South Korean businesses are seeking investment opportunities in fields of green growth, environment, climate resilience, smart city, and waste treatment in Hanoi.
|Overview of the meeting. Photo: Thanh Hai|
South Korean Ambassador to Vietnam Park Noh-wan delivered South Korean businesses' wishes during a meeting with the Secretary of the Hanoi Party Committee Dinh Tien Dung on August 2.
According to Park, a cooperation mechanism is necessary for Hanoi’s authorities and South Korean businesses to address any emerging issue, and they called for the city to help contractors accelerate several projects, including a shopping mall in the West of Hanoi, and a project of Charmvit Corporation in Soc Son District.
The ambassador also proposed both sides hold an investment conference to discuss cooperation opportunities in the future.
Park noted the two countries are celebrating the 30th anniversary of diplomatic relations (December 22, 1992 – December 22, 2022), and hoped Hanoi would become a focal point in bilateral relations, especially by hosting a series of cultural activities from now until the end of 2022.
For his part, Hanoi’s Party chief Dinh Tien Dung shared Park’s concern over the difficulties of South Korean businesses in the city, as the Covid-19 pandemic has been a significant challenge for both domestic and foreign companies.
Dung welcomed South Korean companies' plan to participate in environmental and urban projects in the city, saying Hanoi always welcomes all investors with open arms.
He also appreciated the contribution of South Korean companies to Hanoi's development over the years and said that the city will continue to improve its business environment and simplify administrative procedures for the convenience of companies.
From a modest trade turnover of $500 million in 1992, the figure rose exponentially to $78 billion in 2021, making South Korea one of Vietnam’s top trading partners.
Vietnam and South Korea are eyeing $100-billion trade revenue by 2023 and $150 billion by 2030.
Meanwhile, South Korea remained Vietnam’s largest investor with accumulated registered capital of nearly $80 billion from major names such as Samsung, LG, Lotte, and Posco.