Deputy Prime Minister Trinh Dinh Dung (R) receives Vice Chairman of Hyundai Engineering & Construction Co. Chung Jin-haeng in Hanoi on February 22 (Photo: baochinhphu.vn)

Hanoi (VNA) – Deputy Prime Minister Trinh Dinh Dung asked the Republic of Korea’s (RoK) Hyundai group to base its strategic production centre in Vietnam while receiving Vice Chairman of Hyundai Engineering & Construction Co. Chung Jin-haeng in Hanoi on February 22.

The host official applauded Hyundai’s fruitful investment and business activities in Vietnam over the past few years, including its cooperation with the Truong Hai and Thanh Cong groups to manufacture, assemble, and distribute automobiles.

He affirmed that developing the auto industry is a core policy in Vietnam’s industrialisation strategy with priorities given to the domestic industry to serve the local market.

New policies that are consistent with one another, transparent, forecastable, and attractive will be made to ensure the sustainable development of the auto industry, Dung noted.

The Deputy PM hoped that Hyundai would continue cooperating with and transferring technologies and management skills to its Vietnamese partners, and raise the rate of locally-made components in its automobiles to at least 40 percent.

Hyundai and other big car makers from the RoK and around the world can dive further into global value chains by making use of Vietnam’s key advantages, such as strong international integration, competitive input costs, and a large domestic market.

He reiterated that the Vietnamese Government always supports and creates optimal conditions for domestic and foreign investors, including those from the RoK, to expand investment and business activities.

At the meeting, the Hyundai executive said his group highly values the Vietnamese Government’s determination and policies to help develop the auto industry.

He affirmed that Hyundai has serious and major plans to invest, transfer technologies, and develop auto manufacturing in the country. –VNA