Long An province forges strategic ties with Korean Corporations, strengthens role in international economic relations

DNHN - During a recent investment promotion mission to South Korea, a delegation from Long An Province, held important meetings with major Korean corporations such as STS Group, CS Wind, and GS Energy.

During a recent investment promotion mission to South Korea, a delegation from Long An Province, led by Mr. Nguyen Van Duoc, Member of the Central Party Committee, Secretary of the Provincial Party Committee, and Chairman of the Provincial People's Council of Long An Province, held important meetings with major Korean corporations such as STS Group, CS Wind, and GS Energy. 

The mission aimed to strengthen economic cooperation and promote investment in high technology, renewable energy, and sustainable urban development, opening new prospects for Long An's comprehensive development.  

Accelerating the progress of the LNG Power Plant Project in Long An Province

On the morning of October 15, 2024, the Long An Province delegation met with  GS Energy leaders. At the meeting, GS Energy’s Project Management Director introduced GS Energy's projects in Korea and provided updates on the progress of the Long An I and II LNG Power Plant project. This project, located in the Southeast Asia Industrial Park within the Long An International Port Complex in Tan Tap Commune, Can Giuoc District, Long An Province, has a total investment of 3 billion USD and is one of the top priority projects for GS Group.

Mr. Kim Sung Won, Vice Chairman of GS Energy, expressed his gratitude to the leaders of Long An Province for their active support in facilitating the LNG Power Plant project’s procedures. He expressed hope for the continued provincial government’s support and expressed GS Group’s commitment to actively cooperate with VinaCapital to complete legal procedures, expedite project implementation, and commence construction as soon as possible.

Mr. Vo Quoc Thang, Chairman of the Board of Directors of Dongtam Group, added that with the dedicated support of Long An Province, the investor has completed 100% of the site clearance and prepared adequate infrastructure for the project's construction phase. The project is now awaiting the final legal procedures from GS Group to officially commence construction.

During the working session with GS Energy, Mr. Nguyen Van Duoc, leader of the Long An Province delegation, expressed his gratitude for the warm welcome. Addressing the recent obstacles faced by the LNG power plant project in Long An Province, he acknowledged the challenges while emphasizing the provincial government's commitment to resolving them. Mr. Duoc highlighted the proactive involvement of relevant departments and agencies in consulting with central ministries and collaborating to find solutions. He also urged GS Energy to work closely with provincial authorities and relevant ministries to expedite the approval process for the project proposal and related procedures.

Mr. Duoc stressed the importance of swift and parallel processing by all parties to ensure the project's timely commencement. Upon completion, the LNG power plant will not only hold strategic significance for energy security but also positively impact the socio-economic development of Long An Province.

New impetus for modern urban commercial and service development

The Long An Province delegation also conducted a site visit on the same morning to a model urban complex project developed by STS Group in Gyeonggi-do Province. This model is currently being studied by STS Group for potential investment in Long An Province. 

The complex is known to host renowned brands such as Lotte Premium Outlet, Ikea, and other leading global furniture and home appliance brands. Notably, the Living Power Center within the complex integrates high-end shopping and entertainment services, including exhibitions, a cinema, entertainment experience zones, and dining areas. This project stands out as one of STS's flagship developments, harmoniously combining modern commercial amenities with community services and demonstrating the Group's commitment to developing comprehensive and sustainable urban areas.

STS Group has expressed strong interest in developing a similar urban complex in Long An Province, replicating its successful model in Gyeonggi-do. The proposed project aims to create a smart and modern urban space integrated with high-end commercial and service centers, offering new living standards that meet international criteria. This initiative is expected to attract international brands and contribute significantly to the province's development. Furthermore, STS Group has proposed investing in a "Pangyo Techno Valley" model, recreating Korea's leading high-tech and innovation complex in Long An Province.

Harnessing the potential for cooperation in developing industries serving renewable energy in Long An Province

In the afternoon of the same day, the Long An Province delegation met with CS Wind, a global leader in wind turbine tower manufacturing. Mr. Gim Seong-Gon, Chairman of CS Wind Corp., and other senior executives welcomed the delegation, highlighting the company's prominent position in the wind tower manufacturing sector and its global renewable energy projects. CS Wind Corp. is currently undertaking major projects in key renewable energy markets across Europe, North America, and Asia.

Amidst growing energy demands and the imperative to minimize environmental impact, Long An Province is actively attracting renewable energy projects. The collaboration between Dongtam Group and CS Wind Corp to construct an offshore wind tower manufacturing facility on a 50-hectare site, with an estimated investment of US$200 million, marks a significant milestone in the province's energy development strategy. The facility is projected to have an annual production capacity of tens of thousands of units, supplying oversized and heavy equipment ranging from 500 to 4,000 tons per unit. All of the initial equipment and accessories will be imported and exported through Long An International Port, with an estimated volume of 150,000 to 200,000 tons per year. As a pioneer in the global wind energy industry, CS Wind is committed to establishing Long An as the largest offshore wind tower production center in the region, catering to both domestic  international markets.

Long An Provincial leaders expressed their desire for Dongtam Group and CS Wind Corp to swiftly implement the Memorandum of Understanding (MOU) recently signed between the two parties, paving the way for the offshore wind tower project's prompt commencement. Reinforcing its commitment to supporting businesses, the Long An Province government pledged its full support to CS Wind Corp in navigating regulatory procedures and ensuring the project stays on schedule.

CS Wind leadership expressed their appreciation for the delegation's visit and conveyed their positive impression of the proactive, attentive, and sincere approach of Long An's leaders and government towards investors.

Both parties expressed confidence that the project would be successful due to CS Wind's international expertise, Dongtam Group's close cooperation, and the unwavering support of the Long An Province government. This collaboration is poised to create significant opportunities for both the investor and Long An Province, contributing to socio-economic development and enhancing the region's position in the renewable energy industry.

Strengthening investment connections and affirming Long An's position

This mission to South Korea underscores Long An Province's strategic vision and commitment to attracting foreign investment, particularly in key sectors like renewable energy, high technology, smart urban development, and commercial complex services. The strong commitments from major corporations like STS, CS Wind, and GS Energy not only demonstrate Long An's attractiveness as an investment destination but also lay a crucial foundation for achieving its green and sustainable growth objectives.

Long An Province is steadily establishing itself on the international investment map, becoming a prime destination for investors seeking opportunities in green economy sectors and modern technologies. The success of this mission is expected to generate new momentum and value for international economic relations and drive the robust and comprehensive development of Long An Province in the coming years.

The Long An delegation concluded its successful visit and working program in South Korea on October 16th.

Lap Nguyen