10:52 | 20/03/2018 Economy
A groundbreaking ceremony for five projects invested by businesses from the Republic of Korea was held on March 16 at Becamex – Binh Phuoc industrial and urban complex in Chon Thanh district, the southern province of Binh Phuoc.
|Binh Phuoc grants investment licenses to five RoK-projects - Source: VNA|
At the event, the provincial People’s Committee handed over investment licenses to the RoK companies - Hankuk Carbon, River Runs, Misung Industrial, Young Sung, Hankuk Advanced Materials. These firms rent 111ha in the complex and have registered to invest a total of US$80 million in the projects which will produce carbon and glass fiber, and fishing tools.
Hankuk Carbon CEO Moon-Soo Cho vowed to ensure construction progress of the project on schedule and in line with the country’s law.
Vice Chairman of the provincial People’s Committee Huynh Anh Minh welcomed the Korean investors’ selection of Binh Phuoc to build plants producing high-tech materials such as carbon fiber.
He committed to creating favourable conditions for the investors and requested them complete the projects on schedule.
The Becamex – Binh Phuoc industrial and urban complex sits on a site of 4,633ha, nearly 2,448ha of which is used for industrial areas and the remaining for residential areas.
Spanning Chon Thanh town and Nha Bich, Thanh Tam and Minh Thanh communes, the complex is invested by the Investment and Industrial Development Corporation (Becamex IDC) at a total cost of 21 trillion VND (US$933 million), expecting to attract upwards US$5 billion.
The RoK was the second largest foreign investor in Vietnam last year, just behind Japan, with total registered capital of US$8.49 billion.
In terms of accumulative investment, the country ranked first among 125 countries and territories investing in Vietnam, with total investment capital of US$57.7 billion by the end of December 2017.