Korean investors raise key concerns in Ho Chi Minh City dialogue

Co-organised by the Ho Chi Minh City Investment and Trade Promotion Centre and the Korean Consulate General, the conference served as a platform for both sides to exchange views on improving the city’s investment climate.

Kim Nyoun Ho, chairman of the Korean Chamber of Commerce in Vietnam, offered proposals aimed at strengthening Vietnam–Korea economic cooperation and addressed a number of persistent challenges facing Korean investors.

“In July 2024, during Prime Minister Pham Minh Chinh’s visit to Korea, Korean businesses presented investment plans worth billions of US dollars. As a result, by 2025, Korea has become the leading source of foreign direct investment in Vietnam—marking a new phase in our bilateral economic ties,” he said.

Despite this momentum, Ho highlighted areas in need of reform to sustain long-term cooperation. These include unresolved issues surrounding tax refunds, infrastructure fee regulations, and burdensome investment licensing procedures.

Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan led the dialogue with Korean businesses

In his opening remarks, Vice Chairman of Ho Chi Minh City People’s Committee Vo Van Hoan noted that the bilateral relationship, elevated to a Comprehensive Strategic Partnership in December 2022, has witnessed significant progress. “At the local level, ties between Ho Chi Minh City and Korea have yielded many successes,” he said. “Korea is one of the city’s leading partners in trade, investment, and tourism, with a community of more than 80,000 people and over 2,000 Korean businesses contributing to the city's development. The city views the success of enterprises as a key driver for improving the investment environment.”

Hoan also reaffirmed the city’s commitment to maintaining a stable and favourable environment for long-term operations, especially for Korean businesses.

“We recognise the vast potential for comprehensive cooperation with Korea and hope this conference, along with future forums, will lay the groundwork for new models of investment, trade, and tourism suited to the strengths of both sides,” he said.

Shin Choong Il, consul general of the Republic of Korea in Ho Chi Minh City at the dialogue

Shin Choong Il, consul general of the Republic of Korea in Ho Chi Minh City, underscored the conference’s importance in giving Korean enterprises an opportunity to voice their concerns and gain clarity on Ho Chi Minh City’s economic priorities—particularly in the context of digital transformation. “I hope this event marks the beginning of stronger growth for both the city and the Korean business community,” he said.

Do Dang Ai, deputy director of Ho Chi Minh City Department of Finance, reported that the city’s regional GDP growth rate for 2024 stands at 7.17 per cent, with investment attraction showing positive signs. As of January 31, Korea ranked as the city’s third-largest investor, with more than 2,280 projects and around $5.5 billion in registered capital.

Ai said the city is prioritising investment in high-tech industries, support services, and the development of an international financial centre and digital technology hub. “Public-private partnerships will play a critical role in infrastructure, healthcare, education, culture, and sports. We are also focused on administrative reform and improving conditions for investors,” he said.

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