To ensure successful businesses, one must fully integrate and adapt to the local environment. In this regard, no one is better than South Korean investors in Vietnam, said Prime Minister Nguyen Xuan Phuc.
Compared to peers from other countries, South Korean investors possess unique advantages in Vietnam, mainly thanks to cultural similarities and the affection of Vietnamese people for South Korea, according to Prime Minister Nguyen Xuan Phuc.
Participants at the conference. Source: VGP. |
“To ensure successful businesses, one must fully integrate and adapt to local environment. In this regard, no one is better than South Korean investors in Vietnam,” said Phuc at a conference held in Seoul on November 28 with major South Korean’s conglomerates in the fields of heavy industry, construction, finance, banking, and automobile.
The event was jointly organized by Vietnam’s Ministry of Planning and Investment (MPI) and South Korea-based law and business consulting firm K&C, with presences of CJ Group, Lotte Group, Hana, Hanwha, Hyosun, LG, among others.
Phuc expected South Korean companies to create a new miracle in investment in Vietnam, contributing to bringing bilateral trade to US$100 billion in 2020 or even higher.
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 businesses and investors.
Over the past few years, South Korean companies and brands have gained multiple successes in Vietnam and have huge influence on the local people, Phuc stated, adding each Vietnamese family has at least one South Korean product such as Samsung’s smart phone, LG washing machine, air conditioner, cosmetics, or clothes from South Korean brands.
Overview of the conference. Source: VGP. |
Phuc referred to Park Hang-seo, coach of Vietnam’s national football team, as the most loved foreigner in the country, while in major football matches, the national flags of Vietnam and South Korea are often seen together.
Moreover, the South Korean entertainment industry has similar attraction to Vietnamese compared to Hollywood, he said.
Phuc stressed Vietnamese economy is growing at a rapid and stable rate for many years, saying South Korean investors could rely on Vietnam’s political and economic stability to commit long-term businesses in the country.
Phuc said Vietnam could help South Korean realize their potential and become even richer, which is evident through the strong performance of Samsung, LG, Huyndai, KIA, Lotte, as well as the rapid growing South Korean community in Vietnam.
The PM said the government would continue to address shortcomings of the economy, including the lack of high quality human resources and deficiencies in infrastructure development, to support investors.
At the meeting, most South Korean conglomerates said they plan to expand operations in Vietnam, while representatives of CJ and Hyosung target Vietnam as their production hubs for other markets.
Other News
- Nvidia, FPT invest US$200 million in AI factory
- US-based Rosen Partner to invest in world-class entertainment complex projects in Vietnam
- Foreign capital set to dominate Vietnam’s M&A landscape
- Samsung to invest US$1 billion annually in Vietnam
- Thai bank acquires Vietnamese finance company
- Vietnam appreciates support from int’l friends in nation-building: PM
- Vietnam, Hungary call for stronger economic ties
- Vietnam - Indonesia expand cooperation to include green growth, EV ecosystem
- Vietnam ready to absorb investment capital in semiconductor industry
- India’s largest energy group eyes investment in Vietnam
Trending
-
Hanoi, UNESCO pledge further cooperation
-
Vietnam news in brief - April 25
-
Vietnamese contemporary ballet celebrates Europe Day
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
IT training urged to focus on semiconductors
-
Voluntary social security should cover larger part of informal sector: Experts
-
ASEAN Future Forum 2024: Promoting regional centrality
-
Central bank moves gold auction to tomorrow
-
[Video]Hanoi beauty spots featured in saxophone legend Kenny G's music video