Korea - A typical successful investment in Quang Ngai

As a province with a dynamic economy, entering a period of strong development, Quang Ngai has become a bright spot in attracting investment, where domestic and foreign investors place their firm trust in the journey of accompanying development.

Quang Ngai is located in the South Central Coast region, strategically located in the Central Key Economic Zone and the East-West Economic Corridor, possessing a developed infrastructure with a system of roads, waterways, railways, airways (Chu Lai airport in Quang Nam province) and a system of 7 deep-water seaports; a dynamically developing economy; human resources that meet the needs of investors with a system of leading universities, colleges, and vocational schools in the country; rich tourism potential and a team of highly qualified, enthusiastic, and dedicated leaders.

Dung Quat Oil Refinery. (Photo: Pham Ngoc Lam)

Not only that, this locality owns a "magnet" to attract heavy industrial projects, namely Dung Quat Economic Zone, with a planned area of ​​over 45,000 hectares. This is one of the five coastal economic zones with many potential advantages that the Government has prioritized for infrastructure investment, has the highest incentive policies in Vietnam and is one of the most dynamic and successful economic zones in Vietnam today.

Over 20 years of operation, Dung Quat Economic Zone (EZ) has attracted key national projects and large-scale FDI projects, of which Dung Quat Oil Refinery is the first oil refinery project in Vietnam, the heart of the Economic Zone and a series of large projects such as: Doosan Vina Heavy Industry Factory of Korea, VSIP Quang Ngai Industrial - Service - Urban Complex, Hoa Phat Iron and Steel Production Complex...

Up to now, in Dung Quat Economic Zone and Quang Ngai Industrial Parks, there are 349 valid projects, with a total registered investment capital of VND 396,025 billion (equivalent to USD 18.371 billion); including 65 foreign investment projects, with a registered investment capital of about USD 2.25 billion and 284 domestic investment projects, with a registered capital of VND 345,103 billion (equivalent to USD 16.121 billion).

Doosan Vian Heavy Industries Factory in Quang Ngai (DOFA Quang Ngai).

Close cooperation in many fields

In recent times, seizing the opportunity of foreign direct investment (FDI) enterprises shifting their investment to Vietnam, Quang Ngai has proactively connected and organized investment promotion activities in other countries to advertise, promote and invite investment into the province. In the key market strategy, Korea has always been a leading important partner with which Quang Ngai wishes to promote more diverse cooperation and to a new level.

Over the years, cooperation between Quang Ngai province and Korea has taken place in many areas such as investment cooperation, trade, tourism, culture, sports, labor export, employment and Official Development Assistance (ODA) capital aid projects, non-governmental aid (NGO) and funding for social security activities. Korea is one of the largest bilateral donors in Quang Ngai province, with many programs and projects effectively implemented from ODA sources in the fields of rural infrastructure, health, education, community development, human resource development, disaster response and mitigation, and overcoming the consequences of war. To date, ODA capital has been provided by the Korean Government with about 7.4 million USD.

In particular, the promotion and attraction of Korean enterprises to invest in Quang Ngai has achieved remarkable successes. Up to now, Quang Ngai has 14 Korean FDI projects in operation with a total registered capital of more than 444.8 million USD, of which Doosan Vina Heavy Industries Co., Ltd. is currently operating very effectively. This is the earliest Korean investor in Quang Ngai with the Doosan Vina Heavy Industries Factory Project, with an investment capital of about 300 million USD. This factory was built on an area of ​​over 100 hectares, specializing in the production of heavy industrial equipment such as boilers, lifting equipment systems, desalination equipment systems, etc. And this is also the most successful FDI project in Quang Ngai province.

Governor of Jeju Province, South Korea Oh Young-hun met and worked with the Standing Vice Chairman of the People's Committee of Quang Ngai Province, August 2023.

Doosan Vina Heavy Industries Co., Ltd. is also an enterprise with many outstanding contributions to the development of Quang Ngai province, attracting nearly 1,700 workers, of which about 80% are Quang Ngai workers. The first "Made in Vietnam" heavy industrial products of this factory have been introduced to the world market and contributed significantly to the local budget revenue. Every year, the Company cooperates with Chung Ang University (Korea) to implement an educational exchange program with a total budget of about 20,000 USD/year to help students at primary schools in the province develop skills and creative thinking, popularize and exchange cultures between Vietnam and Korea.

Korean athlete won first prize at the 2019 International Paragliding Championship in Ly Son Island.

Currently, with funding from the Korea International Cooperation Agency (KOICA) through the United Nations Development Program (UNDP), the People's Committee of Quang Ngai province is implementing the Vietnam - Korea Peace Village Project in Quang Ngai province. The project will support the socio-economic development of local communities living in the project area and around the newly cleared land. Enhance the resilience of local communities, especially victims of mines and explosives, natural disasters and other risks. The project has not only brought about many immediate effects but also created a premise to contribute to sustainable socio-economic and environmental development, improving the quality of life for people in Quang Ngai province, especially victims of mines, natural disasters and other risks. The project also demonstrates that the good friendship and cooperation between Quang Ngai province and Korean agencies and organizations has contributed to the brilliant success of the comprehensive strategic partnership between the two countries.

The Korean Social Charity Foundation and Doosan Vina donated medical equipment to Quang Ngai General Hospital. (Photo: A.Nguyet)

Come to Quang Ngai!

The provincial planning for the period 2021-2030, with a vision to 2050, and the general planning for the construction of Dung Quat Economic Zone to 2035, with a vision to 2045 have been approved by competent authorities, which identify: "Expanding and building a national refinery, petrochemical and energy center in Dung Quat Economic Zone"; "developing Ly Son island district, Quang Ngai province into a center for sea and island tourism" and many other important orientations. This will create many opportunities for increasingly strong development for Quang Ngai province and is also a "golden" opportunity for investors in the future. The success of FDI enterprises present in Quang Ngai in recent times is a vivid and solid proof affirming the potential and cooperation opportunities for mutual success between the province and foreign partners, especially partners from the "land of kimchi" in many fields of investment, trade, import and export of goods, tourism, agriculture, human resource development as well as friendly cooperation and cultural and sports exchange with localities of Korea.

Korean string instrument exchange performance in Quang Ngai in 2011. (Photo: Dang Lam)

Quang Ngai always considers the success and development of enterprises as the success and development of the province, the interests of enterprises are the interests of the province and the potential of the province is an opportunity for investors. In the coming time, to welcome more investors to Quang Ngai, the province will strengthen on-site investment promotion; always accompany and support investors who have invested and are investing, considering investment support as an effective form of investment promotion in the current period. At the same time, focus on solving difficulties and problems in compensation, site clearance, and resettlement to speed up the implementation of projects that have been granted investment policy decisions as well as ensure land funds to attract investors - Member of the Party Central Committee, Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee Ms. Bui Thi Quynh Van expressed the commitment of the provincial leaders at the "Meeting Quang Ngai" Conference in Hanoi held in October 2023.

The abundant development space and the correct orientation of the leaders of Quang Ngai province have been creating the driving force and resources for the new development period of Quang Ngai. Therefore, "investors should come to Quang Ngai, directly visit and witness the development of the province, directly feel the potential advantages of this locality" as Deputy Minister of Foreign Affairs Nguyen Minh Hang said at the above Conference.

Come to Quang Ngai to succeed and develop together!

Source: https://baoquocte.vn/han-quoc-dien-hinh-dau-tu-thanh-cong-tai-quang-ngai-277050.html