President wishes RoK groups to invest more in Vietnam

President Nguyen Xuan Phuc has wished that the Republic of Korea (RoK)'s corporations would invest more in Vietnam and work closely with Vietnamese partners to make economic cooperation between the two countries on par with their diplomatic ties.
President Nguyen Xuan Phuc (R) receives Chairman of Hyosung Group Cho Huyn-joon (Photo: VNA)
During a reception in Seoul on December 6 for executives of leading RoK groups, President Phuc said as Vietnam already signed new-generation free trade agreements, Korean enterprises will have a chance to access ASEAN, Asia-Pacific and other markets, in addition to the 100-million-strong Vietnamese market .

He suggested they invest in Vietnam’s localities in fields of their strength, high technology and environment protection.

Chairman of Hyosung Group Cho Huyn-joon said his group has invested in all the three regions of the country with a total capital of US$3.5 billion in apparel and industrial establishments, generating jobs to 10,000 workers. Hyosung wants to invest more in Vietnam in potential fields like environment and green growth, he noted. 

The Vietnamese leader suggested Hyosung double investment in Vietnam, adding that Vietnam is keen on attracting investment in industry and environment to provide stable sources of input materials for Korean factories.

Meeting Chairman and CEO of the Korea Development Bank (KDB) Kang Seog-hoo, Phuc spoke highly of KDB’s good will to engage in finance-banking activities in Vietnam. He asked the lender to continue helping Korean firms successfully do business in Vietnam, especially in green finance and sustainability with a focus on green bond market under the national strategy on green growth for 2021-2030.

The Vietnamese leader also welcomed KDB’s proposal to work with the Vietnamese Finance Ministry to build a sustainable development plan for the Vietnam Development Bank.

Kang, for his part, said KDB has been instrumental in the RoK's development in the fields of automobile, shipbuilding, chemicals and heavy industry. It wants to share experience with Vietnam and offers capital to Korean firms to invest in fields of Vietnam’s priority such as green development, environment and clean energy.

KDB is also exploring the possibility of launching new financial products and services in Vietnam, he added.

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