High-rise skyscraper Lotte Center Hanoi, financed by South Korea's Lotte Group. In the first eight months of 2014, South Korea invested $2.47 billion in Viet Nam, making it the largest investor in the country. — VNA/VNS Photo Tuan Anh

HA NOI (Biz Hub) — Korean investors are seeking opportunities to expand investment in Viet Nam's construction sector following the implementation of the 2014 Construction Law, a conference revealed on Tuesday.

The gathering attracted the participation of 25 Korean investors such as Daewoo, Lotte, Samsung, Hyundai and Hanshin to discuss opportunities presented by the new law.

The Academy of Managers for Construction and Cities (AMC), International Co-operation Department under the Ministry of Construction and Korea Research Institute for Human Settlements (KRIHS) organised the event.

Hoang Tho Vinh, Deputy Director of the Construction Activities Management Agency, said the 10-chapter law would take effect at the beginning of 2015 and replace the 2003 Construction Law.

Vinh revealed that the law aimed to tighten the management of construction quality, ensure transparency in construction licensing and prevent planning overlap to enhance construction efficiency.

Kim Kyungil of KRIHS said that South Korean investors with prior experience in Viet Nam saw new opportunities, explaining that new investment opportunities would arise from changes to the setting up, evaluation, approval and licensing of construction projects.

He said that the Korean business community would continue to increase investment in Viet Nam in future.

Nguyen Noi, deputy director of the Foreign Investment Agency under the Ministry of Planning and Investment, said Viet Nam's legal framework on investment and construction would help encourage investment from large firms with strong financial reserves and sophisticated technology. This would also help achieve the nation's foreign direct investment (FDI) targets.

Noi added that Viet Nam should continue to improve its investment climate to attract more investment in the country's support industry and infrastructure sector.

In addition, South Korean investments in green industries should also be encouraged, he said.

Government figures showed that South Korea has so far invested in 3,930 projects worth US$32.845 billion. This makes South Korea the second biggest investor among more than 100 countries and territories with investments in Viet Nam.

In the first eight months of the year, South Korea was the largest investor in Viet Nam, with a total capital of $2.47 billion or 34.1 per cent of total newly-registered FDI. — VNS