Vietnamese Government encourages Korean businesses to expand investment in Vietnam

Thursday, 23/06/2022 00:31
Permanent Deputy Prime Minister Pham Binh Minh assessed that the Vietnam-RoK relations are developing well, and expressed his belief that the two countries' relations would continue to develop deeply and substantively in various fields, especially economy, trade and investment.
At the reception (Photo: VGP) 

On June 22, he received President of the Daewoo E&C (RoK) Jung Won Ju.

As of the end of May 2022, the RoK is the leading investor in Vietnam with a registered capital of USD78.6 billion, more than 9,200 valid projects, accounting for 18.4% of total foreign investment capital and 26% of total FDI projects.

Bilateral trade turnover in 2021 reached USD78.7 billion, up 18.2% compared to 2020; and reached USD22.6 billion in the first 3 months of 2022, up 26.7%.

Permanent Deputy Prime Minister Pham Binh Minh highly appreciated the investment of Korean enterprises in Vietnam, including Daewoo E&C Group; affirmed that the Vietnamese Government creates favourable conditions for foreign businesses in general as well as the Korean business community, including Daewoo E&C Group to expand investment and business in Vietnam.

He applauded Daewoo E&C Group’s projects in Vietnam, and encouraged the group to participate in urban transport infrastructure development projects; and to share experience in smart city operation and management with Vietnam.

He also suggested the group accompany the organizing of meaningful activities on the occasion of the 30th anniversary of diplomatic relations between Vietnam and the RoK.

The Korean Daewoo E&C Group Chairman Jung Won Ju expressed his gratitude to the Vietnamese Government for supporting the Group's investment projects in Vietnam; and informed the Deputy Prime Minister about the situation as well as the plan to expand business investment activities in Vietnam, including strengthening cooperation with Vietnamese enterprises to implement joint projects.

The Daewoo E&C Group was established in the RoK in 1973, operating in the field of construction, engineering, construction management and real estate business. In 2021, the group's revenue reached more than USD7.5 billion.

It established a branch in Vietnam in 1992. In 2017, the Daewoo E&C Vietnam Company was officially established with a total investment of USD1.3 billion USD, operating in the fields of investment, construction, and urban business./.

Compiled by BTA