“Little Korea” Rises in Vietnam: A Haven for South Korean Businesses

Hanoi, Vietnam – A sprawling new industrial complex, dubbed “little Korea,” is taking shape in Vietnam, promising to be a magnet for South Korean businesses seeking to expand into Southeast Asia. Located in Hung Yen province, just a short drive from Hanoi, the Hung Yen Sheng Industrial Complex spans a massive 1,431,000 square meters – the equivalent of 200 football fields.

Construction began in September 2022, and infrastructure, including roads, management buildings, and essential utilities, is nearing completion. This aspiring project is the brainchild of VTK, a joint venture where South Korea‘s LH (Korea Land and Housing Corporation) holds a 35% stake and acts as the largest shareholder.

“the local developer lacked experience in large-scale progress projects,” explained VTK CEO Han Jung-deok. “LH’s extensive expertise, accumulated over six decades, has been invaluable in streamlining the process, notably in navigating land acquisition and regulatory hurdles.”

VTK’s commitment to quality is evident throughout the complex. Geryong construction, a renowned South Korean construction firm, was tapped for the project. “We adhered to the highest domestic safety standards and ensured the construction quality of essential infrastructure, including water and sewage pipelines,” said Kim Dong-shin, site manager for Geryong Construction.

A Home Away From Home for Korean Businesses

The Hung Yen Sheng Industrial complex is designed to be a welcoming environment for South Korean companies seeking to establish a foothold in Vietnam.

“We are offering attractive tax incentives, including a two-year corporate tax exemption and a 50% reduction for the following four years,” said a VTK representative.

Adding to the appeal, the complex boasts a dedicated IT support center staffed by Korean-speaking personnel. This unique feature addresses a common concern for foreign businesses – the language barrier.

“having access to Korean-speaking staff for IT support and general administrative issues is a huge relief,” said a representative from a company considering relocating to the complex. “It makes the transition much smoother.”

VTK is actively seeking anchor companies to establish a vibrant industrial ecosystem within the complex. With its strategic location, attractive incentives, and a commitment to providing a familiar and supportive environment, the Hung Yen Sheng Industrial Complex is poised to become a thriving hub for South Korean businesses in Vietnam.

“Little Korea” in Vietnam: Q&A with an Expert

Sarah: Hey Michael, I heard about this massive new industrial complex in Vietnam called “little Korea.” What’s the story behind it?

Michael: It’s pretty fascinating! It’s this huge project spearheaded by a joint venture called VTK, headed up by the South Korean firm LH. They’re basically building a dedicated space for South Korean businesses to expand into Southeast Asia.

Sarah: Wow, that’s ambitious.Where exactly is this “Little Korea”?

Michael: It’s located in Hung Yen province, just a short drive from hanoi. And it’s huge! We’re talking 1,431,000 square meters – imagine 200 football fields!

Sarah: So, why Vietnam? What makes it attractive for Korean businesses?

Michael: Vietnam has been experiencing rapid economic growth, and it’s a relatively cheap place to do buisness compared to other developed economies in the region. plus, it offers a young and eager workforce. The complex itself is designed to be super attractive to Korean companies. They’re offering tax incentives, like a two-year corporate tax exemption, and have even set up a dedicated IT support center with Korean-speaking staff.

sarah: That’s smart. What about the construction? How’s that going?

Michael: They started building in September 2022, and things are progressing quickly. The infrastructure is almost complete – roads, management buildings, all the essential utilities are in place. It seems like they’ve really gone all out.

Sarah: That’s interesting. It sounds like this “Little Korea” complex could become a major hub for Korean businesses in Southeast Asia.

Michael: Exactly! They’re actively looking for anchor companies to move in, and they’re hoping to create a vibrant industrial ecosystem. It’s definitely one to watch.

“Little Korea” Rises in Vietnam: A Haven for South Korean Businesses

Hanoi, Vietnam – A sprawling new industrial complex, dubbed “Little Korea,” is rapidly transforming the landscape of Vietnam, promising to become a magnet for South Korean businesses seeking to expand into Southeast asia.

Located in Hung Yen province,just a short drive from Hanoi,the Hung Yen Sheng Industrial Complex is truly immense,spanning an impressive 1,431,000 square meters – the equivalent of 200 football fields. Construction commenced in September 2022, and

infrastructure growth, including roads, management buildings, and essential utilities, is nearing completion.

A Partnership for Success

This ambitious project is the brainchild of VTK, a joint venture where South Korea’s LH (Korea Land and Housing Corporation) holds a important 35% stake and acts as the largest shareholder.VTK CEO Han Jung-deok highlighted the crucial role LH played in navigating the complexities of the project.

“The local developer lacked experience in large-scale projects,” explained Mr. Han. “LH’s extensive expertise, accumulated over six decades, has been invaluable in

streamlining the process, notably in navigating land acquisition and regulatory hurdles.”

VTKs commitment to quality is evident throughout the complex. Geryong Construction, a renowned South Korean construction firm known for its meticulous standards, was

selected to oversee construction.

“We adhered to the highest domestic safety standards and ensured the construction quality of essential infrastructure, including water and sewage pipelines,” stated Kim Dong-shin, site manager for Geryong Construction.

More Than Just Bricks and Mortar

The Hung Yen Sheng Industrial Complex is designed to be more than just an industrial park; it aspires to be a complete hub for Korean businesses in Vietnam. The complex

will offer a range of services and facilities tailored to the needs of Korean investors, fostering a sense of community and support.

A Promising Future

With its strategic location,high-quality infrastructure,and supportive habitat,the Hung Yen Sheng Industrial Complex is poised to attract a significant influx of South Korean

businesses,boosting economic ties between the two nations.

“Little Korea” is set to become a vibrant symbol of South korean investment and entrepreneurship in Vietnam, offering a promising future for both countries.