Econ
South Korea’s major conglomerates seek investment expansion in Vietnam
South Korea’s companies want to increase investments in central Vietnam, which possesses huge potential for development.
South Korean investors and businesses, including major conglomerates such as Samsung, are seeking investment expansion in Vietnam, focusing on high-tech electronics and infrastructure development, according to Kim Do-huyn, South Korean ambassador to Vietnam.
In the coming time, South Korea’s companies want to expand investments in central Vietnam, which remains huge potential for development, Kim said in a meeting with Prime Minister Nguyen Xuan Phuc on February 20.
According to Kim, South Korean has high demand for labor force working in health sector and elderly care, so that the country hopes to cooperate with Vietnam on these aspects.
Kim expected Vietnam to host the second US-North Korea summit successfully, adding that it would show Vietnam’s responsibility in contributing to the world’s peace and stability.
At the meeting, Prime Minister Nguyen Xuan Phuc said the Vietnam-South Korea relation has progressed comprehensively on various aspects, including trade, investment, education and security.
Phuc requested Kim on his role to serve as the bridge facilitating investment and cooperation between two countries’ business communities.
The PM said the Vietnamese government is willing to support and create favorable conditions for South Korean investors doing business in Vietnam.
In 2018, South Korea ranked second among 112 countries and territories that have invested in Vietnam, with US$7.2 billion, or 20.3% of the total investment, behind Japan with US$8.59 billion, or 24.2% of the total.
Nevertheless, over the period of Vietnam’s 30 years attracting foreign investment, South Korea took the lead with US$62.5 billion or 18.3% of the total of US$340.1 billion, followed by Japan and Singapore.
Prime Minister Nguyen Xuan Phuc (r) and Kim Do-huyn, South Korean ambassador to Vietnam at the meeting on February 20. Source: VGP.
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According to Kim, South Korean has high demand for labor force working in health sector and elderly care, so that the country hopes to cooperate with Vietnam on these aspects.
Kim expected Vietnam to host the second US-North Korea summit successfully, adding that it would show Vietnam’s responsibility in contributing to the world’s peace and stability.
At the meeting, Prime Minister Nguyen Xuan Phuc said the Vietnam-South Korea relation has progressed comprehensively on various aspects, including trade, investment, education and security.
Phuc requested Kim on his role to serve as the bridge facilitating investment and cooperation between two countries’ business communities.
The PM said the Vietnamese government is willing to support and create favorable conditions for South Korean investors doing business in Vietnam.
In 2018, South Korea ranked second among 112 countries and territories that have invested in Vietnam, with US$7.2 billion, or 20.3% of the total investment, behind Japan with US$8.59 billion, or 24.2% of the total.
Nevertheless, over the period of Vietnam’s 30 years attracting foreign investment, South Korea took the lead with US$62.5 billion or 18.3% of the total of US$340.1 billion, followed by Japan and Singapore.
