Hanoi welcomes businesses from Gyeonggi Province to operate in the Hoa Lac Hi-Tech Park, said Dinh Tien Dung, secretary of the municipal Party Committee, on Sept. 7.

Hanoi and Gyeonggi officials at the meeting on September 7. Photo: Thanh Hai/The Hanoi Times

Speaking at the meeting with guests from Gyeonggi Province (South Korea), the Secretary said that Hanoi is making changes to the city's development plan by turning the Hoa Lac - Xuan Mai region in the west into a satellite city of science and technology and education and training.

With the development of Hanoi's western outskirts, the city's 12 urban districts will be relieved of the strain on their infrastructures, he said, adding that this area will be a new home for educational institutions with some 3.3 million students.

The Hoa Lac Hi-Tech Park will be the core of the new satellite city, and with universities set to relocate there, it will become the hub of innovation, he said.

"Hopefully, Hanoi will take over full management of the high-tech park from the Ministry of Science and Technology this month," the secretary said.

He added that 30 percent of the high-tech park's total area of 1,600 hectares is cleared, however, most of the cleared area is still vacant.

"Hanoi wants to expand the Hoa Lac Hi-Tech Park. The city is considering building more roads and an urban rail to connect the park to the city," Dung said.

According to him, the Hoa Lac Hi-Tech Park is suitable for chip and electronics production and human resources development. Hanoi hopes to attract more foreign investors to the park, whose clean technologies will drive the socio-economic development of the capital.

However, with some 20,000 active professionals, officials and employees, the park is currently short of housing. "The participation of Gyeonggi investors can help solve the problem," he said.

"Hanoi welcomes foreign investors to start and expand their businesses in the city," Dung said.

Kang Kum-sil, ambassador of Gyeonggi Province, said the province is one of South Korea's largest and home to about 40,000 Vietnamese.

Dinh Tien Dung, Secretary of the Hanoi Party Committee, presents a gift to Kang Kum-sil, Ambassador of Gyeonggi Province, on September 7. Photo: Thanh Hai/The Hanoi Times

Gyeonggi Province wants to strengthen ties with Hanoi in many areas, especially economic development and education and training, she said.

She believed that the the Hoa Lac Hi-Tech Park will become a cluster that drives Hanoi's socio-economic development as the city experiences rapid urbanization and population growth.

Kim Se-yong, CEO of Gyeonggi Housing and Urban Development Corporation (GH Corporation), said his company has experience in building industrial parks and residential areas.

In Vietnam, GH Corporation has 18 years of experience, so the company is confident to participate in the Hoa Lac Hi-Tech Park development project, he said.

For his part, Secretary Dung highly appreciated the potential of Gyeonggi Province as one of the most populated provinces in South Korea with advantages in heavy and light industries, agriculture, tourism, electronics and technology.

He welcomed the South Korean delegates' suggestions, noting that the ideas "fit Hanoi's concerns for local socio-economic development.

To realize the potential of the two-way relationship, Dung instructed Hanoi's Department of Foreign Affairs to work with Gyeonggi Province authorities to draft a Memorandum of Understanding (MoU) for the two sides to ratify by the end of this year.

He also thanked the South Korean authorities for supporting the settlement of the overseas Vietnamese community and invited the Governor of Gyeonggi Province to visit Hanoi and Vietnam soon.

Relations between Hanoi and Gyeonggi began in 2000 when the South Korean city partnered with Ha Tay Province, which was merged with Hanoi in August 2008. In 2013 and 2017, two delegations from Gyeonggi came to Hanoi to work with the city's People's Council.

Vietnam and South Korea established diplomatic relations in December 1992. After 30 years, the East Asian nation has become Vietnam's comprehensive strategic partner.

South Korea is the top source of FDI capital in Vietnam, totaling $7.84 billion, and the second largest ODA financier to Vietnam, with eight projects totaling nearly $18 million.

Since 2017, Hanoi has supported the South Korean Embassy in Vietnam in organizing cultural and artistic exchanges, sending local troupes to participate in international events in South Korea.