A leading fashion company from South Korea seeks investment opportunities in Hanoi with an ambitious plan to build a fashion complex costing an investment of US$2 billion.

Deputy Chairman of the Hanoi People’s Committee Nguyen Manh Quyen (R) and South Korean Ambassador to Vietnam Park Noh Wan at the meeting on June 15. Photos: Cam Anh/The Hanoi Times

A cornerstone of the Korean wholesale fashion business, aPM, wants to turn Hanoi into “a fashion capital”, South Korean Ambassador to Vietnam Park Noh Wan said in a meeting today with Deputy Chairman of the Hanoi People’s Committee Nguyen Manh Quyen.

Meanwhile, Hanoi’s authorities are expected to facilitate Hyundai E&C’s operations in the Nhon-Hanoi Station project costing VND34.5 trillion ($1.5 billion).

Sharing at the meeting, Quyen pledged to facilitate South Korean businesses in Hanoi to maintain the favorable business momentum in the city which targets to build five industrial parks and 50 industrial clusters, welcoming hi-tech and environmentally friendly projects.

At the meeting, the two sides agreed to soon organize a workshop on investment and trade promotion between Hanoi and South Korea to boost cooperation in trade, investment, tourism, and culture.

Deputy Chairman Quyen said promoting investment in trade, tourism, and culture is in line with Hanoi’s recovery paths.

Regarding the commemorations of the 30th anniversary of the Vietnam-South Korea relations in 2022, Hanoi would cooperate with the Embassy of South Korea to host activities that are expected to draw the participation of South Korean businesses.

On this occasion, Park Noh Wan hopes to meet with Secretary of the Hanoi’s Party Committee Dinh Tien Dung to discuss exchange visits of high-profile leaders of Seoul and Hanoi as well as cooperation opportunities for Hanoi and South Korean localities.

At the end of 2021, South Korea is Hanoi’s 3rd largest investor, pouring nearly $8 billion in the city. 

South Korea is Vietnam’s biggest investor with nearly US$75 billion in more than 9,000 projects. Apart from investment, the East Asian country is also Vietnam’s second largest official development assistance (ODA) provider, and the third largest trading partner with the two-way trade reaching $78 billion in 2021. 

Representatives join the meeting.