Many foreign corporations have chosen Vietnam to become their investment destination to set up business in Vietnam and the most recent project coming from a Korean investor. This is the project to produce tire and automobile airbags of Kolon Industries Corporation (Korea). This "super plant" will be located at Bau Bang Industrial Zone of Binh Duong province.

Mr Tran Thanh Liem - Chairman of Binh Duong Province has just signed a memorandum of understanding with leader of Kolon Industries Group (Korea) concerning the implementation of the plant to produce tire and automobile airbag with investment capital up to 1 billion USD. On this occasion, Becamex IDC Corporation has also announced that Kolon Industries leases from them nearly 42 hectares of land in Bau Bang Industrial Zone (Binh Duong province) to put the plant on.

According to Kolon Industries Corporation, after more than two years of searching and working with many units and localities in and outside the territory of Vietnam, the Corporation has selected the Bau Bang Industrial Park as the location to implement the project to produce tire and automobile air bag in Vietnam. The expected total investment capital of the project for all three phases is about 1 billion USD, in which the Phase 1 from 2017 to 2018 is 220 million USD, Phase 2 from 2018 to 2026 is 600 million USD and after that is the Phase 3.

Established since 1954, Kolon is one of Korea’s transnational corporations in multiple industries with high-tech products: tire, automobile air bag, film to use in electricity industry, electronics, fashion….

By the end of October 2016, Binh Duong has 2,818 investment projects from 59 countries and territories with a total capital of 25, 6 billion USD. In particular, Korea is the country ranks 3^rd with 594 projects and a total investment of nearly 2.4 billion USD.

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  Binh Duong province of Vietnam has marked early success in attracting investment with large projects licensed in setting up business, mainly in manufacturing.

On October 23^rd, 2015 the Provincial People's Committee of Binh Duong has just granted the investment certificate phase 3 of 2015 for 38 enterprises with foreign direct investment (FDI). Total capital reaches nearly 532 million USD, bringing the total FDI capital into this province in 10 months to 1.63 billion USD, increase by 40% compared to the same period in 2014.

Also at the ceremony, the Provincial People's Committee of Binh Duong has witnessed the signing of the lease 80 hectares of land in Bau Bang Industrial Zone to deploy factories specialized in manufacturing bicycles of Active International VN Company (Taiwan).

This is a large-scale projects, concentrating 45-60 enterprises specialized in manufacturing bicycles with total investment of 200-250 million USD, which is expecting to create more than 8,000 jobs.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.

  Korean investment ranked 5th among countries and territories investing in Binh Duong, mainly in the fields of textiles, leather shoes, manufacturing products to support the automotive, medical, cosmetic industries and food processing...

Accumulated until now, Binh Duong ranked 3rd in the whole country (after Ho Chi Minh City and Hanoi) in attracting FDI with over 3,650 projects from 64 countries and territories, with a total registered capital of 33.93 billion USD.

Notably, Korean enterprises have more and more investment projects, contributing positively to socio-economic development of Binh Duong. Among more than 3,650 FDI projects in Binh Duong, Korea ranked 5th with more than 800 projects, with a total investment of nearly 3.2 billion USD. Korean businesses operate mainly in the fields of textiles, leather shoes, manufacturing products to support the automotive, medical, cosmetic and food processing industries...

From the beginning of the year until now, the project to expand investment with the largest registered capital in Binh Duong is from a Korean enterprise.

Specifically, the project of KyungBang Vietnam Co., Ltd in Bau Bang Industrial Park, registered capital increased by 84 million USD, bringing the total registered investment capital to 179.2 million USD.

According to the Chairman of Binh Duong People's Committee, the results of FDI attraction in Binh Duong are due to the positive contributions of the people and the foreign business community, including the contributions of Korean enterprises.

Therefore, the difficulties that Korean enterprises raised about human resources, problems in the investment process, technology, procedures for selling projects, machinery and equipment, changing the owners' names, transfer of capital... Or, petitions on building more hospitals, applying health insurance for foreigners; opening Korean language teaching centers in colleges and universities in the province; set up e-mail system to solve difficulties in the province... Binh Duong People's Committee will officially reply by documents for enterprises to thoroughly resolve petitions. At the same time, relevant departments must coordinate in strengthening the links between schools and businesses to focus on addressing the problem on lack of high quality human resources...

Besides, Binh Duong will concentrate resources to complete the socio-economic infrastructure system such as transportation, water supply, electricity, environmental treatment... to carry out planning to expand industrial parks, creating a clean land fund to attract investment.

Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.