On December 6, during a reception in Seoul for Executives of leading RoK Groups, President Phuc said as Vietnam already signed new-generation free trade agreements, Korean enterprises will have a chance to access ASEAN, Asia-Pacific and other markets, in addition to the 100-million-strong Vietnamese market .

He suggested they invest in Vietnam’s localities in fields of their strength, high technology and environment protection.

Chairman of Hyosung Group Cho Huyn-joon said his group has invested in all the three regions of the country with a total capital of 3.5 billion USD in apparel and industrial establishments, generating jobs to 10,000 workers. Hyosung wants to invest more in Vietnam in potential fields like environment and green growth, he noted.

The Vietnamese President suggested Hyosung double investment in Vietnam, adding that Vietnam is keen on attracting investment in industry and environment to provide stable sources of input materials for Korean factories.

Samsung Electronics hopes that its development will accompany Vietnam

At a meeting with Samsung Electronics Vice President and General Director Han Jong-hee, President Nguyen Xuan Phuc congratulated on the success of the Group when investing effectively in Vietnam with a capital of up to 18 billion USD and exporting of products reached 65.5 billion USD, making an important contribution to Vietnam's economy.

President Nguyen Xuan Phuc welcomes Samsung Electronics Vice President and General Director Han Jong-hee. (Photo: WVR/Nguyen Hong)

The President said that the Group has made great contributions to the Vietnam-RoK relationship, turning Vietnam into a smartphone manufacturing center in the world.

Welcoming the Group's plan to expand investment in Vietnam, the President wished that Samsung would continue to invest in the fields of supporting industries and smart technology, turning Vietnam into a " production base" to take the lead, stay ahead and seize new technology opportunities.

President Nguyen Xuan Phuc said that Samsung has fulfilled its commitments, becoming one of the pioneering foreign corporations to establish Research and Development Center in Vietnam, and proposed the Group to participate in the upcoming Innovation Exhibition in Vietnam.

Samsung Electronics Vice President Han highly appreciated Vietnam's economy when it always keeps a high growth rate and stressed that every step of Samsung in Vietnam is supported and accompanied by leaders, ministries, branches, localities and Vietnamese people.

Affirming that Samsung's goals are very clear and will effectively implement projects in Vietnam, the Group's leaders also said that they have fulfilled their promise to the President since 2018 to build a new Research and Development Center in Vietnam. The Center will focus on research on phones, computers, and network systems.

Samsung focuses on developing young human resources, promoting artificial intelligence research, big data etc, and hopes that Samsung's development will go together with Vietnam.

KDB Bank wishes to contribute to Vietnam's economic development

Meeting Chairman and CEO of the Korea Development Bank (KDB) Kang Seog-hoo, President Phuc spoke highly of KDB’s good will to engage in finance-banking activities in Vietnam. He asked the lender to continue helping Korean firms successfully do business in Vietnam, especially in green finance and sustainability with a focus on green bond market under the national strategy on green growth for 2021-2030.

The Vietnamese leader also welcomed KDB’s proposal to work with the Vietnamese Finance Ministry to build a sustainable development plan for the Vietnam Development Bank.

President Nguyen Xuan Phuc received Chairman and CEO of the Korea Development Bank (KDB) Kang Seog-hoo. (Photo: WVR/Nguyen Hong)

Chairman and CEO Kang, for his part, said KDB has been instrumental in the RoK's development in the fields of automobile, shipbuilding, chemicals and heavy industry. It wants to share experience with Vietnam and offers capital to Korean firms to invest in fields of Vietnam’s priority such as green development, environment and clean energy.

KDB is also exploring the possibility of launching new financial products and services in Vietnam, he added.