RoK firms desire to invest in Vietnam in long run

VOV.VN - Business leaders of major leading groups in the Republic of Korea expressed their desires to expand investment in Vietnam during their separate meetings with Vietnamese National Assembly Chairman Vuong Dinh Hue in Seoul on December 13.

Leaders of Samsung Electronics, SK, and Lotte Shopping & Lotte Mart said they wish to cooperate closely with Vietnam in the fields of renewable energy development, electronics manufacturing, high-tech industries, as well as supporting Vietnamese enterprises in engaging in the global supply chain.

They said given its COVID-19 control and economic recovery efforts Vietnam will continue to be an attractive investment destination for foreign investors, including those from the Republic of Korea.  

For his part, NA Chairman Vuong Dinh Hue highly appreciated RoK business executives’ commitments and said Vietnam has planned to resume international commercial flights as of January 1, 2022 that will help facilitate business and investment activities between the two countries.

He welcomed Samsung’s Innovation Research Center project in Vietnam, and hoped that the electronics group would research and manufacture semiconductors to complete its high-tech chain in line with its three pronged production strategy in Vietnam.

Vietnam supports Samsung’s business expansion plan in the near future, and hopes the RoK group assist Vietnamese companies to improve their production capacity and competitiveness to engage in the group’s global supply chain, said Hue.

Samsung Electronics specialises in manufacturing household electronic products, mobile phones, semiconductors, and other telecommunications equipment. It is currently one of the largest FDI companies in Vietnam with a total investment of more than US$17.7 billion with large factories located in Bac Ninh and Thai Nguyen provinces.

Receiving SK Group’s executives, NA Chairman Vuong Dinh Hue thanked SK for supporting US$30 million for the Vietnam National Innovation Center. He voiced his support for the group’s proposal to develop clean energy sources and manufacture semiconductors and other telecommunication devices which he said are calling for foreign investment.

The Vietnamese NA leader also suggested that SK research and support Vietnam in energy transition and implementation of a roadmap to reduce carbon emissions in the near future, as well as in transferring technology to produce vaccines and drugs to treat COVID-19 patients.

SK is a multi-sectoral economic group with a market capitalization of nearly US$200 billion. It ranks second in the Republic of Korea and among the top 100 largest firms globally. Currently, SK has invested US$2 billion in Vietnam’s Vingroup, Masan, and Imexpharm pharmaceutical company. It is expanding investment in areas of its strength such as energy, especially clean energy, pharmaceutical & healthcare, logistics, and information technology.

At another meeting with Lotte Group executives, NA Chairwoman Vuong Dinh Hue welcomed the group’s efforts to develop its operations over the past time, especially its Lotte Malls in Hanoi and Ho Chi Minh City. He suggested that the group develop a landmark project to celebrate 30 years of the Vietnam – RoK diplomacy next year.

Lotte is the fifth largest multinational corporation in the RoK, operating in the fields of retail, food production, processing & manufacturing, and research & development. In Vietnam, Lotte has been investing in business since 1996.

The same day, Hue met with CEOs of other leading RoK groups such as Hanwha Energy, Deawoo E&C and the Korean Development Bank.

NA Chairman Vuong Dinh Hue is in Seoul for an official visit to the Republic of Korea at the invitation of Speaker of the Korean NA Park Byeong-seug.

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