S Korea: top HCM investor?

Đinh La Thăng, secretary of HCM City’s Party Committee, meets with South Korean business representatives at the South Korea–Việt Nam Business Forum held last week in Seoul. Photo Hồng Hiệp

Speaking to representatives from 100 enterprises at the South Korea–Việt Nam Business Forum, Thăng said that South Korea was the city’s fourth largest investor, but that huge potential between the two countries had yet to be fully realised.

Park Noh Wan, consul general of South Korea, told the business leaders that the country aimed to be the top foreign investor in HCM City.

During the forum, four Memoranda of Understanding were signed between HCM City and Korean enterprises in the fields of chemical industry, food processing, part supplying industry and infrastructure construction.

Thăng said that Korean firms had shown a deep interest in Việt Nam’s investment climate and HCM City firms were determined to improve co-operation with South Korea.

“HCM City is placing emphasis on continuing to be the country’s driving force and leading the southern region’s development as well as the motivating force behind national strategic targets,” Thăng said.

“Our ambition is to be a major hub for finance, commerce and science-technology in Southeast Asia,” he added.

Kim In Shik, chairman of the Korea International Co-operation Agency, said the agency would enhance co-operation with Việt Nam, especially HCM City, and develop public private partnership (PPP) projects.

During the visit, Thăng also met leaders of seven large South Korean groups, including CJ, Hyosung, GS, Lotte, Hanwha, E-mart and Samsung, who reported on their companies’ performance.

Investors from South Korea have topped the list of foreign investors in Việt Nam in the last two years.

The event was organised by the South Korean Consulate General, HCM City’s Department of Planning and Investment, Department of Foreign Affairs, HCM City Investment and Trade Promotion Centre, and the Korea Venture Business Association.

The forum was held under the framework of a week-long visit to South Korea by HCM City’s high-level delegation led by Thăng from September 7-14.

South Korea was the largest foreign investor in Việt Nam in the first five months of the year, with a total of US$3.42 billion.