S. Korea to invest US$15.13 billion in Hanoi

South Korean investors have plans to pour US$15.13 billion into Hanoi in the time ahead, according to information at the Vietnam - South Korea Business Forum held in Seoul on November 28.

Chairman of the Hanoi People's Committee Nguyen Duc Chung hands over documents to S.Korean investors. Photo: Hoa An

The forum attracted more than 700 Vietnamese and Korean enterprises and was expected to further promote the interest of South Korean businesses and create a new wave of investment from the Northeast Asian country in Vietnam, including Hanoi.

At the forum, in the witness of Prime Minister Nguyen Xuan Phuc, Chairman of the Hanoi People's Committee Nguyen Duc Chung handed 19 documents to South Korean investors.

The documents include one investment license, four investment decisions and 14 cooperation memorandums.

South Korean investments in Vietnam will focus on developing industrial urban infrastructure, green and smart cities, shopping centers, hotel complexes, urban agriculture and high-tech applications.

Earlier, Hanoi Mayor Nguyen Duc Chung and the municipal departments’ leaders discussed with South Korean investors about Hanoi's investment environment, potentials and opportunities in Vietnam’s capital city.

Speaking at the forum, South Korean Deputy Prime Minister Hong Nam-ki called Vietnam one of South Korea’s key partners in Southeast Asia.

Hong Nam-ki said South Korea and Vietnam should promote investment and trade activities and pledged to solve the difficulties that South Korea and Vietnam encountered in cooperation projects through high-ranking channels.

For his part, Vietnamese Prime Minister Nguyen Xuan Phuc briefed South Korean investors on Vietnam's major economic achievements in recent years.

Besides, Phuc pledged to create favorable conditions for South Korean businessmen in implementing their projects, contributing to the economic development of Vietnam as well as South Korea.

According to Phuc, the South Korean community in Vietnam is the largest of its kind outside South Korea in Asia, indicating the huge attraction of Vietnam to South Korean people.

On the same day, the Hanoi mayor accompanied PM Phuc in meetings with the Vice Chairman of Samsung Group, Vice Chairman of Hyundai Heavy Industries and the leaders of GS E&C and GS Energy.