Vietnam - RoK Parliamentary Friendship Group Work for Stronger Bilateral Ties
	Vietnamese Ambassador: PM’s Official Visit to RoK to Open Up New Page For Bilateral Ties

On the morning of July 3, during the official visit to the Republic of Korea (RoK), Prime Minister Pham Minh Chinh received leaders of leading RoK corporations including CJ, POSCO, LG, and Daewoo E&C.

The Prime Minister received Sohn Kyung Shik, chairman of CJ Group. Photo: VGP

Prime Minister Pham Minh Chinh has expressed his desire for major RoK conglomerates to expand their investments in Vietnam, focusing on green and sustainable development, including the creation of eco-friendly urban areas.

Promoting Vietnamese spring rolls to the world

In a meeting with Chairman of CJ Group Sohn Kyung Shik, Prime Minister Pham Minh Chinh learned about the company’s diverse multinational operations in food, biotechnology, retail, and culture. It entered the Vietnamese market in 1998 and currently operates 24 subsidiaries in the country with a 2023 revenue of US$1.4 billion.

The Prime Minister asked CJ to continue expanding investment, considering Vietnam a strategic market. Photo: VGP

PM Chinh encouraged the company to expand its investment in Vietnam and consider the country a strategic market, particularly in the areas of food processing, logistics, entertainment services, culture, and biotechnology. He also called on CJ Group to integrate more Vietnamese goods into its global supply chain.

He assured that the Vietnamese government will support CJ Group in investing, building, and developing projects in Vietnam effectively and successfully, contributing to the country's goals of green growth and sustainable development.

Welcoming Posco to expand investment in Vietnam

The Prime Minister had a meeting with Chang In Hwa, CEO of POSCO Holdings - one of the top 5 business enterprises in the RoK.

The firm's 2023 revenue reached US$59 billion, profit of US$2.7 billion, with 34,000 employees. For 14 consecutive years, POSCO has been voted "the world's most competitive steel manufacturer".

POSCO has established 4 steel branches in Vietnam, investing US$1.8 billion. In 2003, revenue reached US$1.7 billion. Steel output is about 1.8 million tons/year.

At the meeting, Chang In Hwa said that POSCO is interested in converting its dedicated port in the Southeast Asian nation into a commercial one, and hopes to receive the greenlight to invest in an LNG power plant in the country.

The Prime Minister appreciated POSCO's business investment activities in Vietnam through the performance of member companies.

He welcomed POSCO to expand investment and operations in Vietnam towards green development, promoting circular economy and digital economy.

Supporting LG's projects in Vietnam

At his reception for CEO of LG Display Jeong Cheol-dong, PM Chinh praised its effective operations and substantial investments in Vietnam, totaling over US$5 billion so far.

LG's total registered investment capital in Vietnam is US$8.02 billion, estimated revenue in 2023 is US$13.97 billion. LG's projects are all located in Hai Phong. LG is also operating R&D centers in Hanoi and Da Nang with more than 1,000 employees.

The Prime Minister urged the LG to enhance the localization of its products in the country, include more Vietnamese firms in its supply chain, and establish R&D centers in the country.

The Vietnamese Government is committed to providing stable electricity, quality manpower, and incentives for LG's projects, he stated.

The Prime Minister asked LG to increase the localization rate, creating favorable conditions for Vietnamese businesses to participate in LG's supply and production chain. Photo: VGP

Daewoo develops a new urban area project in Thai Binh

Hosting a reception for Chairman of Daewoo E&C and Chairman of the Korea Housing Builders Association Jung Won Ju, PM Chinh highlighted investment in new urban areas will be a long-term strategy of Vietnam in the coming time, asking the corporation to engage in green urban development project in the country, join social welfare activities, and contribute to promoting the cooperation between Vietnam and the RoK.

Kim, for his part, said his enterprise established its representative office in Vietnam in June 1991, and the Daewoo E&C Vina in 2017 with a total investment of US$1.3 billion.

He said that Daewoo E&C Vina is planning to build its second urban area in Thai Binh province which illustrates its wish to bring RoK firms to Vietnam and attract investment to other Vietnamese localities.

The Prime Minister said that developing new urban areas and promoting urbanization is Vietnam's long-term strategy, saying that Daewoo choosing Thai Binh to invest in urban areas is the right choice because of its infrastructure system.

PM Chinh welcomed Daewoo E&C to continue expanding and reinvesting in Vietnam, especially in the fields of infrastructure, real estate, energy, and smart urban model development. He suggested that the group participate in the program to eliminate temporary and dilapidated houses in Vietnam (completed in 2025).

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