The Hanoi Times - Prime Minister Nguyen Tan Dung has said that the current level of investments from the Republic of Korea has not yet caught up with the expectations of both governments.
The Vietnamese Government leader made the appeal at a business forum in Seoul on May 29 on the second day of his official visit to the Republic of Korea, shortly after witnessing the signing of minutes of contracts worth billions of US dollars between the business communities of both countries.
Among the major accords were a US$620 million project between the Vietnam Steel Corporation and the RoK’s Posco Specialty Steel Group to build a steel mill with an annual output of 1 million tonnes and a US$1.2 billion project between the Vietnam Oil and Gas Construction and Assembly Corporation and the Huyndai Group to build a thermo-electric power plant in Thai Binh province. Also agreed was a US$600 million deal to set up an investment joint venture between the Ngoc Phuc Trade and Construction Company and the Daegun Company from the RoK.
The Prime Minister said he expected more RoK businesses to follow, although the East Asian country is now among the leading investors in Vietnam with almost US$19 billion registered for 2,150 foreign direct investment projects.
He added that his visit aimed to boosting comprehensive co-operation with the RoK ranging from investment to trade, tourism, labour, science-technology, culture-education, credit sources and official development assistance.
He invited more businesses from the Asian economic power to step up investments in traffic infrastructure, ports, energy projects, hi-tech, agriculture and urban and rural development.
“The Vietnamese Government will continue to introduce comprehensive measures to improve the investment climate and focus on upgrading the infrastructure, developing human resources, improving the country’s legal system and further streamlining administrative procedures to attract foreign investors,” pledged the Government leader.
His presence at the Vietnam-RoK business forum was his second appointment of the day that focused on economic relations, after earlier meeting with executives of the RoK’s leading consortiums.
At the meeting, PM Dung reiterated the Vietnamese Government’s commitments to providing the best available conditions for foreign investors, especially those from the RoK, to operate efficiently in Vietnam.
“The RoK has been a leading partner of Vietnam for years and a number of major businesses have been investing in key industries and contributing to Vietnam’s socio-economic development,” he said.
“The two countries have enjoyed major progress in bilateral relations over the past 16 years, especially since the two countries decided to upgrade their relationship to ‘a comprehensive partnership in the 21st century’ in 2001,” concluded the Prime Minister