Vietnamese PM’s visit spurs investment from Korean conglomerates

The Vietnamese Prime Minister’s visit to South Korea resulted in significant investment commitments from major Korean conglomerates, boosting economic ties and enhancing bilateral cooperation between the two nations.

In a significant move to strengthen economic ties and attract foreign investment, the Vietnamese Prime Minister Pham Minh Chinh recently concluded a successful visit to South Korea, securing substantial investment commitments from several major Korean conglomerates. The visit, which was marked by a series of high-level meetings and strategic discussions, underscored the growing partnership between Vietnam and South Korea and highlighted the potential for increased economic collaboration in various sectors.

The Vietnamese Prime Minister’s visit was aimed at fostering deeper economic engagement and exploring opportunities for collaboration between the two countries. South Korea, which is already one of Vietnam’s largest foreign investors, has shown a keen interest in expanding its investments in Vietnam, particularly in key sectors such as electronics, manufacturing, and infrastructure.

During the visit, the Vietnamese Prime Minister met with leaders of several leading Korean conglomerates, including Samsung, LG, and Hyundai, among others. These meetings resulted in significant investment pledges, with Korean companies committing to increase their presence in Vietnam and invest in a range of projects that are expected to drive economic growth and create job opportunities in the country.

Samsung, which has already invested heavily in Vietnam, announced plans to expand its operations and invest in new projects aimed at enhancing its production capacity and technological capabilities. The company’s investment in Vietnam has been a cornerstone of the economic relationship between the two countries, contributing significantly to Vietnam’s export earnings and providing employment to thousands of Vietnamese workers.

LG, another major Korean conglomerate, also expressed its commitment to increasing its investments in Vietnam. The company plans to expand its production facilities and invest in new technology and innovation projects, positioning Vietnam as a key hub for its global operations. This investment is expected to further strengthen Vietnam’s position as a leading manufacturing and export centre in the region.

Hyundai, which has been active in Vietnam’s automotive and infrastructure sectors, announced plans to invest in new projects aimed at improving Vietnam’s transportation and logistics infrastructure. The company’s investment will support the development of modern, efficient transport systems that are critical for sustaining Vietnam’s economic growth and integration into global supply chains.

The Vietnamese Prime Minister’s visit to South Korea not only resulted in substantial investment commitments but also highlighted the potential for further economic cooperation between the two countries. The visit underscored the importance of bilateral ties and the shared commitment to fostering economic growth and development in both nations.