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Vietnam willing to offer optimal conditions for foreign investors

Valerie Mai Valerie Mai


March 04, 2021 | 10:59

Minister and Chairman of the Government Office Mai Tien Dung has stated the nation’s readiness to create favorable conditions locally for foreign investors seeking to do business in the country, including those from the Republic of Korea (RoK).

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Minister and Chairman of the Government Office Mai Tien Dung present souvenirs to Horst Geicke, chairman and CEO of Ho Tram Sanctuary Company. (Photo: VOV)

The Minister made the affirmation during separate receptions held on March 3 in Hanoi for Lee Kang-woo, general director of Lotte Properties Thu Thiem in Vietnam, and Horst Geicke, chairman and CEO of Ho Tram Sanctuary Company.

During the reception held for Lee Kang-woo, Minister Dung congratulated the Korean Government on its recent success in containing the spread of the novel coronavirus (COVID-19) and on producing COVID-19 vaccines, materials, and goods. In addition, there was plenty of praise for the RoK’s support in helping the nation combat the pandemic, according to VOV.

Mutual co-operation has continued to enjoy steady growth across multiple fields in recent times, Minister Dung said, adding that the Vietnamese Government greatly appreciates the RoK’s efforts to maintain its position as the largest foreign investor in the country. At present, the nation is still striving to meet the dual goals of combating the COVID-19 pandemic and boosting socio-economic development.

As part of the occasion, Kang-woo also sent a letter of thanks from the CEO of Lotte Group to Prime Minister Vietnam Nguyen Xuan Phuc and Minister Dung. Furthermore, Kang-woo praised Vietnamese pandemic containment efforts, while stating that the RoK is also carrying out the task of fighting the pandemic and ensuring socio-economic development moving forward. Indeed, firms from the RoK, including Lotte Group, will continue to pay attention to investment in the Vietnamese market, he added.

Speaking at the meeting, Dung said he hoped Lotte Properties Thu Thiem, owned by South Korea’s Lotte Group, would speed up the construction progress of the project so that it will be put into operation after the Covid-19 pandemic is rolled back, Hanoitimes cited.

Minister and Chairman of the Government Office Mai Tien Dung hosts Lee Kang-woo, general director of Lotte Properties Thu Thiem in Vietnam (Photo: VGP)

Sharing the difficulties facing the company due to the negative impact of the COVID-19 pandemic, Minister Dung stated that amid the global pandemic, tourism represents one of the most affected industries, therefore it needs time to recover. In response, Geicke told his host that despite suffering difficulties in terms of project implementation, the company has been striving to devise a plan to upgrade cuisine areas, villas, and hotels at Ho Tram resort. This will allow tourism products and services to be available immediately once the pandemic is fully contained globally.

In July 2017, four Lotte members and Ho Chi Minh City People’s Committee signed a contract for the construction of an Eco-smart City with an initial investment capital of US$884.4 million, after seven years of proposals. However, the project was halted temporarily after the Thu Thiem scandal over irregularities in granting land to investors.

Earlier, the Government agreed with the proposal of the People's Committee of Ho Chi Minh City and the Government Inspectorate that the investor is allowed to continue implementing the project.

Minister Dung suggested the South Korean investor needs to cooperate closely with the People's Committee of Ho Chi Minh City to complete relevant procedures and implement the project on schedule. The Vietnamese Minister emphasized that the cooperation between South Korea and Vietnam are thriving in many spheres. The Vietnamese government highly appreciates the fact that South Korea has been Vietnam’s largest foreign investor for many years.

On the same day, Minister Dung also hosted Horst Geicke, Chairman and General Director of Sanctuary Ho Tram. At the meeting, Dung stressed that the Government of Vietnam always supports and creates favorable conditions for domestic and foreign investors, including those of the Sanctuary Ho Tram project in the southern province of Ba Ria-Vung Tau, to expand investment and business activities in Vietnam.

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Valerie Mai