President Phuc urges South Korean firms to invest more in Vietnam

07 Dec '22

2 min read

Pic: Shutterstock

Welcoming South Korean enterprises to invest in Vietnam during a recent event in Seoul, Vietnamese President Nguyen Xuan Phuc said as his country has signed new-generation free trade agreements, South Korean enterprises have scope to access the Association of Southeast Asian Nations (ASEAN), Asia-Pacific and other markets, in addition to the domestic market.

The event was attended by executives of leading South Korean companies.

Phuc suggested South Korea’s Hyosung Group to double its investment in Vietnam, while the latter’s chairman Cho Huyn-joon said his group has invested in all the three regions of the country with a total capital of $3.5 billion in apparel and industrial establishments, generating jobs for 10,000.

Hyosung too is keen on investing more in Vietnam in potential fields like environment and green growth, he was quoted as saying by a news agency.

Phuc requested the Korea Development Bank (KDB) to continue helping South Korean firms successfully engage in business in Vietnam, especially in green finance and sustainability with a focus on green bond market under the national strategy on green growth for 2021-2030.

The Vietnamese leader also welcomed KDB’s proposal to work with the Vietnamese finance ministry to build a sustainable development plan for the Vietnam Development Bank.

KDB is also exploring the possibility of launching new financial products and services in Vietnam.

Fibre2Fashion News Desk (DS)

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