Wednesday, 24 Jul 2019
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S.Korea’s major conglomerates focus on large-scale projects in Vietnam

Updated at Thursday, 20 Jun 2019, 15:19
The Hanoitimes - Vietnam would continue to create favorable conditions for South Korean companies to do business in the country.
In various meetings with Deputy Prime Minister Vuong Dinh Hue, executives of South Korea’s leading conglomerates expected support from the government to speed up their large-scale projects in the country. 
 
Deputy Prime Minister Vuong Dinh Hue (r) and Hyosung’s President Hyun Joon (l). Source: VGP.
Deputy Prime Minister Vuong Dinh Hue (r) and Hyosung’s President Hyun Joon (l). Source: VGP.
Hyosung’s President Hyun Joon said revenue of the company’s base in Vietnam reached US$2 billion in 2018 and currently employs 7,000 locals. 

Joon expressed the group’s interest in the soon approval of the expansion plans for Tam Thang – Quang Nam and Nhon Trach – Dong Nai industrial parks, requesting the speedy construction of Ring road 3 Tan Van – Nhon Trach to support local enterprises in the area. 

Deputy PM Hue expected Hyosung, as one of the largest South Korean investors in Vietnam with registered capital of US$3 billion, to commit long-term business in Vietnam, turning the country into one of its main global bases.
 
Deputy Prime Minister Vuong Dinh Hue and Lotte Group’s President Shin Dong Bin
Deputy Prime Minister Vuong Dinh Hue and Lotte Group’s President Shin Dong Bin. Source: VGP.
For its part, Lotte Group’s President Shin Dong Bin asked the Vietnamese government to address the group’s concern during its operations in EcoSmartCity Thu Thiem and Hanoi Lotte Mall projects. 

Lotte has been investing heavily in Vietnam over the past few years with registered capital of US$3.3 billion, focusing on real estate development, distribution, and entertainment, among others. 

Lotte is cooperating with Hanoi to introduce Vietnam’s agricultural products in its distribution network in South Korea this year, which is part of its supports for the country’s exports. 

Additionally, Lotte has committed to invest US$10 billion in Vietnam’s startups fund. 

According to Deputy PM Hue, the government and Prime Minister Nguyen Xuan Phuc would address Lotte’s concern and creating favorable conditions for South Korean companies doing businesses in Vietnam. 

On the same day, Hue had had separate meetings with Hanwha’s President Du Hyong Ryoo and President of GS E&C Woo Mu Hion, as well as leaders of South Korea’s property development funds. 
Ngoc Mai
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