During the three-day visit starting Thursday, businesses of the two sides are expected to sign a number of cooperation deals as leading RoK manufacturers are seeking measures to ensure supply chains and expand exports.

Samsung's plant in the northern province of Bac Ninh.

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

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

Samsung has announced its plan to inject US$3.3 billion in Vietnam, including $2 billion disbursed in projects in the northern province of Thai Nguyen and Ho Chi Minh City.

Meanwhile, in late 2022, LG revealed its plan to invest an additional $5 billion in Vietnam in the future, while Lotte is completing its Lotte Mall in Hanoi and constructing a Lotte Eco Smart area in Thu Thiem of HCMC.

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

At the same time, SK is in the process of increasing its presence in Vietnam through large-scale investments in Masan and Vingroup. Hyundai Motor also operated Hyundai Thanh Cong No.2 Factory in the northern province of 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, 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 investment value.

The agency held that foreign small- and medium-sized investors have remained confident about the Vietnamese investment environment, while larger ones are considering big investment in Vietnam amid the impacts of the global minimum tax policy which will be applied in 2024.

Vietnam, RoK share experience, initiatives on smart city development

The CICON 2023 – the second international conference that combines the initials of Creative Urban, Culture, Convergence, and Industry took place in Ho Chi Minh City on June 7, offering opportunities for Vietnam and the Republic of Korea (RoK) to participate in the smart city and blockchain industry, build a network of businesses from the two countries.

Bac Giang city and Seo district (RoK) ink friendship cooperative agreement

(BGO) – A ceremony was held on May 31 in Bac Giang city (Bac Giang province) under the chair of Dang Dinh Hoan, member of the Bac Giang provincial Party Committee, Vice Secretary of the municipal Party Committee, Chairman of the municipal Peoople’s Committee and Mayor Seo Cheolmo of Seo district, Daejeon city (Republic of Korea-RoK) to ink the friendship cooperative agreement between two localities.

Bac Giang provincial leader receives RoK’s delegation

(BGO) – On May 30, the Permanent Vice Chairman of Bac Giang provincial People’s Committee (PPC) Mai Son received the working delegation from Seo district, Daejeon city of Republic of Korea (RoK) led by Mayor Cheolmo of Seo district on official visit to Bac Giang from May 30 till June 1, 2023.

Vietnamese culture popularised in RoK’s Gwangju city

The 2023 Vietnam Day was held in Gwangju city of the Republic of Korea (RoK) on May 21, aims to popularise the traditional and unique culture of Vietnam to international friends as well as to strengthen cultural exchange between the two countries.

New cooperation spaces for Vietnam, RoK localities: seminar

Cooperation between localities of Vietnam and the Republic of Korea (RoK) has seen the engagement of not only authorities but also businesses and people, heard a seminar in Seoul on May 30.

Source: VnExpress