretary of Khanh Hoa Provincial Party Committee; Trinh Minh Hoang, Vice-Chairman of the Provincial People's Committee; Chau Ngo Anh Nhan, Director of the Department of Finance; and Ho Xuan Ninh, Director of the Department of Industry and Trade.

General Secretary To Lam and leaders of ministries, agencies and localities receive leading Korean corporations.

The Vietnam-Korea Economic Forum was co-organized by the Ministry of Finance of Vietnam; Ministry of Trade, Industry and Energy of South Korea; South Korea Chamber of Commerce and Industry (KCCI) and the Embassy of Vietnam in South Korea.

This is an important economic and diplomatic activity, serving as a platform for connection among policymakers, government officials and business communities from the 2 countries to foster comprehensive cooperation in the new period. This is the largest-ever forum within the framework of bilateral economic promotion activities between Vietnam and South Korea.

The forum with the participation of representatives from 400 leading enterprises was an opportunity for not only enhancing connectivity between business communities but also promoting bilateral economic, trade and investment ties; showing great investment potentials of the 2 countries as well as reaffirming Vietnam’s commitment to the widespread integration process.

In his opening speech, General Secretary To Lam highlighted the remarkable progress of the Vietnam-South Korea relationship over the past 30 years. South Korea is currently Vietnam's largest investment partner, the third-largest trade partner, and the leading tourism market. Vietnam is shifting its investment focus toward high-tech and clean technology projects that offer high added value, support sustainable growth, and integrate closely with global production chains.

The General Secretary affirmed Vietnam’s strong commitment to reforming administrative procedures, improving the investment and business environment, aiming to create the most favorable conditions for South Korean investors.

Speaking at the forum, South Korean Prime Minister Kim Min Seok expressed his delight at the development of bilateral relations between the 2 countries; and his interest in expanding cooperation in some new areas such as the semiconductor industry, renewable energy, digital economy, medical services and high-quality education.

Prime Minister Kim Min Seok affirmed that the Korean Government will continue supporting businesses of the 2 countries to implement joint projects and build a multilayered cooperation ecosystem, contributing to strengthening the comprehensive strategic partnership.

At the forum, major corporations such as SK, HD Hyundai, PVN, THACO of the 2 countries introduced new development strategies and cooperation orientations, emphasizing the potential to expand bilateral value chains in the fields of manufacturing industry, energy, infrastructure, logistics and high technology.

Within the framework of the event, a ceremony was held to hand over memoranda of understanding (MoUs) between ministries, sectors, localities and enterprises of the 2 countries. Especially, Khanh Hoa People's Committee and SK Innovation Co., Ltd. signed a cooperation agreement to develop a Specialized Energy Industrial Cluster (SEIC), including investment in the construction of an LNG power plant in Khanh Hoa, development of a distributed energy system (DER) and logistics infrastructure related to LNG.

This project, along with other initiatives led by SK Group, is expected to generate a socio-economic impact of up to USD 45 billion by 2050 across Vietnam’s South Central region, including Khanh Hoa Province. The project is also expected to become a new driving force for the development of the energy industry, improve the province's supply capacity for electricity and logistics services, and contribute to the implementation of Vietnam's clean energy transition strategy.

On the sidelines of the forum, Secretary of the Provincial Party Committee Nghiem Xuan Thanh had talks with leaders of many Korean corporations and investors, introducing the potential, competitive advantages and portfolio of key projects of Khanh Hoa in the fields of tourism,  seaports, industry and renewable energy. South Korean partners highly appreciated the investment environment, preferential policies and development orientation of the province with a strong interest in conducting field surveys and advancing cooperation initiatives in the near future.

The participation of Khanh Hoa Province in a senior delegation led by General Secretary To Lam is a strategic opportunity to promote the destination of Khanh Hoa, strengthen international cooperation, attract resources, advanced technologies and management expertise from South Korea; contributing to strengthening the friendship and cooperation between the 2 countries, towards the goal of sustainable development in the new era.

Provincial Party Secretary Nghiem Xuan Thanh and leaders of ministries, agencies, localities and enterprises of the 2 countries exchange cooperation agreements at the Vietnam-South Korea Economic Forum.

* Khanh Hoa province signed a cooperation agreement to develop an energy industrial cluster with SK Group

On August 12, at the headquarters of SK Innovation Co., Ltd. (SK Building, Seoul), Khanh Hoa Provincial delegation led by Secretary of the Provincial Party Committee Nghiem Xuan Thanh had a working session with leaders of SK Group, one of the leading South Korean multinational conglomerates with a significant presence in energy and technology. Working with the delegation were Chairman Chey Tae Won; Senior Advisor Lee Dong Uk; Head of the Chairman's Office Jung Gyu Kim; General Director of SK Innovation Co., Ltd. and Chairman Hyeongwook Choo; Senior Vice-Chairman Young Wook Yoo and other senior leaders.

Khanh Hoa Provincial People's Committee and SK Innovation Co., Ltd. signed a Development Cooperation Agreement at the Vietnam–South Korea Economic Forum under the witness of senior leaders of the 2 countries, aiming to establish a coordination framework to promote feasibility studies, planning and implementation of industrial energy initiatives.

According to the agreement, the two sides will cooperate closely in planning and implementation by establishing a joint working group, regularly updating the implementation plan and submitting proposals to competent authorities for approval. Khanh Hoa Provincial People's Committee is committed to creating favorable conditions for SK Group to effectively implement the project.

The working session demonstrated the determination of both sides to turn cooperation opportunities into concrete actions, contributing to Khanh Hoa’s emergence as a new industrial and energy hub in the South Central region.

Provincial Party Secretary Nghiem Xuan Thanh and the Khanh Hoa Provincial Delegation pose with leaders of HD Hyundai Group.

* Provincial Party Committee Secretary Nghiem Xuan Thanh works with HD Hyundai Group, opening up new cooperation opportunities

On the same day, in Seoul, Khanh Hoa delegation had a working session with the leaders of HD Hyundai Group, one of the world's leading industrial groups in the field of shipbuilding and heavy industry. Working with the delegation were Kim Sung Joon, CEO of HD KSOE Company; Kim Hyung Kwan, CEO of HD Hyundai Mipo Company; and many senior leaders of HD Hyundai Group.

At the meeting, Secretary of the Provincial Party Committee Nghiem Xuan Thanh emphasized that HD Hyundai Vietnam Shipbuilding Co., Ltd. (HVS) is one of the most successful FDI projects of South Korea in Vietnam, with more than 28 years of operation in Southern Van Phong area.

Khanh Hoa Province consistently fosters an open, transparent, and investor-friendly environment, especially for strategic partners like HD Hyundai for long-term and sustainable development. The province aims to promote the development of the marine economy and industry, focusing on Southern Van Phong, while focusing on infrastructure investment, improving the competitiveness index, and attracting high-tech and environmentally friendly projects.

The leaders of HD Hyundai Group expressed their appreciation for the support of Khanh Hoa Province, adding that they are making a plan to expand the factory in Southern Van Phong to increase shipbuilding capacity and develop the local shipbuilding supporting industry ecosystem. The goal is to optimize the supply chain, increase added value, and open up opportunities to attract more satellite enterprises. This orientation is consistent with the province's industrial development strategy, promising to create new momentum for both sides.

The meeting opened up prospects for specific cooperation agreements, contributing to strengthening the close relationship between Khanh Hoa and HD Hyundai, as well as advancing economic cooperation between Vietnam and South Korea.

A.N

Translated by N.T