In a recent development, Mr. Nguyen Anh Tuan, Secretary of the Provincial Party Committee and Head of the National Assembly Delegation of Bac Ninh province, met with Mr. Bang Seung Ho, Chairman of Phillips Group, South Korea, to discuss potential investment opportunities in the region.
During the meeting, Mr. Tuan shared that currently, there are approximately 2,350 projects from 41 countries and territories investing in Bac Ninh.
South Korea is the largest investor, with nearly 100 projects (accounting for 40%) and a total investment capital of about $14.7 billion.
Korean businesses in Bac Ninh are not only engaged in the electronics industry but have also diversified into other sectors such as clean energy, construction, real estate, and retail. This reflects the expanding scope of Korean investments in the province.
Therefore, Mr. Tuan expressed his hope that following this visit, the Phillips Group, South Korea, would find a suitable investment environment in Bac Ninh province. He envisioned a collaborative effort to produce new, high-quality electronic products, positively contributing to the province’s socio-economic development.
The Phillips Group, South Korea, is focused on a strategy to develop electric vehicles, electric vehicle batteries, and environmentally friendly electric motorcycles. The group aims to cater to domestic demand and expand into regional markets.
Considering the investment in an electric vehicle manufacturing facility in Bac Ninh is a strategic move by the Phillips Group, South Korea. It leverages the province’s geographical advantages, investment environment, and labor force. This also presents an opportunity for the group to expand its production and access the rapidly growing Southeast Asian market.
Earlier, in July 2024, World Alliaces Journal (WAJ) reported on the planned collaboration between Phillips International and Mai Linh Group (taxi Mai Linh) for the distribution of electric vehicles in Vietnam.
Both companies committed to establishing a joint manufacturing facility in Vietnam through technology transfer and supplying Phillips electric vehicles to the Vietnamese market.
Phillips International will prioritize providing Mai Linh with electric vehicles produced and assembled in South Korea while preparing to set up a manufacturing facility in Vietnam. The technology transfer will be executed comprehensively through a separate contract.
Meanwhile, the Mai Linh Group will collaborate with Phillips International to plan the construction of a joint manufacturing facility in Vietnam by investing in technology and infrastructure.
TH (Tuoitrethudo)
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