President meets Korean business leaders, pledging favourable conditions for investors

Monday, Dec 05, 2022 15:43

President Nguyen Xuan Phuc (right) meets with Kyung Shik Sohn, chairman and CEO of CJ Group. — VNA/VNS Photo Thong Nhat

President Nguyen Xuan Phuc pledged to create favourable conditions for investors while meeting with leaders of Korean firms which were implementing large-scale projects in Viet Nam on Monday in Seoul as part of his three-day visit to the country.

Receiving Kyung Shik Sohn, chairman and CEO of CJ Group, Phuc highly appreciated the group’s implementation of its commitments when investing in Viet Nam in food and animal feed production, biology, logistics and culture.

CJ now has 24 subsidiaries operating in eight sectors in Viet Nam with a total revenue of US$1.5 billion, a 10-fold increase in the past 10 years.

Phuc urged CJ to further expand investment in Viet Nam and turn the country into a global production and business base. He also expected CJ to consider moving the headquarters in Southeast Asia to Viet Nam to be able to take advantage of the opportunities of free trade agreements to which Viet Nam was a member and actively bring Vietnamese goods to the world market.

For his part, Sohn said that for many years, the group had properly implemented its investment commitments on clean food production and biotechnology in Viet Nam, turning Viet Nam into the third largest out of 30 markets of CJ in the world. He stressed that Viet Nam would become CJ’s production and business base in Southeast Asia.

At the meeting with Lotte chairman and CEO Shin Dong-bin, Phuc affirmed that Viet Nam always created favourable conditions for Lotte to expand business and continue its success in Viet Nam. He applauded Lotte for starting the construction of a major urban project in HCM City in early September and Lotte Mall Tay Ho which would be operational from August 2023.

He urged the group to study the investment in building a modern trade centre and urban area in Long An Province.

Phuc stressed that the management agencies in Viet Nam would cooperate with the group to ensure the harmonisation of interests between the two sides and create the best conditions for Korean firms to create new imprints in Viet Nam.

Hosting vice chairman and CEO of LG Kwon Bong-seok, Phuc highly appreciated the group’s investment in Viet Nam which creates thousands of jobs. Phuc said he expected LG would increase its investment in Viet Nam, especially in sectors of strength such as automotive and mobile phone equipment, information technology training and software centre.

Phuc hoped LG would set up its main and largest production centre in Viet Nam, pledging to create the best environment and infrastructure for the investors.

LG had invested in Viet Nam since 1995 with a total investment of $5.3 billion in a variety of sectors. LG would invest another $4 billion in Viet Nam and planned to turn Viet Nam into a production centre of cameras for phones, Bong-seok said

While meeting with chairman of Daewoo E&C Jung Won-ju, Phuc expected the group to invest in building large hospitals in Viet Nam to meet the healthcare services demand of the country of 100 million people together with investing in infrastructure, oil and gas and smart city.

Emphasising that the investment in the Star Lake smart urban area would be a highlight, Won-ju said that Deawoo wished to invest more in Viet Nam, especially in oil and gas, green growth, environment and community development.

Highly appreciating Huyndai Motor’s investment in Viet Nam, Phuc urged the group to enhance cooperation with Vietnamese enterprises and further promote the part-supply industry in Viet Nam while meeting with the group's CEO Chang Jae-hoon.

Phuc welcomed the group’s investment in producing electric vehicles in Viet Nam, adding that he would direct relevant ministries and agencies to study policies of tax and infrastructure development to encourage the use of electric vehicles.

Jae-hoon, for his part, expressed his wish to expand investment in the production of electric cars in Viet Nam to not only serve the Vietnamese market but also all of Asia.

At the meeting with Lim Byeong Yong, vice chairman and CEO of GS E&C, Phuc urged the group to expand investment in green energy, environmental protection, climate change adaptation, and infrastructure development.

In response, Yong said that the group was striving to implement several urban areas in Viet Nam and hoped to promote education infrastructure in the southern part of HCM City through the development of internationally affiliated schools.

While meeting with Yeonin Jung, CEO and chairman of Doosan, Phuc expressed hope that Doosan would jointly build green and clean energy solutions and support Viet Nam in realising its sustainable development goals. ‘

Phuc also received the group of partners of Saigontel lead by Kang Hoon Lee, Chairman of the Korea Overseas Infrastructure and Urban Development Corporation (KIND) under the Korea Ministry of Land, Infrastructure and Transport.

He applauded KIND’s cooperation with Viet Nam’s Saigontel to invest in Viet Nam, especially in infrastructure development. He also stressing the role of KIND in promoting investment and business of Korean firms in Viet Nam, adding that Viet Nam was improving the legal framework for public-private partnership (PPP) which would create favourable conditions for investing in Viet Nam.

Phuc said at the meeting with Dat Viet/Kocham’s group of partners that he expected Korean investors would continue to expand operation and investment in Viet Nam.

The partners group of Dat Viet/Kocham expressed hope that Vietnamese Government would provide support in implementing projects in the central region of Viet Nam which were expected to contribute to balance the development quality among different regions in the country. — VNS

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