On April 18, 2025, a delegation from the Korea CEO Summit, led by Chairman Park Bong Kyu, visited Phu Tho province to explore investment opportunities and strengthen bilateral relations. The meeting was attended by Phan Trong Tan, the Vice Chairman of the Provincial People's Committee, along with various provincial leaders.
During the meeting, Vice Chairman Tan provided insights into Phu Tho's socio-economic development, highlighting an impressive average economic growth rate of 8.2% from 2020 to 2024, with a notable spike to 9.53% projected for 2024. The province's economic scale has now surpassed 100 trillion VND, positioning it third in the Northern Midlands and Mountains region. Over the past three years, Phu Tho has consistently ranked among the top 10 provinces nationwide for export turnover.
Tan emphasized that Phu Tho is becoming an attractive destination for both domestic and international investors. Currently, around 130 Korean companies are operating in the province, accounting for approximately 80% of all foreign-invested enterprises. Furthermore, more than 13,000 workers from Phu Tho are currently living and working in South Korea, strengthening the ties between the two regions.
Chairman Park Bong Kyu acknowledged the significance of the Korea CEO Summit, which comprises over 8,000 CEOs across various sectors. He remarked, "Phu Tho is a strategic destination for Korean investors due to its transparent investment environment, open policies, stable political situation, and friendly people. This visit aims to enhance the strategic partnership between Phu Tho and South Korean provinces, especially in key areas such as electronics, artificial intelligence, and smart urban development."
In a move to further enhance economic cooperation, the Korea CEO Summit and the Provincial Business Association signed a cooperation agreement covering multiple sectors, including investment, trade, tourism, education, training, and agricultural production. This agreement is seen as a vital step towards fostering deeper economic ties between Phu Tho and South Korea.
Meanwhile, on the same day, Minister Nguyen Hong Dien met with representatives from SK Group, a major South Korean conglomerate, to discuss potential collaborations in clean energy and high technology. The meeting took place at the Ministry of Industry and Trade, where both parties explored opportunities for investment in Vietnam's energy sector.
SK Group presented plans to establish integrated industrial development centers in Vietnam, which would include an AI and innovation center in North Central Vietnam based on the Nghi Son - Quynh Lap LNG projects, a hydrogen and logistics center in South Central Vietnam linked to the Ca Na LNG Project, and an environmentally friendly agriculture center in the Mekong Delta associated with the Ca Mau LNG Project.
SK Group has already invested over 3.5 billion USD in Vietnam and expressed interest in developing LNG power plants, particularly in the provinces of Nghe An and Thanh Hoa. Minister Dien emphasized the Vietnamese government's commitment to supporting international investors, including SK Group, in their endeavors within the country.
He stated, "The Ministry of Industry and Trade is ready to facilitate SK's involvement in LNG power projects that currently lack investors and encourages the group to enhance technology transfer and support Vietnamese enterprises in integrating into the global value chain."
With Vietnam's recent approval of the adjusted Power Plan VIII on April 15, 2025, the development of LNG power and renewable energy has become a top priority for the government, aiming to ensure energy security and achieve carbon neutrality by 2050.
As both Phu Tho and the Ministry of Industry and Trade engage with South Korean entities, there is a palpable sense of optimism about the future of economic cooperation between Vietnam and South Korea. The strategic partnerships being forged not only promise to bolster local economies but also enhance bilateral relations on a broader scale.
In conclusion, the ongoing collaboration between Vietnamese provinces and South Korean corporations signifies a pivotal moment in the region's economic development, presenting numerous opportunities for growth and innovation.
