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South Korean giants to pour billions of dollars into Vietnam

June 26, 2023 09:10 AM

More than 100 MoUs were signed by South Korean and Vietnamese businesses at the Vietnam-South Korea Business Forum on June 23.

South Korean giants to pour billions of dollars into Vietnam

The Vietnam-South Korea Business Forum, under the chairmanship of the two countries’ presidents and prime ministers, is one of the most important keys in the framework of the state-level visit of South Korean President Yoon Suk Yeol to Vietnam.

The forum, which was joined by about 205 South Korean enterprises and 300 from Vietnam, has concluded with the signing of more than 100 MoUs.

Do Nhat Hoang, Director General of Vietnam’s Foreign Investment Agency under the Ministry of Planning and Investment said, “South Korean investors will spend billions of dollars in Vietnam in the near future. Some of the projects are valued at almost a billion dollars and will be revealed soon.”

South Korean President Yoon Suk Yeol said that he highly appreciated Vietnam’s targets for the energy transition and digital transformation.

“They are excellent opportunities for both sides to cooperate and invest,” he said.

He would like to build the bilateral relationship into a symbol and a model for the world.

“Despite any challenges, with the cooperation of both nations, I believe that we will succeed and overcome all woes,” said the president.

Vietnamese Prime Minister Pham Minh Chinh highlighted the development history of the bilateral ties. He emphasised the development pillars that put people are the centre as the driving force for development, and stated that Vietnam will not sacrifice the environment, progress, justice, or social security to pursue economic growth.

“30 years ago, we could not imagine how the two countries’ relationship could reach the achievements it has today. All the cooperation on trade and investment will make further breakthroughs by the 60th anniversary of bilateral diplomatic relations,” said PM Chinh.

South Korean giants to pour billions of dollars into Vietnam

During a private meeting before the forum, prime minister Chinh received some large corporations and associations from South Korea. He thanked the South Korean partners for their contribution to Vietnam’s development over the last three decades. He called for their support with the development of innovation, the circular economy, the digital transformation, and the energy transition.

Furthermore, he highly appreciated the comments of South Korean businesses on the investment and business climate in Vietnam.

Lee Jae Yong, chairman of Samsung Electronics said, “Samsung and other enterprises are honoured to accompany the development of Vietnam. Vietnam’s success is also a success for South Korean businesses.”

Samsung has already poured $18 billion into Vietnam and pledged more in the future.

The Korea International Trade Association (KITA) proposed cooperation on the supply chain of essential minerals between the two countries. He mentioned rare earth minerals, which are an important resource where Vietnam has great potential for exploitation. South Korea has cutting-edge technologies in this sector, so the KITA representative expects further cooperation in this area.

The KITA representative hoped that upcoming adjustments on tax and other policies will help South Korean businesses to work more stably in Vietnam.

“We believe that South Korea and Vietnam will cope with every challenge and change based on our good friendship and strong relationship,” he said.

PM Chinh appreciated the proposal and welcomed South Korean businesses to invest and expand in Vietnam. He suggested paying more attention to the cultural and entertainment industries, which are South Korea’s strengths that could boost Vietnam’s development.

Source: Vietnam Investment Review

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