HCM City attracts RoK investment to smart urban development hinh anh 1Secretary of the Ho Chi Minh City Party Committee Nguyen Thien Nhan (right) and SM Group Chairman Woo Oh-hyun. (Source: VNA)

HCM City (VNA) – Secretary of the Ho Chi Minh City Party Committee Nguyen Thien Nhan on August 16 urged the Republic of Korea (RoK) SM Group to invest in the city’s latest innovative urban area, particularly in the spheres of transport, telecommunications, and housing for scientists.

At a reception for Chairman Woo Oh-hyun, the municipal leader suggested the group set up joint ventures with local businesses in goods transportation and logistics.

Nhan expressed his belief that with its strength in materials, chemicals, energy, construction, and goods transportation, the SM Group would meet the current demands for urban development in HCM City.

The official informed his guest that the respective innovative urban area is located in the eastern side of city, covering Thu Duc district and Districts 9 and 2. It houses several universities as well as a high-tech zone, which has attracted many domestic and foreign businesses with a total investment capital of more than 9 billion USD.

HCM City will create the best possible conditions for investors from the Republic of Korea to materialise their projects in the locality, he pledged.

For his part, Woo, who is also President of the Korea-Vietnam Economic and Cultural Association, said his group aims to study the Vietnamese market so as to set up a representative office in Southeast Asia.

After the office is established, it will implement investment projects in HCM City and Vietnam as well.

The SM Group will focus on goods circulation, maritime transportation, and smart urban development, while expanding cooperation in production and business in Vietnam, he said.–VNA