Khanh Hoa province is ramping up efforts to attract major investors from the Republic of Korea (RoK), with provincial leaders holding talks and signing a deal with industry giants during the ongoing state visit to the RoK by Party General Secretary To Lam.
On August 12 in Seoul, a delegation from Khanh Hoa, led by member of the Communist Party of Vietnam Central Committee and Secretary of the provincial Party Committee Nghiem Xuan Thanh, met with leaders of HD Hyundai – a leading corporations in shipbuilding and heavy industry.
During the meeting, Thanh briefed HD Hyundai representatives, including CEO of HD KSOE Kim Sung-joon and CEO of HD Hyundai Mipoon Kim Hyung-kwan, the province’s potential, competitive edges, and development direction, particularly following the recent administrative unit merger. He highlighted the crucial role of HD Hyundai Vietnam Shipbuilding Co., Ltd. (HVS), one of the most successful Korean-invested projects in Vietnam, with over 28 years of operation in the Nam Van Phong area.
Khanh Hoa, he stressed, remains committed to providing a transparent and investor-friendly environment, supporting strategic investors like HD Hyundai towards long-term and sustainable growth. The province’s development orientation prioritises the marine economy and industrial growth centred on Nam Van Phong, coupled with infrastructure upgrades, competitiveness improvement, and attraction of high-tech and environmentally friendly projects.
Meanwhile, HD Hyundai executives appreciated the province’s support and revealed plans to expand their factory in Nam Van Phong to boost shipbuilding capacity and develop a supporting industry ecosystem here. This will help optimise supply chains, enhance value-added production, and attract more satellite enterprises – an approach fully aligned with Khanh Hoa’s industrial development strategy.
Discussing potential cooperation projects, the two sides agreed to maintain regular information sharing and promptly address any challenges facing ongoing projects, aiming to strengthen their long-standing partnership and contribute to broader Vietnam – RoK economic cooperation.
Secretary of the Khanh Hoa provincial Party Committee Nghiem Xuan Thanh (third, from right) attends the Vietnam – RoK Economic Forum in Seoul on August 12. (Photo: VNA)
Within the forum’s framework, the Khanh Hoa People’s Committee and SK Innovation Co., Ltd. signed a cooperation agreement to develop a specialised energy – industry cluster (SEIC) in the province. The project includes building an LNG power plant, developing a distributed energy resources (DER) system, and establishing LNG-related logistics infrastructure in Khanh Hoa.
According to SK Innovation, the SEIC and related investments could generate potential socio-economic impacts worth around 45 billion USD by 2050 in the south-central region, including Khanh Hoa. The project is expected to become a major driver for the local energy industry, boosting electricity supply capacity, promoting logistics services, and contributing to Vietnam’s clean energy transition.
