Many large Korean corporations want to expand investment in Vietnam.

During his official visit to South Korea, on the morning of July 3, in Seoul, Prime Minister Pham Minh Chinh had meetings with leaders of many Korean economic groups in the fields of technology, electronics, construction, infrastructure, steel production, trade, services, pharmaceuticals, biology, etc. The groups all wish to expand their investment in Vietnam.

During the meeting between Prime Minister Pham Minh Chinh and the leaders of CJ Group, Mr. Sohn Kyung Shik - Chairman of CJ Group said that CJ is a multinational corporation, operating in the fields of food, biotechnology, retail, and culture.

Currently, CJ invests in 25 countries, with revenue in 2023 reaching about 31 billion USD. Entering Vietnam in 1998 with a total investment capital of 1 billion USD, CJ currently has 24 member companies in Vietnam with revenue in 2023 reaching 1.4 billion USD.

CJ recommends that the Government consider applying a number of regulations related to commodity standards; take measures to protect domestic livestock enterprises, creating a solid foundation for the Vietnamese livestock industry; and wishes to continue investing in Vietnam in the food sector, especially the export of food products, logistics, cultural industry, etc.

The Prime Minister highly appreciated CJ Group's effective business operations in Vietnam in four areas, with CJ's products and services being favored by consumers; welcomed and suggested that CJ continue to expand its investment, considering Vietnam as a strategic market, especially in food processing, logistics, entertainment services, culture and biotechnology, and at the same time bring more Vietnamese goods to participate in CJ's global supply chain.

The Prime Minister also asked the group to increase experience exchange and training to help farmers develop livestock farming; build a system of quality standards for livestock products, trace the origin of livestock products; and continue to exchange livestock experts between the two countries.

Regarding CJ's proposal to study and develop livestock standards, ensure productivity and protect livestock farmers, the Prime Minister asked CJ to coordinate with relevant agencies to proactively remove obstacles and ensure compliance with legal regulations; affirmed that the Vietnamese Government will accompany and support CJ Group to invest, build and develop projects in Vietnam effectively and successfully, contributing to helping Vietnam achieve its goals of green growth and sustainable development.

During the Prime Minister's working session with the leaders of POSCO Group, Mr. Chang In Hwa - CEO of the Group said that POSCO is one of the top 5 businesses in Korea in the fields of steel, energy, trade, electric vehicle (EV) battery materials...; POSCO Group's revenue in 2023 will reach 59 billion USD.

In Vietnam, POSCO has established four steel branches, with a total investment of 1.8 billion USD; POSCO wishes to continue expanding cooperation and investment in Vietnam in a number of new fields; at the same time, it wants to convert the specialized port that POSCO is using in Vietnam into a commercial port; allowing POSCO to invest in an LNG power plant in Vietnam.

Appreciating the investment and business activities of POSCO Group in Vietnam, Prime Minister Pham Minh Chinh said that Vietnam is focusing on developing high-value economic sectors, especially emerging sectors such as semiconductors, artificial intelligence, big data, biotechnology, etc.

As a corporation with modern technology, capacity, finance, experience, meeting the requirements, standards, and regulations according to Vietnamese law, the Prime Minister said that the Vietnamese Government welcomes the corporation to research and invest with modern technology, ensuring the environment, according to Vietnam's development plans and orientations, especially in priority areas...

At the meeting between the Prime Minister and the leaders of KDB Bank, Mr. Kang Seog Hoon - Chairman and CEO of the Bank and his colleagues said that as a policy bank 100% owned by the Korean Government, with a network in 25 countries around the world, KDB cooperates and provides capital support for many large Korean economic groups to invest in Vietnam and closely coordinates with the Vietnamese Ministry of Finance to support the development of a sustainable development strategy for the Vietnam Development Bank (VDB).

KDB plans to boost investment in Vietnam's strategic sectors such as high-tech industry, innovation, infrastructure, green growth, etc.

Prime Minister Pham Minh Chinh highly appreciated KDB's positive and effective contributions to the development of the financial and banking sector in Vietnam; wished KDB to continue to develop strongly to support Korean enterprises to invest and do business successfully in Vietnam; encouraged KDB's credit support and financing plan for Vietnamese enterprises, especially small and medium enterprises, in the fields of green finance, infrastructure, high technology, etc.

In addition, the Prime Minister requested KDB to provide financial, professional and administrative support to contribute to enhancing the efficiency and safety of Vietnamese credit institutions, ensuring stable, sustainable, diversified and large-scale operations; connecting to bring Korean investors in particular and foreign investors in general to invest in Vietnam; at the same time, continuing to expand and develop new business areas and financial products and services.

On the same day, Prime Minister Pham Minh Chinh worked with Mr. Jeong Cheol Dong - CEO of LG Display and leaders of LG Group - a Korean multinational industrial corporation operating in the fields of electronics, communications, services, chemicals, etc., with revenue in 2023 reaching about 137 billion USD.

In Vietnam, LG has invested a total capital of more than 5 billion USD; is investing in a factory in Hai Phong; and wishes to continue investing in Vietnam in traditional and new sectors.

The Prime Minister welcomed and highly appreciated the investment and business efficiency of LG Group in Vietnam with a total investment capital of more than 5 billion USD and will invest an additional 4 billion USD, with fast disbursement progress, developing supporting industries with Vietnamese enterprises, creating jobs, actively contributing to the development of products applying modern technology, Vietnam's import-export turnover and the overall socio-economic development of the country.

Hoping that the group will continue to consider Vietnam as an important base in its global strategy of manufacturing, researching and developing key products for the international market, the Prime Minister asked LG Display to further increase the localization rate of LG products in Vietnam; support Vietnamese enterprises to participate in the group's supply chain and production chain; build research and development centers in Vietnam and actively participate in social security activities.

The Vietnamese government and ministries are creating the best conditions to ensure a stable power supply, quality human resources, smooth infrastructure and attractive incentives for LG's projects; promoting the development of infrastructure and services, ensuring an international standard social infrastructure system for experts and their families to live and work.

The Vietnamese Government will accompany and support LG Group's projects to continue investing, doing business effectively and successfully in Vietnam.

During the Prime Minister's reception of the leaders of Daewoo E&C Group, Mr. Jung Won Ju - Chairman of Daewoo E&C Group and Chairman of the Korea Housing Construction Association said that Daewoo E&C is a multinational company operating in the fields of construction, engineering, construction management and real estate development business, with revenue in 2023 reaching over 8.4 billion USD.

This is the first Korean construction company to establish a representative office in Vietnam in June 1991. In 2017, Daewoo E&C Vina Company was officially established, with a total investment of 1.3 billion USD, operating in the fields of investment, construction, and urban business with the outstanding project of Starlake City Tay Ho Tay.

Mr. Jung Won Ju said the group plans to move administrative agencies to this new urban area, but there are still some problems that should be resolved by Vietnam.

In addition, he said Daewoo plans to build a second new urban area in Thai Binh, thereby proving that the enterprise does not simply want to seek profit but also wants to bring Korean enterprises to Vietnam, attracting investment to other localities in Vietnam.

Sharing with the group's leaders, Prime Minister Pham Minh Chinh emphasized that investing in new urban areas is also a long-term strategy of Vietnam in the coming time. Regarding Daewoo's plan to build an urban area in Thai Binh; the Prime Minister said that this is a wise choice because Thai Binh is developing very quickly, with a coastal route connecting to Hai Phong and a highway connecting to Nam Dinh and Thai Binh. Besides, Thai Binh is also a low-lying area, urban development here has many advantages.

The Prime Minister asked the group to continue implementing projects in Vietnam; especially participating in the development of green urban areas in Vietnam in the direction of “villages in cities, cities in villages”; at the same time, actively participating in social security activities, building social housing, eliminating temporary and dilapidated houses in Vietnam; contributing to promoting the increasingly good development of cooperation between the two countries.

Working with the leaders of GS Engineering & Construction Group (GS E&C), Mr. Huh Yoon Hong - Chairman of the Group and his associates said that GS E&C's main business is investing and building new urban areas, civil infrastructure, refineries and petrochemical plants, hospitals, schools, water plants, environmental pollution treatment... The Group currently has 24 branches and representative offices in 18 countries.

In Vietnam, the group has been implementing real estate projects including Nha Be New Urban Area, Long Binh Urban Area, Thu Thiem; participating in the implementation of Metro Line 1 Ben Thanh-Suoi Tien; building a number of roads in Ho Chi Minh City, Hanoi-Hai Phong Expressway, Vam Cong and Vinh Thinh bridges; building and operating construction material factories in Dong Nai, Ba Ria-Vung Tau...

The Group wishes to cooperate in promoting ongoing projects; participate in projects to build smart urban areas with a focus on concentrated information technology zones for semiconductor design industries and high-tech startups... in line with Vietnam's general development orientation.

Appreciating the contributions and successful investment and business activities of GS E&C Group in Vietnam in recent times; welcoming and encouraging new investment plans for projects to foster high-tech start-ups in urban areas such as Nha Be Metrocity GS project, Prime Minister Pham Minh Chinh said that Vietnam is completing the development plan for Ho Chi Minh City, at the same time completing legal regulations related to site clearance, infrastructure investment, real estate, etc., which will be good conditions for the group to implement projects here.

The Prime Minister said that the Vietnamese Government will accompany and support GS E&C Group to invest and develop real estate projects and build infrastructure in Vietnam effectively and successfully, contributing to Vietnam achieving its goals of green growth and sustainable development; and hopes that the group will participate in social security work in Vietnam such as hunger eradication, poverty reduction, and the elimination of temporary and dilapidated houses, etc.

Working with the leaders of Celltrion Group, Mr. Kim Ki Hyoung - Vice President and CEO of the group said that it is the leading group in Korea in manufacturing and researching biological pharmaceuticals and Biosimilar drugs.

Celltrion products are popular in many countries around the world such as the US, Europe... Considering that Southeast Asia is a region with great potential for the development of the biopharmaceutical industry, Celltrion Group wishes to invest in establishing a biopharmaceutical import and distribution company in Vietnam; is willing to support Vietnam Pharmaceutical Corporation through technology transfer and production cooperation; and cooperate in marketing Celltrion products in Vietnam through Vinapharm's distribution system.

Appreciating the effective business operations of Celltrion Group in the field of biopharmaceuticals in Korea and the group's contributions to the production of drugs to treat COVID-19, Prime Minister Pham Minh Chinh said that Vietnam is focusing on prioritizing the development of the pharmaceutical industry; a place with abundant raw materials. However, Vietnam is lacking in technology and high-quality human resources for the development of the pharmaceutical industry.

Considering that the biopharmaceutical industry in Vietnam in particular and Southeast Asia in general is still underdeveloped, while this region, together with China, is a large market and a growth pole of the world, and Vietnam is the ASEAN-China connection point, the Prime Minister welcomed the group's plan to cooperate, support and transfer technology with the Vietnam Pharmaceutical Corporation; affirmed that the Vietnamese Government always supports and is ready to create a favorable legal corridor for investment, production and business activities of the domestic and foreign business community, including Korean enterprises and the Celltrion Group; accompanying and creating favorable conditions for the group to deploy effective, successful and sustainable investment and business activities in Vietnam.