Chairman of Binh Dinh province People’s Committee, Vu Hoang Ha, gives souvenirs to Korean investors. Photo Tu Luc

* Could you talk about the reason why Korea was chosen for the investment promotion and results we got from this visit?

-So far, Korea has been the second largest country out of 77 countries and territories investing in Vietnam with 1,365 projects and the total registered capital of over US$ 8.5 billion. Out of 42 foreign investors in Vietnam, foreign direct investments from Korea surged to $2.4 billion with 207 projects in 2006, accounting for 30.9% of the total new investment capital. Korea has been obviously becoming a Vietnam’s potential and important investment partner.

Korean investors has currently invested in 44 cities and provinces in Vietnam, and they recorded at 70% of the investment capital with 73.6% of projects in some cities and provinces having good infrastructures such as Binh Duong, Dong Nai, Ba Ria-Vung Tau, HCM City and Ha Noi. We suggested the Ministry of Planning and Investment to hold conferences on the investment promotion for central provinces in Korea. In this visit the Binh Dinh delegation also consisted of leaders of Nhon Hoi Economic Zone Administration, Binh Dinh Industrial Zone Administration, the provincial Tourism Department and the investment promotion center.

In Korea, I delivered many speeches to call on the investment cooperation. Many Korean investors expressed their concern to the Nhon Hoi Economic Zone and wanted to cooperate with Binh Dinh in many fields. The Pung Guk Alcoh Industrial Group, for example, wanted to cooperate with a Binh Dinh’s enterprise to invest in producing the eco-fuel “ethanol” and wooden furniture for exporting. I introduced them to Pisico Corp. As soon as I returned to Vietnam, this group came to work with Pisico Corp. I also introduced the Joongbo Chemical Group to Binh Dinh Pharmaceutical And Medical Equipment Company so that they can cooperate to produce plastic products, environmental treatment and medical equipments. Besides, the COSIT Group and Hoya Construction Company also expressed their wishes to invest in Binh Dinh.

Due to the limited time, we couldn’t meet with all Korean investors who were concerned to Binh Dinh; however, in this visit we had more experiences in introducing about Binh Dinh. I do believe that other Korean investors will contact with us in the coming time.

* What made you feel satisfied most in that visit?

- In that visit to Korea, we were worried about what was the obstacle preventing Korean investors from investing in Binh Dinh apart from the difficulty of infrastructure. Only when coming to Korea, did we know that many Koreans still feel guilty about what Korean soldiers did in central provinces of Vietnam including Binh Dinh 40 years ago. They, therefore, hesitate to invest in the central provinces even though they have known that many industrial and economic zones have been built there.

In conferences and seminars, I, on behalf of leaders of the Central provinces of Vietnam, sent Koreans a message, saying that:” I come from a central coastal provinces of Vietnam where Korean soldiers came 40 years ago. The war left serious damages to both sides, but we, the Vietnamese people, State and Party always close the past and look towards the future. The Vietnamese people in general and the Binh Dinh in particular are always ready to make friends with the whole world, including Korea.

Korean organizations have supported Binh Dinh in many fields, particularly in the education and health. On behalf of the Binh Dinh people, I thank for your support and, as a chairman of Binh Dinh province, I affirm that the past is beyond and we need to look towards a bright future. Come to Binh Dinh to understand our goodwill in cooperation…” Korean investors were then very open-hearted.

* What must we do after the visit?

- When meeting with Korean investors, we realized that most of them want to cooperate with Binh Dinh’s enterprises. However, they haven’t bravely invested all their capital just because they are still worried about the unity of policies, formalities and the investment risks. We, therefore, have many things to do to persuade them.

In fact, many foreign investors are concerned to the Nhon Hoi Economic Zone, so the problem is that we have to speed up the progress of constructing infrastructures otherwise we’ll miss the chance.

With the tight budget, we have decided to get a VND200 billion loan to compensate the people who have to resettle due to the clearance. The infrastructures of the Nhon Hoi Economic Zone have currently been built, so the capital has become scantier. I plan to petition the PM and concerned ministries to solve this problem. The infrastructures of the Nhon Hoi Economic Zone is aimed to be finished by 2008.

* Thank you very much!

• Interviewer: Cat Hung
• Translated by Hong Quang