RoK’s businesses urged to broaden investment

Deputy PM Vuong Dinh Hue (R) and Chairman of Hyosung Group Cho Hyun-joo, RoK, June 19, 2019 – Photo: VGP/Thanh Chung

The RoK is the largest trade partner, the second ODA and tourism providers for Vietnam. Two-way trade turnovers surged sharply especially after the Vietnam-RoK FTA took effect. Meanwhile, Vietnam is the fourth biggest trade partner of the RoK.

The two countries signed the Memorandum of Understanding on the action program on trade cooperation in the 2018-2020 period to strive for US$ 100 billion trade turnover.

Meeting with Chairman of Hyosung Group Cho Hyun-joo, Deputy PM Hue said that the group is one of the largest Korean investors in Vietnam as it has registered some US$ 3 billion in production projects in Dong Nai and Quang Nam provinces.

Last year, the group earned US$ 2 billion of turnover and employed 7,000 local laborers. The Chairman expressed his concern over the early ratification of Tam Thang industrial park in Quang Nam province, expansion of Nhon Trach industrial park in Dong Nai province, and construction of a ring road in Tan Van-Nhon Trach section

In reply, Deputy PM Hue said that the Government highly appreciated the investment and business of the group in Vietnam with large-scale projects. The Government will entrust the Ministry of Planning and Investment and the Ministry of Finance as well as competent agencies to handle the issues.

In a separate reception for Lotte Group chairman Shin Dong-bin, Deputy PM Hue said that the Government would back the group to settle challenges such as those in the projects of EcoSmartCity Thu Thiem and Hanoi Lotte Mall.

The Deputy PM took the occasion to thank Lotte for supporting the Vietnamese farm produce program, nudging the country’s agricultural products closer to foreign consumers.

On this occasion, Deputy PM Hue had meetings with CEO of Hanhwa Energy Ryu Du-hyung, CEO of GS Engineering & Construction Corporation Woo Mu-hion, and leaders of Korean property ventures.

The same day, he witnessed the signing of strategic cooperation deal between An Phat Holdings JSC and TLC Korea, and visited representatives of the Vietnamese people community and the staff of the Vietnamese Embassy in the RoK.