Increase localisation, Hyundai urged
Increase localisation, Hyundai urged
President Tran Dai Quang on Tuesday asked the Hyundai group to support its Vietnamese partner in personnel training and technology transfer, and increase the localisation rate of its products made in Viet Nam.
Receiving Hyundai Motor Vice Chairman Chung Eui-sun in Ha Noi, he said Viet Nam would create all possible conditions for foreign firms, including those from the Republic of Korea (RoK), to do long-term business in the country.
Welcoming Chung’s working visit at a time the two countries are celebrating the 25th anniversary of diplomatic relations, Quang highlighted the vigorous growth in bilateral ties.
He said the countries had established a strategic co-operative partnership in 2009 and have maintained high-level visits, helping bolster mutual understanding and political trust.
The President also cited impressive outcomes in economic, trade and investment co-operation, including the signing of a bilateral free trade agreement (FTA).
The RoK has become Viet Nam’s top foreign investor, the second biggest ODA provider and tourism partner, and the third largest trade partner, the President said.
The RoK’s direct investment in Viet Nam is surging, exceeding US$3.1 billion in the first two months of 2017, he noted.
Quang said he hoped that on the basis of the sound political ties and the Viet Nam-RoK FTA, Hyundai Motor would continue expanding investment in Viet Nam.
Chung Eui-sun said Hyundai Motors had set up a joint venture to manufacture, assemble and distribute cars in Viet Nam almost a decade ago. The joint venture’s automobiles have since been shipped to other countries in the region, he said.
The group has received substantial co-operation and assistance from Vietnamese partners and local authorities, he said, adding that the group would send experts to Viet Nam to train partner staff.
He attributed the RoK’s soaring direct investment in Viet Nam to appropriate policies and effective assistance provided by the Vietnamese State and Government.
Aside from stepping up investment and technology transfer, Hyundai Motor would further engage in social welfare projects in the country, Chung Eui-sun said.
