The Big 6: Korean Conglomerates Eyeing Expansion in Vietnam

On the morning of July 3rd, as part of his official visit to South Korea, Prime Minister Pham Minh Chinh met with leaders of the country's top business conglomerates, including CJ, Posco, LG, Daewoo E&C, GS Engineering & Construction Corp., Celltrion, and KDB Bank.

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Prime Minister Pham Minh Chinh meets with leaders of top South Korean corporations during his visit to the country, expressing confidence in the strong development of bilateral relations and appreciation for Vietnam’s improving business environment.

The corporations are encouraged to expand their investments in Vietnam, and the Prime Minister assures them of the Vietnamese government’s support and commitment to their successful projects in the country.

Prime Minister meets with Mr. Sohn Kyung Sik, Chairman of CJ Group – Photo: VGP/Nhat Bac

CJ Group, a South Korean multinational corporation with a presence in Vietnam since 1998, expresses its interest in further investments and seeks support related to Vietnamese standards, taxes, and administrative procedures. The Prime Minister acknowledges their contributions and provides assurance on policy improvements.

Posco, a top-five South Korean business, expresses interest in clean energy and rare earth exploration and seeks support for the conversion of its dedicated port in Ba Ria-Vung Tau province. The Prime Minister welcomes their green investment approach and provides responses to their requests.

Prime Minister meets with Mr. Chang In Hwa, CEO of Posco Group – Photo: VGP/Nhat Bac

LG, a well-known multinational corporation, affirms Vietnam as a global production hub and shares its plans for future investments. The Prime Minister appreciates their contributions and encourages them to expand further in areas such as digital, green, circular, and sharing economies.

Daewoo E&C, a leading construction and real estate company, expresses interest in energy and infrastructure projects and the development of smart cities in Vietnam. The Prime Minister welcomes their plans and suggests they participate in the program to eradicate temporary and dilapidated housing in the country.

Prime Minister meets with Mr. Jung Won ju, Chairman of Daewoo E&C – Photo: VGP/Nhat Bac

GS E&C, a prominent construction and engineering corporation, seeks to develop the new urban area of Nha Be in Ho Chi Minh City and proposes cooperation in other projects. The Prime Minister supports their plans and suggests swift action, taking advantage of the improving infrastructure and favorable policies for investors.

Celltrion, a leading South Korean biopharmaceutical company, intends to invest in Vietnam and collaborate with Vinapharm. The Prime Minister welcomes their plans and suggests further discussions with relevant ministries to realize their goals in the country’s pharmaceutical sector.

Prime Minister meets with Mr. Hyoung Ki Kim, Vice Chairman and CEO of Celltrion Inc – Photo: VGP/Nhat Bac

KDB, a policy bank wholly owned by the South Korean government, has been supporting Korean businesses in Vietnam and collaborating with the Vietnamese government. The Prime Minister appreciates their contributions and encourages their continued support for Korean and foreign investors in the country.

Prime Minister meets with Mr. Kang Seoghoon, Chairman and CEO of KDB – Photo: VGP/Nhat Bac

The meetings reflect the strong economic ties between Vietnam and South Korea, with the potential for further growth and collaboration in various sectors.

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