Leaders of some Korean groups expressed their desire to expand investment in Vietnam during separate meetings with Prime Minister Pham Minh Chinh in Seoul on July 3.

They include CJ Group, POSCO Holdings, Korea Development Bank (KDB), LG Display, Daewoo E&C, GS E&C and Celltrion Inc.

They particularly spoke highly of the improvement of the investment and business environment in Vietnam.

At the meetings, PM Chinh confirmed that the Vietnamese government will accompany and support these groups to invest, build and develop projects in Vietnam effectively and successfully.

Chairman of CJ Group Sohn Kyung Shik said the group plans to continue investing in Vietnam, particularly in food exports, logistics, and cultural industries.

CJ Group entered the Vietnamese market in 1998 and currently operates 24 subsidiaries in the country with a revenue of $1.4 billion recorded in 2023.

CEO of POSCO Holdings Chang In-Hwa said his group is interested in converting its dedicated port in Vietnam into a commercial one and hopes to receive the greenlight to invest in an LNG power plant in the country. The group has established four steel branches in Vietnam with a total investment capital of $1.8 billion.

Chairman & CEO of the KDB Kang Seog-Hoon said his group plans to intensify investments in Vietnam in strategic sectors such as high-tech industries, innovation, infrastructure, and green growth. With a network in 25 countries, the Korean state-owned policy bank has supported Korean conglomerates investing in Vietnam and collaborated with the Vietnamese Ministry of Finance to assist the Vietnam Development Bank (VDB) in developing its sustainable strategies.

CEO of LG Display Jeong Cheol-dong told PM Chinh that his group wants to expand investment in Vietnam in both traditional and new areas. LG Display has invested over $5 billion in Vietnam so far.

Chairman of Daewoo E&C and Chairman of the Korea Housing Builders Association Jung Won Ju said his company established a representative office in Vietnam in June 1991, and the Daewoo E&C Vina in 2017 with a total investment of $1.3 billion. Daewoo E&C Vina is planning to build its second urban area in Thai Binh province.

President and CEO at GS E&C Huh Yoon Hong noted that besides many projects in Vietnam such as Nha Be new urban area, Long Binh and Thu Thiem urban areas and Ben Thanh – Suoi Tien metro line, the group wants to engage in the others on developing smart urban area, with the key being an IT area for the semiconductor sector and high-tech startups.

Vice Chairman and CEO of Celltrion Inc Kim Hi Hyoung said Vietnam has huge potential for the development of the biopharmaceuticals, and the corporation wants to establish a branch in Vietnam and is willing to support Vinapharm in technology transfer and production linkage while wishing to promote its products in Vietnam via the distribution system of Vinapharm.