State President receives Hyundai Motor Vice Chairman

VGP – Viet Nam has enhanced socio-economic development, focused on administrative procedure reform, improved the investment and business environment, accelerated competitiveness and facilitated foreign businesses, including ones from the Republic of Korea (RoK) to expand and launch long-term investment in Viet Nam.

March 29, 2017 4:08 PM GMT+7

Photo: VNA

State President Tran Dai Quang made that statement at his reception for Hyundai Motor Vice Chairman Chung Eui-sun in Ha Noi on March 28.

Welcoming Chung’s working visit to Viet Nam on the occasion of the two countries’ 25th anniversary of diplomatic ties, the Vietnamese leader highlighted the bilateral relations, noting that the countries established the strategic cooperative partnership in 2009 and have maintained high-level visits, helping bolster mutual understanding and political trust.

The RoK has become the top foreign investor, the second biggest ODA and tourism partner, and the third largest trade partner of Viet Nam. The RoK’s direct investment in Vietnam is surging, exceeding US$3.1 billion in the first two months of 2017.

State President Quang hopes that Hyundai Motor will continue expanding investment in Viet Nam, especially in training, technology transfer and improvement of products’ quality.

For his part, Mr. Chung Eui-sun said Hyundai Motor and its partners in Viet Nam will increase the proportion of localization rate from 12% to 40% and the share market to 10% by 2021 in Viet Nam.

The RoK’s FDI capital flows have rocketed over the recent years thanks to the Vietnamese Government’s suitable policies and effective assistance, he said, adding that Hyundai Motor will take part in more social security projects in Viet Nam in the future.

By Thuy Dung