On July 3, during the final day of his official visit to South Korea, Prime Minister Pham Minh Chinh met with leaders of several major South Korean corporations to discuss their investment proposals and address any concerns they might have.

During a meeting with Sohn Kyung Sik, Chairman of CJ Group - a multinational corporation active in food, biotechnology, logistics, retail, and culture - Prime Minister Chinh congratulated CJ on its successful operations in Vietnam and encouraged the group to continue expanding its high-quality investments. CJ Group has been investing in Vietnam since 1998, with a total investment of $1 billion across 24 subsidiaries.

The Prime Minister urged CJ Group to enhance its technology to reduce emissions, develop sustainable livestock farming, and ensure that its products meet Vietnamese standards. He assured that Vietnam will maintain favorable policies to ensure mutual success.

In a meeting with Chang InHwa, Chairman and CEO of POSCO, the Prime Minister discussed POSCO's interest in rare earth extraction in Vietnam. POSCO, a top-five South Korean business with four steel branches in Vietnam, aims to leverage its advanced extraction technology to contribute to Vietnam’s economic development and stabilize the global value chain.

Prime Minister Chinh noted that many countries are interested in researching Vietnam's rare earth reserves - the second largest in the world after China - and assured that the Vietnamese government would work with POSCO on equitable and sustainable extraction solutions. He encouraged the company to innovate its technology to minimize environmental impacts.

POSCO also proposed converting a specialized port into a commercial port, to which Prime Minister Chinh responded that this would be considered within the planning framework and suggested POSCO submit a detailed proposal.

During talks with Cheol Dong Jeong, CEO of LG Display, Prime Minister Chinh thanked LG for its substantial investments in Vietnam and urged the company to integrate more Vietnamese businesses into its supply chain. He also encouraged investments in digital economy, green economy, and circular economy projects.

Cheol Dong Jeong said that Vietnam is a key manufacturing base for LG, with its products being exported globally. LG has invested over $5 billion in Vietnam, focusing on new technology, and is currently undertaking a $4 billion expansion project in Hai Phong.

Prime Minister Chinh reaffirmed Vietnam's commitment to creating favorable policies for investors, contributing to the rapid and sustainable development of the Vietnamese economy. He also suggested that LG establish research and development centers in Vietnam.

In a meeting with Jung Won Ju, Chairman of Daewoo E&C and President of the Korea Housing Association, Prime Minister Chinh expressed gratitude for Daewoo’s investments in Vietnam. Daewoo, the first South Korean construction company to establish a representative office in Vietnam in 1991, officially formed Daewoo E&C Vina in 2017 with an investment of $1.3 billion. Its notable projects include Starlake City in Hanoi.

Jung Won Ju discussed Daewoo’s plan to build a second urban area in Thai Binh province, aiming to attract other South Korean businesses to Vietnam. Prime Minister Chinh described this as a "wise choice" given Thai Binh's rapid development and its strategic connections to Hai Phong and Nam Dinh. He emphasized the long-term strategy of investing in new urban areas and encouraged Daewoo to develop green urban areas.

Prime Minister Chinh also met with Huh Yoon Hong, Chairman, and Huh Myung-soo, Senior Advisor of GS Engineering & Construction Corp (GS E&C). GS E&C has undertaken several real estate and transportation projects in Vietnam, including the Nha Be New Urban Area in Ho Chi Minh City, Metro Line 1 Ben Thanh-Suoi Tien, and major bridges and highways.

The Prime Minister urged GS E&C to coordinate with Ho Chi Minh City and relevant agencies to expedite project procedures and actively engage in social welfare activities, such as eliminating temporary and dilapidated houses.

Additionally, Prime Minister Chinh met with Hyoung Ki Kim, Vice Chairman and CEO of Celltrion Inc., and Kang Seoghoon, Chairman and CEO of KDB Bank, to explore further investment and collaboration opportunities.

Thu Hang