National Assembly Chairman Vuong Dinh Hue receives Korean business leaders

At the meeting with the corporations, National Assembly Chairman Vuong Dinh Hue emphasized: Vietnam and Korea are making efforts to bring bilateral relations to a new height on the occasion of the 30th anniversary of diplomatic relations, in which economic cooperation is considered an important pillar. During this visit, the Vietnamese delegation to Korea included the Deputy Prime Minister in charge of economy and 5 leaders of relevant ministries, showing the determination to promote bilateral economic and trade cooperation to reach the target of 100 billion USD by 2023.

Leaders of corporations and businesses expressed their honor that National Assembly Chairman Vuong Dinh Hue took the time to receive their official visit to Korea; highly appreciated the significance of the visit in promoting cooperation between the two countries, especially economic cooperation in the post-COVID-19 pandemic context.

Appreciating the results of COVID-19 prevention and control and maintaining and developing Vietnam's economy in recent times, leaders of Korean corporations and enterprises expressed their confidence that Vietnam is shifting strongly to safely adapting to the COVID-19 pandemic and preparing to implement the overall economic recovery program after the COVID-19 pandemic; believing that with current efforts, Vietnam will continue to be an attractive destination for foreign investors, including Korean investors. Leaders of corporations and enterprises also pledged to continue long-term investment in Vietnam and wish to cooperate closely in areas such as energy, semiconductors and ICT in the future, investment cooperation in high-tech industries, green industries, clean energy; and support Vietnamese enterprises to participate in the global supply chain.

At a meeting with Samsung Electronics leaders, National Assembly Chairman Vuong Dinh Hue said that Vietnam is shifting to a policy of safe adaptation to COVID-19 and will soon resume commercial flights, expected from January 1, 2022. This will facilitate bilateral investment and trade activities. Vietnam welcomes Samsung Group's investment in an Innovation Research Center, hoping that Samsung will research semiconductor production to close the high-tech chain in line with the company's three strengths in Vietnam.

Vietnam supports the company's plan to expand its investment and business in the near future; highly appreciates the plan to support Vietnamese enterprises to participate in the global supply chain of Samsung Group, and requests that the group have specific strategies and solutions to support Vietnamese enterprises to improve their production capacity and competitiveness to be able to participate in the global supply chain of Samsung Group and Samsung Electronics Company in particular.

Samsung Electronics operates in high-tech fields such as developing and manufacturing home electronics, mobile phones; semiconductors, telecommunications equipment. Samsung Electronics is currently one of the companies with the largest FDI capital in Vietnam with a total investment of more than 17.7 billion USD with large factories in Bac Ninh and Thai Nguyen provinces.

Receiving representatives of SK Group, the National Assembly Chairman thanked SK for participating in and supporting 30 million USD for the National Innovation Center of Vietnam; and suggested that SK continue to have programs to support Vietnamese small and medium enterprises to improve their competitiveness to participate in the global supply chain. Welcoming and supporting SK's cooperation proposal in the fields of energy, semiconductors and ICT, the National Assembly Chairman stated that these are all fields in which Vietnam wishes to increase foreign investment attraction in the coming time. The National Assembly Chairman also asked SK to research and support Vietnam in the energy transition process and implement the roadmap to reduce carbon emissions in the coming time; and hoped that SK would cooperate in transferring technology to produce vaccines and drugs to treat COVID-19 patients.

SK is a multi-industry economic group with a market capitalization of nearly 200 billion USD, ranking 2nd in Korea and among the top 100 largest corporations in the world. Currently, SK has invested 2 billion USD in Vingroup, Masan, and pharmaceutical company Imexpharm... and is continuing to expand investment in the Group's strengths such as Energy, especially clean energy, Pharmaceuticals - Healthcare (towards building a healthcare group with a closed value chain), Logistics, Information Technology. The Group sponsored 30 million USD to build the National Innovation Center - NIC in 2019 and contributed 1 million USD to the COVID-19 Vaccine Fund.

At the meeting with representatives of Lotte Group, National Assembly Chairman Vuong Dinh Hue welcomed the group's efforts to develop its operations in recent times. During the implementation of the group's two projects in Thu Thiem and Lotte Mall in Hanoi, Vietnamese agencies have made efforts to resolve the problems so that the two projects can be implemented quickly. The two countries are moving towards the 30th anniversary of establishing diplomatic relations in 2022, National Assembly Chairman Vuong Dinh Hue asked the group to have a suitable project, worthy of this important anniversary.

Lotte Group is the 5th largest multinational corporation in Korea, operating in the fields of retail, food production, processing industry, manufacturing, research and development (R&D). In Vietnam, Lotte started investing in business since 1996.