Prime Minister Nguyen Xuan Phuc (right) meets with Vice Chairman of Samsung Electronics Lee Jae-yong on November 28 as part of his official visit to the Republic of Korea (RoK).

Prime Minister Nguyen Xuan Phuc met with Vice Chairman of Samsung Electronics Lee Jae-yong on November 28 as part of his official visit to the Republic of Korea (RoK).

Speaking highly of Samsung’s investment in Vietnam, the leader said the Vietnamese Government, ministries, agencies and localities have created favourable conditions for the group to implement its investment and business projects in the country.

Lee pledged all-out efforts to help Samsung Vietnam operate successfully, significantly contributing to local socio-economic development and enhancing relations between Vietnam and the RoK.

Samsung is carrying out a project on building a research and development (R&D) centre in Vietnam, he said, calling for support of the Vietnamese Government in this regard.

PM Phuc expressed his hope that Samsung will maintain its production, export turnover and growth rate, thus contributing to Vietnam’s socio-economic development.

The Vietnamese Government and relevant agencies always facilitate the operation of Korean firms, including Samsung, he stressed.

The leader added that the Vietnamese Government is also making efforts to improve local business environment, and suggested the group build a semiconductor plant in the country.

The Government will provide incentives if Samsung invests in this project, he pledged.

The PM also asked Samsung to increase its locally-made content which, he said, still remains low, and help Vietnamese enterprises integrate deeper into its value chain.

The Vietnamese Government will accompany Samsung for a long-term, he said, noting his hope that Vietnam would become the group’s largest strategic production venue globally in all spheres.

Lee told the leader that Samsung will need more high-tech engineers in the time ahead, adding that such sectors as semiconductors, high-tech screens and smart phones are being produced following market demand and have high added value.

According to the Vice Chairman, the R&D centre is expected to become operational in Hanoi in 2022. The group aims to employ 3,000 Vietnamese engineers.

The same day, PM Phuc had a meeting with leaders of Hyundai Heavy Industries, GS E&C and GS Energy, which are investing in Vietnam.

He welcomed the groups to invest and expand their business and production in Vietnam.

Vietnam wishes to cooperate with Hyundai in shipbuilding, he said, calling on the group to build a big shipyard in the country and produce equipment in service of the industry, and invest in football in Vietnam.

The PM said he had instructed Vietnamese ministries and agencies to create optimal conditions for GS E&C to expand its investment in the country, and suggested the group engage in other projects in Vietnam, especially those regarding infrastructure development.

Leaders of the Korean groups said they want to expand investment in such realms as shipbuilding, infrastructure and energy./.

PM calls on RoK firms to increase investment in tourism, health care

Prime Minister Nguyen Xuan Phuc (first row, central) poses for a group photo with investors of the RoK

Prime Minister Nguyen Xuan Phuc on November 28 expressed his hope that investors from the Republic of Korea (RoK) will increase investment in tourism in Vietnam as there are more than 2,000 flights between the two nations each month.

The PM held a discussion with leaders of over 20 leading RoK businesses and investors in various fields such as heavy industry, construction, finance, banking, automobiles, and electronics in Seoul as part of his official visit to the RoK.

He also wished that RoK investors will focus more on the medical sector to become major providers of health care services in the Southeast Asian country.

According to the Government leader, the Korean community in Vietnam is considered the largest as compared to other countries in Asia. This shows that Vietnam is an attractive destination for RoK people and investors.

In Vietnam, there are many stores selling products from the RoK. Korean groups and brands have recorded successes and had great influence on Vietnamese residents. Most local families own at least one product of RoK producers such as telephone, washing machine, air conditioner, cosmetics or clothes.

“I hope that RoK groups will make more contributions to developing Vietnam so as to bring benefits to both sides,” PM Phuc said, adding that the two nations must strive to raise bilateral trade to 100 billion USD or higher in 2020.

Informing the RoK businesses of Vietnam’s outstanding economic achievements, he stated that Vietnam has been attracting many rich and talented persons from the RoK, proven by the growth of Samsung, LG, Huyndai, KIA and Lotte as well as the Korean community in Vietnam.

At the event, leaders of major groups in the RoK said Vietnam and their country boast open and clear economic policies. The Vietnam-Korea Free Trade Agreement, effective from 2015, may help two-way trade hit 100 billion USD next year.

As Vietnam is the core partner in the New Southern Policy of President Moon Jae-in, many corporations wish to expand investment in the Southeast Asian nation in retail sales; automobiles and support industry; high-tech agriculture; environmentally friendly electricity and gas production; and banking./.VNA