President Tran Dai Quang receives Hyundai Motor Vice Chairman Chung Eui-sun on March 28th (Photo: VNA)
He reiterated that Vietnam is open to and creates all possible conditions for foreign firms, including those from the Republic of Korea (RoK), to do long-term business.
Welcoming Chung’s working visit to Vietnam amid the two countries’ 25th anniversary of diplomatic ties, the host leader highlighted vigorous growth of bilateral relations, noting that the countries established the strategic cooperative partnership in 2009 and have maintained high-level visits, helping bolster mutual understanding and political trust.
He stressed impressive economic, trade and investment cooperation outcomes, including the signing of a bilateral free trade agreement (FTA). The RoK has become the top foreign investor, the second biggest ODA and tourism partner, and the third largest trade partner of Vietnam. The RoK’s direct investment in Vietnam is surging, exceeding USD3.1 billion in the first two months of 2017.
President Quang hopes that on the basis of the sound political ties and the Vietnam-RoK FTA, Hyundai Motor will continue expanding investment in the Southeast Asian nation.
For his part, Chung Eui-sun said Hyundai Motor set up a joint venture to manufacture, assemble and distribute cars in Vietnam almost a decade ago. This joint venture’s automobiles have also been shipped to other countries in the region.
During that time, the group has received substantial cooperation and assistance from the Vietnamese partner and local authorities, he said, adding that it will send experts to Vietnam to give training to its partner’s staff in the time ahead.
He attributed the RoK’s soaring direct investment in Vietnam to appropriate policies and effective assistance provided by the Vietnamese State and Government.
Aside from stepping up investment and technology transfer, Hyundai Motor will further engage in social welfare projects in Vietnam, the Vice Chairman added./.