Vietnam welcomes RoK firms’ investment expansion: Deputy PM

The Vietnamese Government is willing to create favourable conditions for foreign enterprises, including those from the Republic of Korea (RoK), to expand investment and business in Vietnam, Deputy Prime Minister Pham Binh Minh told Chairman of Daewoo E&C Group Jung Won-ju.

During a reception for Jung on June 22, the Vietnamese leader expressed his belief that the two countries' relations will continue to develop more intensively and substantively in various fields, especially trade and investment.

Deputy PM Minh highly valued investment of RoK enterprises in Vietnam, including Daewoo E&C Group. He said that Starlake Tay Ho and Meyhomes Capital Phu Quoc projects invested by the firm have contributed to creating a spacious and modern urban landscape, and improving the value of the Vietnamese people's lives.

He expected Daewoo E&C Group to actively participate in urban transport infrastructure development projects, and share its experience in smart city operation and management with Vietnam.

The Deputy PM also suggested the firm join hands in organising activities to celebrate the 30th founding anniversary of diplomatic ties between Vietnam and the RoK (December 22, 1992 - 2022).

For his part, Jung thanked the Vietnamese Government for supporting the group's investment projects.

He briefed on the firm’s plans to expand business investment activities in Vietnam, including strengthening cooperation with Vietnamese enterprises to implement joint projects.

Established in 1973, Daewoo E&C Group specialises in construction, engineering, construction management and real estate business. The firm began its operation in Vietnam in 1992. In 2017, Daewoo E&C Vietnam Co., Ltd  was officially established with a total investment of US$1.3 billion, operating in the fields of investment, construction, and urban area business.

By the end of May 2022, the RoK was the largest investor in Vietnam with a total registered capital of US$78.6 billion, over 9,200 valid projects, accounting for 18.4% of total capital and 26% of the total number of foreign direct investment (FDI) projects in the Southeast Asian country. Two-way trade hit US$22.6 billion in the first quarter of 2022, up 26.7% year-on-year.

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