Prime Minister Nguyen Xuan Phuc hosted separate receptions in Hanoi on October 3 for Youn Chul Kim, President of Hanwha Techwin, and Spencer Damian White, Managing Director of Delta Offshore Energy Pte Ltd.

Prime Minister Nguyen Xuan Phuc (R) and Youn Chul Kim, President of Hanwha Techwin

Receiving Youn Chul Kim, PM Nguyen Xuan Phuc spoke highly of Hanwha Techwin’s plan to expand investment in Vietnam, especially in the field of high technology.

The PM highlighted Vietnam’s high economic growth rate, stable macro-economy, improved business environment and deeper international integration with its participation in many free trade agreements, saying these are attractive opportunities for foreign investors to do business in the country and expand production.

He affirmed that the Government of Vietnam will accompany and create optimal conditions for foreign investors to successfully operate in Vietnam and expected that Hanwha Techwin would become a good example in terms of foreign direct investment in the country.

PM also expressed hope that besides high technology, Hanwha Techwin would invest in other spheres such as smart city and infrastructure.

Kim, for his part, said Hanwha is a multinational group and now ranks eighth among companies in the Republic of Korea with total revenue of 57 billion USD in 2017.

The group has to date invested around 800 million USD in Vietnam with five subordinate companies, he said, adding that it will inaugurate its craft engine manufacturing factory in the country in November.

Kim expressed his wish that the Vietnamese Government would soon grant a certificate recognizing the status of hi-tech business to Hanwha Techwin’s security equipment plant in Bac Ninh province and create favourable conditions for the group to expand operations in the fields of finance, consumption and asset management.

At the reception for Spencer Damian White, PM Nguyen Xuan Phuc applauded Delta Offshore Energy Pte Ltd’s investment in a gas-fueled electricity project in the Mekong Delta province of Bac Lieu, affirming that ministries, sectors and local authorities will support the implementation of the project.

Vietnam has encouraged foreign enterprises to invest in energy projects, including renewable energy projects, he said, adding that Vietnam’s demand for power is on the rise, creating more opportunities for businesses in the field.

White said Delta Offshore Energy will speed up the progress of its project in Bac Lieu once the company receives an investment approval decision.

He expected to continue receiving more support from the Vietnamese Government, ministries, sectors and Bac Lieu authorities so that the project can be carried out soon.-VNA