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Nov 21, 2019 / 17:22

Hanoi wants more investment from South Korea

South Korea has become the second largest investor in Vietnam’s capital city.

Hanoi wants to attract more investment from South Korea in a wide range of fields, Chairman of the municipal People's Committee Nguyen Duc Chung said on November 20 at a meeting with Seoul counterpart Park Won-soon, as part of the Hanoi delegation's working visit to South Korea.

South Korean investors should focus on such fields as supporting industries, satellite town development, smart cities, eco-cities, transport infrastructure (construction of ring roads, urban railways, bridges crossing the Red river), solutions for training high-quality workforce in creative startups, among others, said the Hanoi mayor.

 Seoul Mayor Park Won-soon receives the Hanoi delegation and Mayor Nguyen Duc Chung. Photo:

At the meeting, the two sides were delighted at cooperation achievements between Vietnam and South Korea in general, Hanoi and Seoul in particular.

In recent years, Seoul and Hanoi have had effective cooperation activities in all fields. The cultural similarities between Vietnam and South Korea, the affection of Vietnamese people for the Koreans is one of the advantages in investment and economic cooperation between the two sides.

South Korea has become the second biggest investor in Vietnam’s capital city and the third source of tourists. More than 70 thousand South Koreans are now residing in Hanoi.

The Hanoi delegation also had a meeting with the the Korea Federation of Small and Medium-sized Businesses (KBIZ). Its Chairman Kim Ki Mun appreciated the effectiveness of operation of South Korean businesses in Vietnam in general and in Hanoi in particular.

Kim Ki Mun also expressed South Korean businesses’ desire to seek investment opportunities in Hanoi.

Mayor Nguyen Duc Chung affirmed that the Hanoi government has developed many mechanisms and policies to facilitate foreign investment, especially that from South Korea.

At the end of the meeting, the chairman of the Hanoi People's Committee and KBIZ chairman signed a memorandum of understanding which serves as a basis for South Korean investors to learn the market and invest in Hanoi and vice versa.

At Seoul's Transport Operation and Information Service (TOPIS) located at Seoul city’s Hall, Hanoi mayor Nguyen Duc Chung listened to Seoul’s experts who shared with the Hanoi delegation valuable experiences in applying modern information technology to manage transport, order and security, among others.

Seoul's smart transport system has really supported the state management of traffic, significantly improved the traffic quality of a city of more than ten million inhabitants.