As sticking to the Government's diplomatic work, Binh Duong has been proactive and creative with an inter-city diplomatic strategy to expand bilateral and multilateral cooperation, especially relations with Korean partners to actively contribute to provincial economic growth.
Signing ceremony of cooperation agreement between Becamex Binh Duong International Hospital and Bumin Hospital Group (Busan, RoK)
Cooperation, development
In 1998, Daejeon city (Republic of Korea) established the World Technopolis Association (WTA) with the goal of economic development through connection and cooperation in sci-tech development between cities all over the world.
Binh Duong is implementing the project of Smart City and Innovation Region. In particular, the project of a sci-tech industrial park with the vision of becoming an innovation centre of the Southern key economic region (KER) of Vietnam.
Similarities in the formation and development process and the matching of economic development models have facilitated bilateral cooperation between Binh Duong province and Daejeon city.
In May 2005, Binh Duong and Daejeon signed a friendship cooperation agreement to build a sustainable relationship by joining hands to facilitate socio-economic development of the two localities.
In 2018, Binh Duong cooperated with Daejeon City and WTA to successfully host the WTA Summit and activities to celebrate the 20th WTA anniversary in Binh Duong.
Her Tae Jeong, former Mayor of Daejeon City, former Chairman of WTA, said: “Daejeon City looks forward to further promote trade, investment cooperation and cultural exchange programs with Binh Duong; encourage connections between universities and businesses of the two sides. Especially, with its strengths in science and technology development, Daejeon City will work with Binh Duong province to research and develop sci-tech fields.”
The potential and opportunities for cooperation between Binh Duong and Korean partners are great when Binh Duong implements the projects of smart city and innovation region.
Therefore, in January 2022, Binh Duong and Gangnam District, Seoul (RoK) signed a strategic cooperation agreement to facilitate cooperation in investment, economy, trade, culture, tourism, and coordinate the organization of international events; through international conferences to connect and facilitate cooperation in fields of smart city, 4.0 technology, innovation ecosystem.
Making considerable contribution to the construction of Smart City and Innovation Region, Becamex IDC - a State-owned enterprise of the province, and K-Water Company signed a Memorandum of Understanding on cooperation in modernization of works related to water resources and developing smart city.
Becamex IDC also signed with KITA and COEX on operating the World Trade Center Binh Duong New City (WTC BDNC).
Recently, Binh Duong Provincial People's Committee cooperated with the Ministry of Foreign Affairs to co-host the event "Meet Korea 2022".
Vo Van Minh, Deputy Secretary of Provincial Party Committee, Chairman of Provincial People's Committee, said: “Meeting Korea 2022 aimed to further tighten the cooperation relationship between Binh Duong province and Korean partners and between the two countries. For Binh Duong, these are also the next steps for the province and Korean partners to continue developing programs of economic cooperation, investment, science and technology, cultural sports exchange, and smart city development in the future”.
At the event, Becamex International Hospital and Bumin Hospital (RoK) officially signed a memorandum of understanding on cooperation between the two units to facilitate the development of community health care.
To attract more investors
Binh Duong with its inter-city diplomatic strategy, bilateral cooperation with Korean localities, such as Dejeon City, Yeongdo District (Busan City), has attracted many Korean corporations and businesses to make investment.
Currently, Korea is the fifth largest investor in Binh Duong province with more than 760 projects, total investment capital of 3.3 billion USD. Kolon Group, Kyung Bang Vietnam Company, Sewang Textile Company, Orion Vina Company, Lotte Vietnam Trade Center, Kumho Tire Company Vietnam... are large-scale investment projects in Binh Duong.
Kim Hyun Ho, General Director of Kumho Company, said: “In 2006, Kumho invested 300 million USD to build a factory in Binh Duong, with 1,500 efficient workers, generated revenue of over 400 million USD/year. In April 2021, Kumho expanded the factory, invested more 300 million USD to increase capacity to 36,000 tires/day, revenue increased to approximately 1 billion USD/year. Due to the efficient operations of Kumho in Binh Duong, many suppliers are choosing Binh Duong to cooperate with Kumho as a production chain in Binh Duong”.
Kim Won Sik, Chairman of Korean Business Chamber in Binh Duong (KOCHAM Binh Duong), said: “Binh Duong province always gives businesses support to remove difficulties in production and business. Korean enterprises have effectively invested in Binh Duong province. KOCHAM will always accompany Binh Duong province in social activities”.
Pham Quang Hieu, Deputy Minister of Foreign Affairs: “I hope that with the concern and support to investors, policies to protect the environment, labour quality, modern and synchronous infrastructure, an open and attractive investment environment, Binh Duong is an ideal place for foreign investors to cooperate and do business. Besides, with the innovative thinking and high determination of the provincial leadership team, Binh Duong will definitely be an attractive destination for Korean investors."
Kang Myeongil, Consul General of Korea in Ho Chi Minh City: “Binh Duong constantly promotes and improves investment environment conditions, which has attracted the attention of international investors, including Korean enterprises. Besides economic cooperation, people-to-people exchange activities between the two countries are essential because many foreigners are living and working with Vietnamese in the southern region, including Binh Duong province.
Reported by P.Le, Q.Tri - Translated by Ngoc Huynh
