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Strongly developing relations between Phu Tho province and Korean partners

Sunday, 2020-10-04 21:30:59
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Mr. Bui Van Quang, Chairman of the Provincial People's Committee worked with Chairman of Korean Business Association in Vietnam (August 20, 2020).

PTO- In recent years, investment projects in the province of Korean enterprises have been increasing in terms of quantity, investment capital and production scale. By September 2020, Phu Tho had 130 projects of Korean investors, accounting for over 70% of FDI projects in the area. Korean enterprises have made many contributions into the province's socio-economic development, especially to job creation and the budget revenue.

RoK is currently a leading country in the number of foreign investment projects in the province, with a total registered capital of about USD1,000 million. RoK has also given a ODA source to Phu Tho. The Viet Tri wastewater collection and treatment system project with USD 32,906 million (including 80% loan, 20% reciprocal loan), using ODA capital under the credit framework arrangement signed between Government of Vietnam and the Economic Development Cooperation Fund (EDCF) of RoK. The project is owned by Phu Tho Water Supply Joint Stock Company as project owner, Saman Group as consulting unit, and Keangnam Groupe as equipment supply unit.

In the period of 2015-2019, Phu Tho received 22 turns of Korean non-governmental organizations and donors with 57 programs and projects with a total aid value of over USD2.7 million. Some organizations regularly support children through scholarship programs with a total value of hundreds of USD.

In July of 2019, Chairman Bui Van Quang and Mr. Kim Jinoh - Country Director of Korea International Cooperation Agency (KOICA) had a working session. Accordingly, KOICA agreed with Phu Tho province's proposal on sponsoring the construction of railway flyovers at 2 intersections with heavy traffic congestion in Viet Tri city and neighboring provinces. Then, on October 15th, 2019, Ministry of Planning and Investment issued Document No. 7606 to KOICA to select the above project as Vietnam's number 1 priority item to use KOICA's non-refundable aid.

In meetings and working sessions with Korean partners, Chairman Bui Van Quang expressed his wish in the coming time, Phu Tho would attract more Korean enterprises, especially their investment into key industrial zones and in the fields of tea processing industry, machinery manufacturing industry, agricultural product processing industry, etc. He also highly appreciated the role and companionship of Korean enterprises for the province's development; committing to creating the most favorable conditions for Korean enterprises to develop production and business and ensure jobs for workers. In addition, he expected KOICA Vietnam to soon approve the KOICA-Viet Tri railway flyovers project using KOICA's non-refundable aid; continuing training programs for the province's staff, sending experts to teach at Hung Vuong University as well as supporting Phu Tho in researching and manufacturing high quality products such as pharmaceuticals, cosmetics, functional products using green tea essence.

With the results in the investment process of Korean enterprises, along with the determination to improve the business and investment environment of the province, it is believed that Korean enterprises' direct investment flows would continue to strongly flow into Phu Tho in the following years.

Do Anh Ngoc

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