President Phuc wishes for further investment from Korean conglomerates

Vietnam’s President Nguyen Xuan Phuc on December 6 suggested that Korean conglomerates strengthen their Vietnamese operations in environmental protection and high technology.

Korean investors will have the opportunity to expand its market presence in ASEAN, Asia Pacific, and the world, given the partnership agreements to which Vietnam is committed, President Phuc said at a meeting with top-level Korean business executives.

The Korean conglomerates attending the meeting were Samsung Electronics, Hyosung, and the Korea Development Bank.

Samsung Electronics to increase capital to $20 billion

Samsung Electronics plans to increase investment capital in Vietnam to $20 billion, Vice Chairman and General Director Han Jong-hee said.

Vietnam President Nguyen Xuan Phuc (right) meets Samsung Electronics Vice Chairman and General Director Han Jong-hee on December 6. Photo: Vietnam News Agency

Samsung will also demonstrate some top technologies in the coming innovation fair, he said, adding the technologies will be produced in Vietnam if any partners are interested in.

The South Korean conglomerate promises to implement well ongoing projects in Vietnam, the executive said, adding a new R&D Center has been built and will soon come into operation.

Han also said that Samsung would focus on the development of a young, dynamic, and capable labor force and strengthen investment in trend-setting technologies such as artificial intelligence (AI) and big data.

For his part, President Nguyen Xuan Phuc congratulated Samsung Electronics for the company’s successful operations in Vietnam.

According to the Vietnamese official, Samsung has invested a total of $18 billion in Vietnamese facilities and exported a total of $65.5 billion worth of products in 2021, thus making great contributions to Vietnam’s socioeconomic development and the bilateral relationship of the two nations, and promoting Vietnam into one of the biggest smartphone manufacturing hubs in the world.

President Phuc praised Samsung’s plan to raise capital in Vietnam to $20 billion. He hoped the Korean conglomerate would support local authorities to develop auxiliary and smart industries, making Vietnam one of the world’s top technology production sites.

Hyosung eyes long-term local operations

Hyosung Group hopes to make a long-term investment in Vietnam’s fields of environmental protection and green growth, chairman Cho Hyun Joon said.

He said that Vietnam has much potential for developing environmental protection and green growth, and further investment in these two activities may see certain successes.

Chairman Cho said that Hyosung Group had made a total of $3.5 billion worth of investment in Vietnam, and the company’s projects are located in the provinces of Ba Ria – Vung Tau, Quang Nam, and Bac Ninh.

Major activities focus on textile and garment production and industrial construction, he said, adding the company has employed more than 10,000 Vietnamese workers.

President Phuc praised the Hyosung Group for efficient investment in Vietnam and its expansion plan.

He hoped the Korean enterprise would double its investment capital in the country and achieve long-term local operations.

KDB targets Vietnamese financial market

Chairman cum General Director of Korea Development Bank, Kang Seoghoon, said that the bank might consider a financial package for Korean enterprises to invest in top-priority sectors in Vietnam such as green growth, environmental protection, and clean energy.

He said that the bank is also planning to develop other financial products and services in Vietnam and share its experiences to help boost the Vietnamese economy.

In return, President Phuc highly appreciated KDB’s idea to support the sustainable, green development of the Vietnamese financial sector, as Vietnam is eyeing green bonds as a key financial product in 2021-2030.

He hoped the Korean bank would further support Vietnamese and Korean businesses to nurture their operations.