New hope for stronger Vietnam-RoK investment cooperation

The ongoing state visit by the Republic of Korea (RoK)’s President Yoon Suk Yeol, who is being accompanied by leaders of 205 RoK firms, including large ones such as Samsung Electronics, SK, Hyundai Motor, LG, and Lotte, is expected to further beef up the investment cooperation between the two countries.
New hope for stronger Vietnam-RoK investment cooperation ảnh 1Samsung Electronics factory in Bac Ninh (Photo: VNA)
Hanoi (VNA) – The ongoing state visit by theRepublic of Korea (RoK)’s President Yoon Suk Yeol, who is being accompanied byleaders of 205 RoK firms, including large ones such as SamsungElectronics, SK, Hyundai Motor, LG, and Lotte, is expected to further beef upthe investment cooperation between the two countries.

During the 3-day visit, businesses of the two sides are expectedto sign a number of cooperation deals as leading RoK manufacturers are seekingmeasures to ensure supply chains and expand exports.

On June 24, a Vietnam-RoK Business Forum will be held,gathering leaders of the two countries and a large number of businesses of bothsides.

According to the Foreign Investment Agency under the Ministry of Planning andInvestment, the presence of the business delegation and leading billionaires of the RoK and the world in Vietnambrings a new hope for the further growth between the two countries. All thefive major RoK enterprises have made big investment in Vietnam and planned toexpand the investment.

Samsung has announced its plan to inject 3.3 billion USD inVietnam, including 2 billion USD disbursed in projects in Thai Nguyen and HoChi Minh City.

Meanwhile, in late 2022, LG revealed its plan to invest an additional 5 billionUSD in Vietnam in the future, while Lotte is completing its Lotte Mall in Hanoiand constructing a Lotte Eco Smart area in Thu Thiem of HCM City.

In early September 2022, while attending the groundbreaking ceremony of theproject, Lotte Chairman Shin Dong-bin said that Lotte Eco Smart Thu Thiem willmark the "starting point" for investment expansion activities ofLotte Group in Vietnam.

At the same time, SK is in the process of increasing its presence in Vietnamthrough large-scale investments in Masan and Vingroup. Hyundai Motor also operatedHyundai Thanh Cong No.2 Factory in Ninh Binh at the end of last year.

The Foreign Investment Agency said that in the first five months of this year,Vietnam attracted 962 new FDI projects worth over 5.26 billion USD, up 66.4%year on year in the number of projects and 27.8% in value.

In the January-May period, the RoK was one of the largest investors of Vietnam, making up 17.4% of the number of the total projects and 25.2% of the investmentvalue.

The agency held that foreign small- and medium-sized investors have remainedconfident about the Vietnamese investment environment, while larger ones areconsidering big investment in Vietnam amid the impacts of the global minimumtax policy which will be applied in 2024./.
VNA

See more

Representatives from industry associations share insights on Vietnam’s market trends. (Photo: VNA)

Vietnam, Thailand boost industrial trade exchange

Trade between Vietnam and Thailand reached 20.18 billion USD in 2024, up 6.4% year-on-year. Thailand remained Vietnam’s top ASEAN trade partner, accounting for 24% of its total trade with the bloc.

Representatives from Lao and Vietnamese agencies at the signing ceremony. (Photo: VNA)

Vietnam, Laos strengthen energy cooperation

A 1,200 MW wind power plant in Nong district, Laos’ Savannakhet province is expected to export 1,526 kWh to Vietnam annually once its first phase completes by the end of 2027, and additionally 1,112 million kWh per year after its second phase becomes operational in 2030./

A view of the Hanoi skyline. While rental properties continue to be in demand, there has also been a notable rise in the number of foreigners looking to buy houses. (Photo: VNA)

Housing demand from foreigners in Hanoi rises

Over several years, Hanoi has increasingly become an attractive destination for foreign workers, with approximately 10,000 new foreign workers are granted licences to work in the city each year.

A high-tech corn, sorghum and grass farm in Nghe An province (Photo: VNA)

Realising circular economy to achieve sustainable development goals

Developing a circular economy has been recognised as one of the priority directions to achieve overarching goals such as waste management, efficient resources utilisation, environmental protection, disaster prevention, and climate change adaptation in the country's next development phase.

National Highway 61C (Photo; baohaugiang.com.vn)

Hau Giang, JICA to upgrade national highway

National Highway 61C linking Can Tho city with Hau Giang province will feature four lanes for motor vehicles and two for non-motorized traffic, with an estimated cost of over 5.17 trillion VND (206.8 million USD).