S.Korean companies eager to expand investment in Vietnam
S.Korean companies eager to expand investment in Vietnam
Four leading South Korean businesses expressed their wishes to promote investment in Vietnam at their separate meetings on Monday with Vietnamese Prime Minister Minh Chinh, who is in Seoul for an official visit.
Vietnamese Prime Minister Pham Minh Chinh (R) shakes hands with Chung Eui Sun, executive chair of South Korea’s Hyundai Motor Group at their meeting in Seoul, South Korea, July 1, 2024. Photo: Nhat Bac / Tuoi Tre |
These meetings were conducted within the framework of the four-day visit starting June 30 by PM Chinh and his spouse to South Korea at the invitation of Prime Minister Han Duck Soo and his spouse.
At his working session with the Vietnamese government chief, executive chair of conglomerate Hyundai Motor Group Chung Eui Sun expressed his wish to expand the group’s investment and business activities in Vietnam.
Hyundai Motor is ready to transfer new technologies and techniques to Vietnamese partners, especially amid the increasingly growing international and Vietnamese electric vehicle markets, Chung said.
Lauding Vietnam's strengths in high-quality and young human resources, the Hyundai Motor leader said that the group expects to offer training and refreshment programs to staff of the Southeast Asian country’s auto industry.
PM Chinh welcomed and encouraged Hyundai Motor Group to make more investment in the field of green transportation, boost technology transfer, increase localization rates, and support Vietnamese businesses to join global supply chains.
He also suggested that Hyundai Motor engage in football sponsorship and investment in Vietnam.
The South Korean group’s leader said they would actively and seriously consider Chinh’s suggestions.
At another session, PM Chinh received Jung Yeon In, vice-chairman and chief operating officer (COO) of Doosan Enerbility Co. Ltd., a leading energy solutions provider in South Korea which employs around 13,500 workers and earned over US$12.7 million in revenue last year.
Briefing the PM on Doosan Enerbility’s experience, capacity, and achievements, Jung discussed with Chinh the company’s plans for investment expansion in Vietnam and for transfer of experience, management skills, and technology to Vietnamese businesses.
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| Jung Yeon In (L), vice-chairman and COO of South Korea’s Doosan Enerbility Co. Ltd., and Vietnam’s Prime Minister Pham Minh Chinh at their working session in Seoul, South Korea on July 1, 2024. Photo: Nhat Bac |
Doosan Enerbility Vietnam Co. Ltd. (Doosan Vina), a Vietnamese subsidiary of Doosan Enerbility in central Quang Ngai Province, has alone produced mechanical and heavy industrial products for 398 projects in 35 countries and territories worldwide so far, with total orders worth more than $3 billion, Jung said.
Doosan Vina has also participated in developing offshore wind power and applying decarbonization technology to power plants to contribute to the realization of Vietnam’s goal to achieve net-zero emissions by 2050, he added.
Jung wished to sign memoranda of understanding with Vietnamese partners on investment cooperation in clean energy and emission reduction.
PM Chinh highly appreciated and welcomed the group's new solutions and technologies on green, clean energy in its investment activities in Vietnam as well as its support for the country in attaining sustainable development goals.
The Vietnamese government leader on Monday also received Cho Hyun Joon, chairman of conglomerate Hyosung Group, which has operated in Vietnam since 2007 with a total investment of over $5 billion, according to Nhan Dan (People) newspaper.
The PM hailed the group’s efficient operations in industry, construction, trade, information technology, and other spheres in Vietnam, as well as its contributions to the nation’s socio-economic development.
After hearing Cho introduce Hyosung’s investment expansion plan in Vietnam, Chinh highly appreciated it and affirmed that the Vietnamese government will facilitate the group implementing it.
Shin Dong Bin, chairman of Lotte Group, also met with the PM and expressed his wishes to strengthen investment in large-scale projects in Vietnam, a country that he said will continue growing to become a bright spot in the global economic picture.
PM Chinh promised to support Lotte’s future investment projects and suggested that the conglomerate pour more investment into such areas as smart city development, contributing to bolstering tourism.
