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SKC commits to invest $1.5 billion in Haiphong

June 14, 2023 03:35 AM

Haiphong has granted the investment registration certificate for four projects with the total investment capital of $230 million, and simultaneously signed an agreement with SKC valued at $1.5 billion.

On June 12, Haiphong People’s Committee together with the Korea International Trade Association organised the Haiphong-Korea Trade Investment Promotion Conference in Seoul, with the participation of nearly 200 delegates.

At the conference, leaders of Haiphong granted the investment registration certificate for four newly registered and added-capital projects.

They combine $35 million from Bumhan Vina Heavy Industries-Nam Dinh Vu, $43.5 million of added capital in Haewon Vina’s plant, Hala Electronics Vina’s $35 million added capital, and EST Vina Haiphong’s project with the amended capital of $68 million.

On the same day, SKC, a unit under the energy-to-telecom conglomerate SK Group, signed a comprehensive business agreement on “eco-friendly, high-tech materials” with Haiphong at its headquarters in the Jongno district of Seoul.

Based on this agreement, SKC plans to incrementally review investments in eco-friendly materials and future advanced materials businesses in the city.

SKC CEO Park Won-cheol (third from right) poses for a photo with Le Tien Chau (third from left), Secretary of Haiphong Party Committee, and other officials during the signing ceremony in Seoul on June 12. Photo: SKC

Accordingly, Haiphong will offer full support in areas such as electricity and environmental infrastructure if SKC decides to invest, not to mention efforts to attract incentives from Vietnam’s central government.

Korea has poured $81.5 billion into the Southeast Asian country so far, of which nearly $10 billion has been injected into this key industrial city in northeastern Vietnam, mainly in electronics, auto parts, and machinery.

Haiphong is the production hub of many Korean giants. LG Group has selected the major industrial and port city as its strategic location in Vietnam.

About two hours from Hanoi, the city is home to three companies under the LG roof. LG Electronics Vietnam Haiphong focuses on electronics, LG Innotek Vietnam Haiphong supplies electronic components, while LG Display Vietnam Haiphong manufactures LCD and OLED displays.

Korea now ranks first among 42 countries and territories investing in Haiphong in terms of both quantity and quality of investment projects, and the city is home to 14 operational industrial zones.

Source: Vietnam Investment Review

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