As Vietnam's capital and industrial hub, Hanoi is the target for South Korea to strengthen ties with, said Yi Joon-ki, managing partner of Bae, Kim & Lee LLC, at the Hanoi-South Korea Investment and Trade Promotion Conference 2024 in Seoul, South Korea, on October 21.

South Korean and Vietnamese businesses explore cooperation at a B2B event in Ho Chi Minh City. Photo: VNA

He noted that this investment promotion event is a valuable opportunity to strengthen ties between Hanoi and South Korean businesses, and further enhance economic cooperation between the two countries.

Yi Joon-ki also noted that South Korea and Vietnam have a long history of supporting each other's growth through people-to-people, cultural and economic exchanges.

Vietnam has become an important partner and an ideal investment destination for South Korean businesses, strengthening the sustainability of the relationship between the two countries, he said.

At the event, Tran Sy Thanh, Chairman of the Hanoi People's Committee, stressed the importance of engaging with foreign partners, especially major ones, to seize opportunities for mutually beneficial cooperation, including with South Korea. The Hanoi authorities recognize South Korea as an important and reliable partner.

The city is committed to supporting the business community, including foreign investors, and will take comprehensive measures to improve the investment climate. Hanoi is ready to provide the best conditions for South Korean businesses interested in investing and operating in the capital, the mayor said.

As of September 2024, Hanoi attracted nearly $12.8 billion in foreign direct investment (FDI) from South Korean investors, whose interests are in real estate, accommodation and food services, manufacturing, wholesale and retail trade, automobile and motorcycle repair, and construction.

The conference attracted a large number of South Korean companies and provided a platform to promote Hanoi's positive reputation and secure investment opportunities while promoting trade relations with South Korean partners.

On the same day, Hanoi's mayor met with several major South Korean firms, including Lotte Group, Daewoo E&C, Booyoung Group, Charmvit Group, and Logis Valley Group S&D.

These discussions focused on South Korean investors' interests, information exchange, and promotion of further investment in Vietnam, especially in Hanoi, with a major emphasis on infrastructure, high technology, and smart urban development.