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S.Korean firms target energy, rare earth mining in Vietnam

S.Korean firms target energy, rare earth mining in Vietnam

Wednesday, July 03, 2024, 20:33 GMT+7
S.Korean firms target energy, rare earth mining in Vietnam
Vietnam’s Prime Minister Pham Minh Chinh (R) receives Chang In Hwa, chairman of Posco, in Seoul on July 3, 2024. Photo: Nhat Bac

South Korean steel giant Posco desires to exploit rare earths in Vietnam, while Daewoo Engineering & Construction Co. Ltd. eyes investment in thermal power in the Southeast Asian nation, heard the meetings between Vietnam’s Prime Minister Pham Minh Chinh and leaders of six major South Korean firms in Seoul on Wednesday.

Another South Korean group, LG Display, is planning to double its production capacity in Vietnam.

These meetings were part of the Vietnamese government leader’s four-day visit to South Korea, which was set to wrap up on Wednesday.

During their talks, these firms expressed their belief in the strong growth of bilateral ties between the two nations and appreciated the significant improvements in Vietnam's business climate.

At the meeting with PM Chinh, Chang In Hwa, chairman of Posco, showed his interest in rare earth mining and processing in Vietnam.

The Vietnamese premier said that Vietnam is working to boost international cooperation and attract investment in rare earth mining with priority for high technology, sustainable exploitation, and environmental protection.

The Vietnamese government leader also suggested Posco join liquefied natural gas (LNG) power projects in Thanh Hoa and Nghe An Provinces, north-central Vietnam.

Meanwhile, Jung Won Ju, chairman of Daewoo E&C and chairman of the Korea Housing Builders Association, told PM Chinh that his company expects to get involved in key power projects in Vietnam such as O Mon thermal power facilities No. 3 and 4, and Hai Dang and Long An LNG plants.

The leader of the South Korean construction company hoped that the firm would successfully develop a smart city model at the Tay Ho Tay urban area in Hanoi and build more new urban areas in other localities.

During his reception for Jung, PM Chinh underlined that developing new urban areas and spurring urbanization are Vietnam’s long-term development strategies.

The premier also welcomed Daewoo E&C’s intention to expand its operations in infrastructure, energy, and smart urban model aspects in Vietnam.

Vietnam’s Prime Minister Pham Minh Chinh (R) talks to Jung Won Ju, chairman of Daewoo E&C. Photo: Nhat Bac

Vietnam’s Prime Minister Pham Minh Chinh (R) talks to Jung Won Ju, chairman of Daewoo E&C. Photo: Nhat Bac

During talks with PM Chinh, Cheoldong Jeong, CEO of LG Display, emphasized that Vietnam is the firm’s key global production base.

He revealed that the company would continue investing in its LG Innotek Plant in Hai Phong City, which specializes in producing camera modules, to double its production capacity.

PM Chinh also suggested LG Display raise its localization rate and partner with more Vietnamese firms to strengthen its production and supply chain.

Encouraging South Korean enterprises to expand their reach in Vietnam, the premier affirmed that the government would support them and make it easier for these investors to succeed in the Southeast Asian nation.

Vietnam’s Prime Minister Pham Minh Chinh (R) welcomes LG Display’s plan to expand its production scale in Vietnam. Photo: Nhat Bac

Vietnam’s Prime Minister Pham Minh Chinh (R) welcomes LG Display’s plan to expand its production scale in Vietnam. Photo: Nhat Bac

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Tieu Bac - Duy Linh / Tuoi Tre News

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