President receives leading Korean corporations investing billions of dollars in Vietnam

On the morning of December 5, in Seoul, during his State visit to South Korea, President Nguyen Xuan Phuc received leading Korean corporations. These corporations are implementing many large-scale projects in Vietnam.

NextChairman and CEO of CJ Group Kyung Shik SohnThe President highly appreciated the group for fulfilling its commitment to invest in Vietnam in the fields of food production, animal feed, biology, logistics and culture.

The group has a revenue of 1.5 billion USD, a 10-fold increase over the past 10 years in Vietnam. The President suggested that CJ continue to expand its investment, making Vietnam a global production and business base. President Nguyen Xuan Phuc suggested that the group take advantage of the opportunities of free trade agreements of which Vietnam is a member, actively bringing Vietnamese goods to the world market.

President Nguyen Xuan Phuc received leaders of CJ Group.

Chairman of CJ Group Kyung Shik Sohn affirmed that for many years, the group has implemented the President's recommendations on investing in clean food production and biotechnology in Vietnam. To date, Vietnam has become the third largest market among CJ's 30 markets worldwide and in the future, Vietnam will become CJ's production and business base in Southeast Asia.

NextLotte Group Chairman and CEO Shin Dong-bin,The President affirmed that Vietnam always creates conditions for Lotte to have an increasing presence and continue to succeed in Vietnam.

President Nguyen Xuan Phuc welcomed Lotte Group for starting a major urban project in Ho Chi Minh City last September and Lotte Mall Tay Ho, which will be operational from August 2023. The President asked the group to study investment in building a modern commercial center and urban area in Long An.

Vietnamese agencies and localities will coordinate with the group to ensure harmonious interests between Lotte and Vietnam, thereby creating conditions for Korean enterprises to create new marks.

President Nguyen Xuan Phuc received leaders of Lotte Group.

NextLG Group Vice Chairman and CEO Kwon Bong-seokPresident Nguyen Xuan Phuc highly appreciated LG's strong investment in Vietnam and said he had attended the groundbreaking ceremony of the $2 billion factory in Hai Phong before.

The President welcomed LG for providing jobs for tens of thousands of workers in Vietnam, and hoped that LG would continue to increase investment in Vietnam, especially in areas of strength such as automotive equipment and smartphone equipment, and promote IT training and software centers.

The President hopes that LG will establish its main and largest production center in Vietnam to match the political relationship between the two countries. Vietnam is committed to creating the best investment environment and infrastructure for investors.

Mr. Kwon Bong-seok said that LG has invested 5.3 billion USD in Vietnam. The group invests in many fields such as camera production, electronics, home appliances, and automobile equipment. LG has 27,000 Vietnamese employees working directly in factories in Vietnam. In the future, LG will invest an additional 4 billion USD in Vietnam. The group wishes to continue to cooperate and invest in Vietnam in many fields. It hopes to make Vietnam a center for producing cameras for phones in the future.

President Nguyen Xuan Phuc received leaders of LG Group.

NextChairman of Daewoo E&C Group, Korea Jung Won-juPresident Nguyen Xuan Phuc emphasized that Daewoo was one of the first corporations to invest in Vietnam, and highly appreciated the fact that the corporation is investing heavily again. The President said that this is an appropriate step in the context of the two countries' relationship developing well and deepening in the coming time.

Suggesting Vietnam with 100 million people with great demand for medical examination and treatment, the President suggested that Daewoo E&C invest in building large hospitals in Vietnam. Along with that, it should invest in the fields of infrastructure, oil and gas, smart cities, serving the Korean investment ecosystem in Vietnam with a number of planned global projects.

Mr. Jung Won-ju said that Daewoo wants to invest more in Vietnam and wants to participate in projects on petroleum, natural gas, green growth, environment and community development.

The Group is also preparing to organize a Vietnam-Korea Investment Cooperation Forum after the President's visit to Korea, scheduled for mid-December. The purpose is to connect leading businesses of the two countries to promote investment cooperation, concretizing the wishes of the leaders of the two countries after the visit.

NextHyundai Motor (Korea) CEO Chang Jae-hoon, President Nguyen Xuan Phuc highly appreciated the group's successful investment in Vietnam, especially in localities such as Quang Nam and Ninh Binh, bringing benefits to both sides. From the current successes, the President suggested that the group continue to cooperate with Vietnamese enterprises, investing in the field of supporting technology, especially auto parts.

The President also welcomed the Group's investment in electric vehicle manufacturing in Vietnam and will assign ministries and sectors to study support policies on taxes, infrastructure, and incentives for electric vehicle consumption in Vietnam.

President receives leaders of Hyundai Motor Group.

The President hopes that the group, with its financial potential and experience, will invest heavily to turn Vietnam into a regional and world "base" in the automobile industry.