6 leading Korean corporations want to expand investment in Vietnam

Promote the export of Vietnamese spring rolls to the world

Starting the last working day of his visit to Korea, on the morning of July 3, the Prime Minister received Mr. Sohn Kyung Sik - Chairman of CJ Group.

CJ is a multinational corporation, founded in 1953 in Korea, operating in the fields of food/food services, biotechnology, logistics/retail, culture. CJ has invested in 25 countries. Total number of employees is nearly 80,000 people, revenue in 2023 is about 31 billion USD.

CJ invested in Vietnam in 1998 with a total investment capital of 1 billion USD, currently has 24 member companies, 2023 revenue reaching 1.4 billion USD, with 11,200 employees.

At the meeting, CJ made a number of recommendations related to the Vietnamese Standards system (TCVN), taxes in the livestock sector, administrative procedures, etc. Vietnam is the group's regional headquarters and CJ wishes to continue investing in Vietnam in the food sector, promoting food exports such as spring rolls and processed shrimp, contributing to bringing Vietnamese culinary culture to the world, as well as the fields of logistics and cultural industry.

The Prime Minister received Mr. Sohn Kyung Sik, Chairman of CJ Group (Photo: VGP).

The Prime Minister highly appreciated CJ's effective business operations in Vietnam; suggested that CJ continue to expand its investment more and better, consider Vietnam as a strategic market, and succeed together with Vietnam, especially in livestock farming, food processing towards reducing emissions, high technology, as well as the fields of logistics, entertainment services, culture and biotechnology, and at the same time bring more Vietnamese goods to participate in CJ's global supply chain.

Next, the Prime Minister received Mr. Chang In Hwa - CEO of Posco Group - one of the top 5 businesses in Korea.

At the meeting, the group's leaders expressed interest in the clean energy and gas-fired thermal power sectors; wished to participate in the exploitation and processing of rare earths in Vietnam; and proposed to convert Posco's specialized port in Ba Ria-Vung Tau into a commercial port.

The Prime Minister received Mr. Chang In Hwa - CEO of Posco Group (Photo: VGP).

The Prime Minister highly appreciated Posco's investment and business activities in Vietnam through the operational efficiency of its member companies; and welcomed Posco to expand its investment and operations in Vietnam towards green development, promoting circular economy and digital economy.

Responding to each of Posco's recommendations, the Prime Minister said that Vietnam wants to strengthen international cooperation and attract investment in the rare earth sector, in the spirit of fair, healthy, open and transparent competition between investors from other countries in the direction of high technology, sustainable exploitation, deep processing and environmental protection.

The Prime Minister asked the group to consider participating in LNG thermal power projects in Thanh Hoa and Nghe An. Regarding the conversion of port functions, the Prime Minister asked the group to make specific proposals to Vietnamese authorities for consideration and resolution based on planning and current regulations, ensuring mutual benefits and environmental protection.

Forming a closed LG production complex in Hai Phong

The Prime Minister received Mr. Cheoldong Jeong - CEO of LG Display. LG (1947) is a Korean multinational industrial corporation, operating mainly in the fields of electronics (smart home appliances, car parts, etc.), chemicals (chemical raw materials, biotechnology, cosmetics), communications and services (mobile services, business platforms). Total number of employees is 270,000 people (2023), revenue in 2023 is about 137 billion USD.

LG's total registered investment capital in Vietnam is 8.02 billion USD, with estimated revenue in 2023 of 13.97 billion USD. LG's projects are all located in Hai Phong. LG is also operating R&D centers in Hanoi and Da Nang with more than 1,000 employees.

The Prime Minister received Mr. Cheoldong Jeong - CEO of LG Display (Photo: VGP).

The group's leaders affirmed that Vietnam is LG's key global production location, having disbursed over 5 billion USD in investment to date; sincerely thanked Vietnam for its active and effective support for LG; discussed plans for continued investment in the coming period, including the LG Innotek factory in Hai Phong, which when completed will double its capacity, forming a closed LG production complex.

The Prime Minister welcomed and highly appreciated LG's investment and business efficiency in Vietnam, hoping that the Group would continue to expand investment in its strong fields towards digital economy, green economy, circular economy, and sharing economy.

The Prime Minister suggested that LG increase the localization rate, facilitate Vietnamese enterprises to participate in LG's supply and production chain, actively participate in social security activities, contribute ideas to build and perfect policies, build more research and development centers, consider Vietnam an important stronghold in the global strategy of production, research and development of key products for international markets, in the direction of digital economy, green economy, circular economy, and sharing economy.

At the meeting, the Prime Minister and leaders of ministries and branches also responded to LG's specific concerns regarding global minimum tax and ensuring power supply. Currently, agencies are drafting a Decree on the establishment, management and use of the Investment Support Fund to ensure the stability, competitiveness and attractiveness of Vietnam's investment environment. Vietnam will create the best conditions to ensure a stable power supply, quality human resources and smooth infrastructure for LG's project.

Daewoo develops new urban area project in Thai Binh

Next, the Prime Minister received Mr. Jung Won Ju - Chairman of Daewoo E&C Group and Chairman of the Korea Housing Construction Association.

Daewoo E&C (1973) is a multinational company operating in the construction and real estate sector. In 2023, the Company's revenue reached over 8.4 billion USD, net profit reached 378 million USD, currently investing in construction in 50 countries.

Daewoo E&C is the first Korean construction company to establish a representative office in Vietnam in June 1991 (before the two countries officially established diplomatic relations in 1992). 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 being Starlake City Tay Ho Tay.

The Prime Minister received Mr. Jung Won Ju - Chairman of Daewoo E&C Group and Chairman of the Korea Housing Construction Association (Photo: VGP).

The group's leaders said that Daewoo E&C wishes to participate in investing in the construction of projects in the fields of energy, power plants, industrial parks and infrastructure in Vietnam such as O Mon Thermal Power Plant No. 3 and No. 4, Hai Lang LNG, Long An LNG...; successfully apply and develop the smart city model in the Tay Ho Tay urban area (Starlake); develop new urban area projects in Thai Binh and other localities.

The Group is also proud to contribute to social security and charity activities in Vietnam, build Vietnamese pagodas in Korea and will continue to make every effort to contribute to bilateral relations.

The Prime Minister said that developing new urban areas and promoting urbanization is Vietnam's long-term strategy, saying that Daewoo's choice of Thai Binh to invest in urban areas is the right choice because the smooth and synchronous infrastructure system is being completed quickly, and the province has a high population density. The Prime Minister suggested that the project should be implemented quickly because construction materials are in a period of very good prices, and on the other hand, the project should be implemented in a green, sustainable direction, limiting emissions.

Developing Nha Be urban area "4 in 1"

The Prime Minister also received Mr. Huh Yoon Hong - Chairman and Mr. Huh Myung-soo, Senior Advisor of GS Engineering & Construction Corp (GS E&C).

In Vietnam, the Group has been implementing real estate projects, including Nha Be New Urban Area in Ho Chi Minh City; deploying Metro Line No. 1 Ben Thanh-Suoi Tien, Tan Son Nhat-Binh Loi-Outer Ring Road, Vam Cong Bridge, Vinh Thinh Bridge (Hanoi-Vinh Phuc), Hanoi-Hai Phong Expressway...; constructing and operating factories producing construction materials: elevators, aluminum formwork (Dong Nai), PHC centrifugal piles and gypsum (Ba Ria-Vung Tau).

The Prime Minister received Mr. Huh Yoon Hong, Chairman and Mr. Huh Myung-soo, Senior Advisor of GS Engineering & Construction Corp (Photo: VGP).

At the meeting, Mr. Huh Yoon Hong introduced GS E&C's main investment areas in Vietnam; proposed cooperation in ongoing projects such as supporting the development of Nha Be new urban area into a smart urban area with a focus on a concentrated information technology zone for semiconductor design industries and high-tech startups, etc. in line with Vietnam's general development orientation. He hoped that the meeting with the Prime Minister would open a new phase in GS E&C's activities in Vietnam.

The Prime Minister highly appreciated the contributions and successful investment and business activities of GS E&C Group in Vietnam in recent times; welcomed the development orientation of Nha Be urban area "4 in 1" (urban, industrial, high-tech and commercial), in line with Vietnam's trend.

Nha Be is also an ideal location, much closer to the center than before when the bridges were built. The project has more advantages than before, with the traffic infrastructure continuing to be completed; the planning of Ho Chi Minh City is about to be approved in July; Ho Chi Minh City enjoys special mechanisms according to Resolution 98 of the National Assembly, including the mechanism for site clearance and policies to support investors; the two sides also have more experience and understand each other better than before.

The Prime Minister asked the group to coordinate with Ho Chi Minh City and relevant agencies to quickly carry out procedures to promote project implementation; actively carry out social security activities and eliminate temporary and dilapidated houses in localities.

Leading pharmaceutical group wants to invest in biopharmaceuticals

Receiving Mr. Hyoung Ki Kim - Vice President and General Director of Celltrion Inc, the Prime Minister said that developing the pharmaceutical industry is a long-term strategy of Vietnam.

Celltrion (1991) is a leading Korean biopharmaceutical and biosimilar drug research and production group, famous for 3 biosimilar drugs that treat cancer and arthritis. Revenue in 2023 reached about 1.65 billion USD, of which profit reached 405 million USD. Celltrion strives to become a top 10 biotechnology group in the world.

The Prime Minister received Mr. Hyoung Ki Kim - Vice President and General Director of Celltrion Inc (Photo: VGP).

At the meeting, Celltrion leaders assessed that the Vietnamese market has great potential. The group is completing investment procedures to establish a biopharmaceutical import and distribution company in Vietnam (Hanoi). Celltrion will also support Vietnam Pharmaceutical Corporation (Vinapharm) through technology transfer and production cooperation; cooperate in marketing Celltrion products in Vietnam through Vinapharm's distribution system.

The Prime Minister highly appreciated Celltrion's effective business operations in the field of biopharmaceuticals in Korea; he said that Vietnam also has many advantages in terms of rich medicinal plants but lacks capital and high technology. Vietnam will continue to improve its institutions to develop the pharmaceutical industry.

The Prime Minister welcomed the Group's plan to cooperate, support and transfer technology with the Vietnam Pharmaceutical Corporation. Regarding the Group's proposal to cooperate in the field of biopharmaceuticals, the Prime Minister said that there are many advantages for the Group to invest in Vietnam, especially the large market with 2 billion people when Vietnam has joined the Regional Comprehensive Economic Partnership (RCEP) with China and ASEAN countries.

The Prime Minister suggested that the Group continue to discuss and work with the Ministry of Health and relevant ministries and branches to implement specifically and soon in Vietnam, aiming at the goal of developing the biopharmaceutical industry "behind but ahead" in Vietnam .

Source: https://www.nguoiduatin.vn/6-tap-doan-hang-dau-han-quoc-muon-mo-rong-dau-tu-tai-viet-nam-a671239.html