After months of market research in Hanoi, Park Hyo-Sung, a representative of Seoul-based Peopleinstory Company, plans to invest VND200 billion (US$8.6 million) in setting up a disposable glove factory in the city for export to Europe.

South Korean businesses are keen to invest in Hanoi. Photo: Kinh te & Do thi

The amount of the investment would be increased 10 times if the project goes well.

In mid-August, Peopleinstory became an authorized distribution agent of Maza, specializing in producing medical equipment in Vietnam . 

"Hanoi has developed quite fast, just like Seoul in the 1980s. The capital city is attractive to investors like us," Park told Kinh te & Do thi.

In the portfolio of 282 projects that Hanoi has called for investment with estimated investment capital of VND483.1 trillion (US$21.66 billion), Park Hyo-Sung is interested in 151 industrial, commercial and service projects. 

Witnessing how Hanoi has put the pandemic situation under control, Park said that not all Asian countries and cities have taken the bold decision to suspend international flights. “The South Korean business community highly appreciates Hanoi thanks to its geographical advantage and a friendly investment environment.”

“My friends and I are also interested in investing in the establishment of a pharmaceutical company, a center for young football talent development and high-tech human resource facility here," Park tipped.

In September, if the flight route between Hanoi and Seoul is reopened, he plans to return to his home country and convince his group of investors to do long-term business in Vietnam.

In the first eight months of 2020, South Korea was the second-largest foreign investor in Vietnam with the registered capital of $2.97 billion, accounting for 15.2% of the commitments.