Between January and November, more than 3, 7 billion US$ worth of South Korean investment was channeled into Viet Nam, making this East Asian country become  the second-largest source of foreign direct investment (FDI) in Viet Nam, after Singapore, in terms of the total registered investment capital.

The inauguration ceremony of LG VS DCV Da Nang

Central Viet Nam and Central Highlands have to date attracted 368 South Korean invested projects worth 4.38 billion US$, of which, many are active in such aspects as heavy industry, real estate, tourism, and textiles.

The figures released by the Foreign Investment Agency under Ministry of Planning and Investment clearly re-affirm Viet Nam’s stature as an attractive, safe and reliable investment destination for foreign investors.

Deputy Director of the Foreign Investment Agency Vu Van Chung highlighted Viet Nam’s firm stance in pursuing the dual goal of containing the pandemic in tandem with driving the social-economic operations.

In particular, a combined total of 20,000 foreign investors, business managers, experts, specialists, and highly skilled workers have till date been permitted by the national government to enter Viet Nam to work, and the majority of them were South Korean nationals.

South Korea, over recent years, has been one of Da Nang’s major partners in many aspects. This East Asian country is now the top source of FDI for Da Nang, delivering 232 projects totalling over 376 million US$.

In 2018, the South Korea Trade and Investment Agency (KOTRA) also made the debut of its own representative office in Da Nang.

Earlier this year, Shilla Hotels & Resorts – a new flagship hospitality corporation in South Korea – opened 50 million $ Shilla Monogram Da Nang.

More recently, LG Vehicle Component Solutions Development Center Viet Nam (LG VS DCV) under South Korean multinational conglomerate LG Corporation has opened a research and development (R & D) base in the Lien Chieu District-located Da Nang Information Technology Park (DITP) Tower.

The new base serves as a catalyst to bolster trade cooperation and investment between the two countries in the aspects of R&D and ICT, and especially, helping Da Nang rise to fame as a big IT hub in Viet Nam, and Southeast Asia as a whole.

Both Vietnamese and South Korean airlines have operated 12 flights weekly between Da Nang and South Korean destinations, but tourism links between the two countries have been suspended due to COVID-19.

By NAM PHUONG- Translated by A.T