General Secretary of the Communist Party of Vietnam Nguyen Phu Trong has affirmed that Vietnam will continue to create favorable conditions for foreign investors, including those from the Republic of Korea (RoK), to do business in Vietnam.
The Party leader made the statement in Seoul on October 1 during a ceremony to grant the Samsung Group its investment license to build a US$1.4 billion electronics production factory in Ho Chi Minh City-based Saigon Hi-Tech Park, which is expected to operate in 2016.
The license was handed to the group by HCMC People’s Committee chairman Le Hoang Quan, who accompanied General Secretary Trong on his four-day visit to the RoK at the invitation of RoK President Park Geun-hye.
“We always consider success of RoK businesses in Vietnam as ours and hope that they see Vietnam as their second homeland and contribute to the long-term prosperous development of both RoK and Vietnam,” said General Secretary Trong.
He expressed his hope that the Samsung Group would continue to expand its investments in Vietnam into new areas for mutual benefit.
On Wednesday afternoon, the Party leader received the chairman of the South Korea- Vietnam Friendship Association Choi Young Joo.
Trong is also scheduled to have talks with President Park Geun-hye and other South Korean officials to discuss measures to expand bilateral cooperation.
On the same day, the Party leader also met with the top officials of the RoK’s Keangnam Group.
Also on Wednesday, General Secretary Trong visited the Vietnamese Embassy in Seoul and met with Vietnamese people living in the city.
The Office of the South Korean President hailed Trong’s visit considering it a boost to the mutual understanding between the two countries.
As of June this year, with 3,687 projects worth US$31.2 billion invested in Vietnam, the RoK ranked first in terms of the number of projects and second in terms of registered capital among foreign investors in Vietnam.
Regarding trade, the two countries have determined to raise two-way trade to $70 billion by 2020.