LH Holds 'Global Business Convention'... Supporting Domestic SMEs' Entry into Vietnam

On the 17th, the Embassy of Vietnam in Korea and domestic SMEs held an event to support entry into Vietnam
A session was arranged to introduce the progress of the Korea-Vietnam Economic Cooperation Industrial Complex project and the investment environment in Vietnam
By the end of this year, 267,000㎡ of industrial land is scheduled to be supplied in the Korea-Vietnam Economic Cooperation Industrial Complex

Kim Hyun-jun, President of LH (right), is receiving a plaque of appreciation from Nguyen Vu Tung, Ambassador of Vietnam to Korea, at the '2021 LH Global Business Convention' held on the 17th at The-K Hotel Seoul. / Photo by LH

[Asia Economy Reporter Kangwook Cho] Korea Land and Housing Corporation (LH) announced on the 17th that it held the ‘2021 LH Global Business Convention (hereinafter GBC event)’ jointly with the Embassy of Vietnam in Korea at The-K Hotel Seoul.

This GBC event was organized to successfully promote the ‘Korea-Vietnam Economic Cooperation Industrial Complex,’ a key achievement of the government’s New Southern Policy, and to activate the entry of domestic small and medium-sized enterprises (SMEs) into Vietnam. Officials from the Korean and Vietnamese governments, representatives of the Korea-Vietnam economic cooperation industrial complex joint venture, and companies scheduled to move in attended.

The event was divided into two parts. In the first part, the ‘Declaration Ceremony for Our Companies’ Joint Entry into Vietnam’ was held, and in the second part, an investment briefing session for the Korea-Vietnam economic cooperation industrial complex took place. Especially for the second part, to prevent COVID-19 infection, the number of participants was minimized, and a live broadcast was simultaneously conducted through the YouTube channel ‘LH Korea Land and Housing Corporation.’

During the first part held in the morning, LH highlighted the symbolism of the Korea-Vietnam economic cooperation industrial complex development project, which is being established for the first time in Vietnam, and expressed its commitment to supporting domestic SMEs’ entry into the Vietnamese market and playing a leading role as a helper for mutual growth with SMEs through the ‘Declaration Ceremony for Our Companies’ Joint Entry into Vietnam.’

On the Korean side, participants included Kim Tae-nyeon, member of the National Assembly and president of the Korea-Vietnam Parliamentary Friendship Association (video congratulatory message), Kim Hyun-joon, president of LH, Lee Kang-hoon, president of KIND, Park Han-sang, CEO of KBI Construction, Jung Geun-soo, vice president of Shinhan Bank, and representatives of companies scheduled to move into the industrial complex.

On the Vietnamese side, Nguyen Vu Tung, Ambassador of Vietnam to Korea, attended in person, and through real-time video connection, Dang Ngoc Quynh, Vice Chairman of the Hung Yen Provincial Government, and Nguyen Cong Hong, CEO of TDH Ecoland, participated. Ambassador Nguyen Vu Tung personally presented a plaque of appreciation on behalf of the Vietnamese government to Kim Hyun-joon, president of LH, for actively leading economic cooperation and prosperity between the two countries.

The second part of the event was dedicated to companies scheduled to move in, with an investment briefing session for the Korea-Vietnam economic cooperation industrial complex.

A representative from the Embassy of Vietnam in Korea directly explained Vietnam’s investment environment and future development prospects, providing substantial investment information to companies planning to enter the Korea-Vietnam economic cooperation industrial complex. This was followed by briefings on the progress of the Korea-Vietnam economic cooperation industrial complex development project, Vietnam’s legal and financial conditions, and other matters related to local market entry and investment. A Q&A session was also held, providing a meaningful opportunity to address the questions of Korean companies seeking to enter Vietnam.

Meanwhile, LH received the enterprise registration certificate (ERC) for the local joint venture to promote this project from Hung Yen Province, Vietnam, last September, and completed the establishment of the joint venture (VTK) through capital contributions from each investor. The joint venture is named ‘VTK Hung Yen Industrial Park Investment and Development Limited Liability Company,’ with VTK standing for ‘Vietnam Together Korea.’

The joint venture consists of a Korean consortium including LH, KIND, KBI Construction, and Shinhan Bank, while the Vietnamese side is invested by the local developer TDH Ecoland. The Korea-Vietnam economic cooperation industrial complex is planned to be constructed on approximately 1,431,000㎡ (about 430,000 pyeong) in the Hung Yen Province area, about 30 km from Hanoi, the capital of Vietnam.

LH plans to proceed with the supply procedures for industrial land in the Korea-Vietnam economic cooperation industrial complex through the joint venture VTK by the end of this year. The land to be supplied this time is the site where the earliest land use is possible, considering the construction schedule, and the supply scale is expected to be about one-quarter of the total supply area of 1,005,957㎡, approximately 266,915㎡. Priority will be given to supplying industrial complex land to companies that submitted letters of intent to move in by September, and if any remaining plots occur afterward, general supply will be conducted.

Kim Hyun-joon, president of LH, who attended the event, said, “We will pour all our capabilities to actively support the overseas expansion of our SMEs and to establish a virtuous cycle of mutual growth that helps them grow into strong companies.”

This content was produced with the assistance of AI translation services.