Former South Korean President Lee Myung Bak called on his country’s enterprises to invest in Thai Binh Province, northern Vietnam at an investment, trade, and tourism promotion conference held in the province on Saturday.

At the conference held by the Thai Binh administration, the former South Korean leader expressed his pleasure at the considerable development of the Vietnam - South Korea cooperation in various sectors.

In 2022, the two countries elevated their ties to a comprehensive strategic partnership.

The two countries’ bilateral trade reached $88 billion last year. South Korea was the largest provider of foreign direct investment (FDI) in Vietnam, at US$80.5 billion.

According to Lee, there is still a lot of room for the two sides’ further cooperation.

The Korea Desk Thai Binh model, which promotes South Korean investment in the Southeast Asian country, has proved effective.

“I expects the local authorities to enhance dialogues to promptly remove difficulties and provide the maximum support for South Korean enterprises,” Lee said.

Nguyen Khac Than, chairman of the People’s Committee of Thai Binh Province, stressed that the Thai Binh - South Korea investment, trade, and tourism promotion conference was important to open up many new cooperation opportunities between Thai Binh and South Korean partners as well as between the two countries as a whole.

Thai Binh is considered a dynamic province with great potential and competitiveness.

Its gross regional domestic product was estimated at VND68 trillion ($2.8 billion), 1.3 times higher than that in 2020. The province’s average economic growth is likely to reach 8.56 percent in 2021-23.

Thai Binh has a young workforce with some 1.2 million laborers. It can provide about 40,000 laborers, including 25,000 trained ones.

The province has attracted over $3 billion in FDI this year. South Korean investors have registered to pour $256 million into 30 projects in the Vietnamese province.

However, the figures were modest and not commensurate with the province’s potential, Than added.

“With a favorable geographical location, traffic systems, human resources, and a land bank for large industrial production, Thai Binh is an ideal destination for investors,” he remarked.

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