NA Chairman appreciative of Korean firms' investment expansion plans in Vietnam

During the course of the meetings, the leading Vietnamese legislator acknowledged and highly appreciated the activities of Korean groups and stated that the country encourages foreign enterprises with technology, capacity, and experience to boost investment in infrastructure development facilities. This is especially true with regard to strategic infrastructure in terms of transport, large cities, health care, energy, and digital transformation.

Talking to Chairman Hue, Cho Huyn-sang, vice chairman of Hyosung Group, expressed his appreciation for efforts of Vietnamese workers who are working for the group under the "three on-site" working model in order to meet the firm’s business plans.

The Hyosung Group's leader therefore proposed issues related to the firm’s investment in the Vietnamese market, including the refund of value-added tax for Hyosung Vina Chemicals. He went on to suggest the speeding up of the construction of Ring Road 3's Tan Van-Nhon Trach section, whilst also approving the expansion of Tam Thang Industrial Park in the central province of Quang Nam.

While meeting with Lim Byeong-yong, CEO of GS Engineering & Construction Corp (GS E&C), NA Chairman Hue hailed the corporation’s infrastructure development in the Vietnamese market. Indeed, the nation has issued a list of 157 national projects calling on greater foreign investment in the 2021 to 2025 period in various fields, including transport infrastructure, industrial and economic zone facilities, information technology infrastructure, along with education and health, he said. As such the country pledges to create favourable conditions for GS E&C, he added.

The top Vietnamese legislators noted that the Vietnamese NA is currently focusing on fine-tuning the legal system as a means of creating the most favourable conditions for businesses, while simultaneously enhancing its supervision to ensure the effective implementation of policies and laws.

Meeting with Pyun Jung-bum, general director of Kyobo Life Insurance Co., Ltd, NA Chairman Hue appreciated the firm’s plans to invest in the country, saying that the nation has huge potential for the life insurance sector, adding that building and developing a safe, transparent, sustainable, and efficient insurance market, especially towards digital transformation, is a key Vietnamese priorities.

During the reception held for Suh Kyung-bae, chairman and CEO of Amorepacific Corporation, which is operating in manufacturing cosmetics and health care products, NA Chairman Hue said the country welcomes and supports the firm's plan to expand investment and business locally in the near future.

He suggested the firm should consider a plan to set up a production plant in the Vietnamese market, saying that with a favourable and transparent business and investment environment, the country becomes an attractive destination for foreign financiers, even amid the COVID-19 pandemic.

Kyung-bae said his enterprise is poised to open a factory in Southeast Asia, in which it will give priority to choose Vietnam, or potentially co-operating with Vietnamese businesses in this field.

Upon meeting with Park In-ku, vice chairman of Dongwon Group, NA Chairman Hue praised the group's effective operation locally, saying that it has actively contributed to Vietnamese development in terms of the processing and manufacturing industry.

In response, In-ku proposed that the top Vietnamese legislator support the signing of an agreement on seafood production and processing between the two sides.

The group is in the process of planning to expand investment in other fields, such as logistics, transportation, containers, cold storage, packaging materials, food, and is also considering investing in Vietnamese businesses operating in related fields, he said.

The same day saw NA Chairman Hue witness Minister of Labour, Invalids and Social Affairs of Vietnam Dao Ngoc Dung and Minister of Health and Welfare of the Republic of Korea (RoK) Kwon Deok-cheol sign an agreement on social securities between the two governments.

This marks the nation’s first comprehensive bilateral agreement on social securities, with both sides starting negotiations from 2015 and subsequently reaching a consensus on numerous major contents.

Under the terms of the agreement, an insurance scheme will be introduced to cover Vietnamese labourers working in the RoK and vice versa.

The agreement is therefore expected to push up the joint partnership amid the increasing number of Vietnamese labourers working in the RoK and vice versa, as well as paving the way for the country to reach bilateral deal on social securities with other labour export markets.