Leading Korean corporations expand investment and increase localization in Vietnam

Hyundai Motor Group (2000) consists of 29 companies, including Hyundai Motor Company, established in 1967, operating mainly in the automobile industry. Main foreign markets include: the United States, Europe, Asia..., with 486 offices in 42 countries. Total number of employees is more than 313,000 people, sales in 2022 are about 103.3 billion USD.

In Vietnam, with the Hyundai brand, Hyundai Motor Group has invested 415 million USD, has a total of 2,300 employees, and a revenue of 2.6 billion USD. With the KIA brand, the Company has cooperated and transferred technology to THACO Company of Vietnam to produce and assemble many KIA branded cars and spare parts and components at the factory in Quang Nam province, 100% owned by THACO, to supply domestic demand and export.

At the meeting, the Group's leaders expressed their desire to boost business activities, ready to transfer new technologies, and invest in new techniques in Vietnam, especially in the context of the growing global and Vietnamese electric vehicle markets. Hyundai highly appreciates Vietnam's strengths in high-quality young human resources and plans to have training programs to foster Vietnamese professional talents in the automotive industry.

The Prime Minister highly appreciated the investment and business activities of Hyundai Motor Group in Vietnam, welcomed and encouraged the Group to expand investment in the green transport sector, enhance technology transfer, increase the localization rate, support Vietnamese enterprises to participate in the supply chain, train human resources, and continue to develop sustainably in Vietnam. The Prime Minister also asked the Group to pay attention to participating in social security activities.

Notably, the Prime Minister also asked Hyundai to participate in sponsoring and investing in the football field in Vietnam and the Group's leaders said they would study this content seriously and actively.

Prime Minister Pham Minh Chinh received leaders of Hyundai Motor Group.

* Next, the Prime Minister received Mr. Yeonin Jung, Vice President and CEO of Doosan Enerbility Group.

This is a corporation specializing in heavy industry with a total workforce of 13,500 people, revenue in 2023 of over 12.7 billion USD. Doosan Heavy Industries Vietnam Co., Ltd. (Doosan Vina) alone, established in 2006 with an investment capital of 300 million USD, has produced mechanical and heavy industrial products for 398 projects in 35 countries and territories worldwide with a total order of over 3 billion USD.

In 2020, Doosan Vina successfully manufactured and exported products using circulating fluidized bed technology (CFB) for the Sodegaura biomass thermal power plant located in Chiba Prefecture, Japan. Currently, Doosan Vina is focusing on manufacturing clean energy and renewable energy equipment. Doosan Vina also supplies desalination equipment for many countries, which can provide 776 million liters of clean water and meet the needs of nearly 2.5 million people every day.

At the meeting, the Group's leaders introduced Doosan Enerbility's experience, capacity and achievements; discussed plans to expand investment, transfer experience, management skills and technology to Vietnamese enterprises in designing, purchasing and installing power plants, increasing the localization of electrical equipment at Doosan Vina in Quang Ngai, participating in offshore wind power development, applying carbon reduction technology to power plants to contribute to the goal of net zero emissions, and wishing to sign MOUs with Vietnamese enterprises in the field of clean energy and emission reduction.

The Prime Minister highly appreciated Doosan Enerbility's practical and effective contributions to Vietnam in recent times in the production of industrial equipment and energy equipment...; supported and welcomed the Group's new solutions and technologies on green and clean energy and supported Vietnam in implementing sustainable development goals, researching and developing green energy sources, reducing carbon emissions, including offshore wind power development, as well as cooperating in transferring management skills, techniques, and technology to Vietnamese enterprises..., on the principle of harmonious benefits and shared risks.

Regarding the problems, the Prime Minister requested the Group to continue to coordinate and discuss with Vietnamese agencies and partners to resolve them. If they are beyond its authority, it should be reported to the competent authority for consideration and decision.

Prime Minister Pham Minh Chinh received leaders of the Korea Association of Small and Medium Enterprises (KBIZ).

Also this afternoon, the Prime Minister received Mr. Kim Ki Moon, Chairman of the Korea Small and Medium Enterprises Association (KBIZ) and Mr. Kim Sung-tae, Chairman and CEO of the Industrial Bank of Korea (IBK).

KBIZ was established in 1962 and is one of the four largest business associations in Korea with over 3.5 million members. To date, KBIZ only has representative offices in Vietnam and the US. IBK, established by the Korean government and with controlling shares, specializes in providing specialized financial services for small and medium-sized enterprises in Korea and has established a branch in Vietnam.

At the meeting, the KBIZ Chairman discussed plans to strengthen cooperation between small and medium enterprises of the two countries; the role of KBIZ and IBK in transferring methods and experiences to small and medium enterprises; and contributing to the economic growth of the two countries based on the foundation of small and medium enterprises. The KBIZ Chairman also reported on plans to organize an investment promotion forum in Vietnam later this year with the participation of hundreds of small and medium enterprises.

The Prime Minister thanked and suggested that KBIZ continue to promote investment and business cooperation, promote Vietnam's investment environment and policies to Korean enterprises, work with the Vietnam Association of Small and Medium Enterprises to connect and support small and medium enterprises of the two countries, and coordinate with the Ministry of Planning and Investment to organize an investment forum at an appropriate time. The Prime Minister also welcomed IBK to continue supporting credit for Vietnamese small and medium enterprises.

Source: https://nhandan.vn/cac-tap-doan-hang-dau-han-quoc-mo-rong-dau-tu-tang-noi-dia-hoa-tai-viet-nam-post817054.html