Jun 06, 2019 / 12:10
South Korea’s SK Group targets leading role in Vietnam’s environmental industry
A healthy growth of such industry would help rebalance Vietnam’s economic structure, especially as the country expects to take advantage of the Fourth Industrial Revolution for further development.
South Korea’s conglomerate SK Group expects to join Vietnam’s efforts towards sustainable development by helping the country become pioneer in environmental industry, SK Group’s Chairman Chey Tae-won has stated.
SK Group is currently cooperating with Vietnam’s Ministry of Planning and Investment (MPI) in drafting the strategy for the development of the environmental industry, said Chey in a meeting with Prime Minister Nguyen Xuan Phuc on June 5.
A healthy growth of such industry would help rebalance Vietnam’s economic structure, especially as the country expects to take advantage of the Fourth Industrial Revolution for further development, added Chey.
SK Group is committed to long-term business in Vietnam and willing to support the country’s initiatives for development in the future, stressed Chey.
At the meeting, PM Phuc welcomed SK Group’s recent acquisition of 6.5% stake in Vietnam’s largest privately-run conglomerate VinGroup in a deal worth US$1 billion, thus becoming the latter’s strategic investor.
Last September, SK Group invested US$470 million to purchase 110 million treasury shares of Vietnam’s Masan Group Corporation, equivalent to a 9.5% stake, making it Masan’s largest foreign shareholder.
Moreover, SK Group has provided a non-refundable grant worth US$30 million to facilitate the development of the National Innovation Center (NIC) in Vietnam.
Phuc said Vietnamese government would create favorable conditions for companies doing businesses in the country, especially technology firms, adding this is the direction for growth in the context of Industry 4.0.
Phuc stated SK Group has made a step in the right direction, while joint projects in hi-tech production between the group and Vingroup are expected to transform Vietnam’s manufacturing sector.
The PM referred to the slogan of “Make in Vietnam”, meaning all processes from creation, design and production take place right in Vietnam.
This is the only way for Vietnam to become a prosperous country, he asserted.
Overview of the meeting. Source: VGP.
|
A healthy growth of such industry would help rebalance Vietnam’s economic structure, especially as the country expects to take advantage of the Fourth Industrial Revolution for further development, added Chey.
SK Group is committed to long-term business in Vietnam and willing to support the country’s initiatives for development in the future, stressed Chey.
At the meeting, PM Phuc welcomed SK Group’s recent acquisition of 6.5% stake in Vietnam’s largest privately-run conglomerate VinGroup in a deal worth US$1 billion, thus becoming the latter’s strategic investor.
Last September, SK Group invested US$470 million to purchase 110 million treasury shares of Vietnam’s Masan Group Corporation, equivalent to a 9.5% stake, making it Masan’s largest foreign shareholder.
Moreover, SK Group has provided a non-refundable grant worth US$30 million to facilitate the development of the National Innovation Center (NIC) in Vietnam.
Phuc said Vietnamese government would create favorable conditions for companies doing businesses in the country, especially technology firms, adding this is the direction for growth in the context of Industry 4.0.
Phuc stated SK Group has made a step in the right direction, while joint projects in hi-tech production between the group and Vingroup are expected to transform Vietnam’s manufacturing sector.
The PM referred to the slogan of “Make in Vietnam”, meaning all processes from creation, design and production take place right in Vietnam.
This is the only way for Vietnam to become a prosperous country, he asserted.
Other News
- Over US$4.6 billion poured into Vietnamese startups in past decade
- Nvidia, FPT invest US$200 million in AI factory
- Vietnam starts construction of US$432 million expressway to China
- US-based Rosen Partner to invest in world-class entertainment complex projects in Vietnam
- Vietnam among top investment destinations for SEA investors
- Vietnam, China intensify cooperation on green growth, digital economy
- Foreign capital set to dominate Vietnam’s M&A landscape
- Vietnam looks to support FDI firms as global minimum tax looms
- Factors unlocking Vietnam’s potential in FDI attraction: HSBC
- Samsung to invest US$1 billion annually in Vietnam
Trending
-
Hanoi cracks down on food safety violations
-
Vietnam news in brief - May 3
-
Four- and five-star hotels to boom in Hanoi as tourism rebounds
-
Trivial jobs: Hanoians strive to keep their old trades alive
-
Hanoi strives to ensure smooth high school exams
-
Carnaval Ha Long 2024 woos tourists with fireworks and drone light shows
-
Affordable, quality tours offered at Hanoi Tourism Festival 2024
-
Introduction of community tourism area in Hanoi herb kingdom
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub