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Vietnamese PM talks with leaders of 20 S. Korean groups

Vietnamese PM talks with leaders of 20 S. Korean groups

Monday, July 01, 2024, 13:35 GMT+7
Vietnamese PM talks with leaders of 20 S. Korean groups
A general view of a meeting between Vietnam’s Prime Minister Pham Minh Chinh and ministers and leaders of South Korean companies in Seoul on July 1, 2024. Photo: Nhat Bac

Vietnamese Prime Minister Pham Minh Chinh had a meeting with leaders of 20 South Korean firms in Seoul on Monday, as part of his ongoing visit to South Korea until July 3.

Among them were Hyundai Motors, GS Energy, Doosan Enerbility, KB Financial Group, Hana Financial Group, POSCO International, and TKG Taekwang.

They had a morning meal during their talks.

Prime Minister Pham Minh Chinh (R, 3rd) talks with leaders of 20 South Korea companies on July 1, 2024. Photo: Nhat Bac

Prime Minister Pham Minh Chinh (R, 3rd) talks with leaders of 20 South Korean companies in Seoul on July 1, 2024. Photo: Nhat Bac

Jung Yeoin, president of Doosan Enerbility, told the Vietnamese government leader that the firm entered Vietnam in 2006, and desires to join wind power projects in the Southeast Asian nation.

“Power generation is a key field for cooperation between the two nations. Therefore, we are willing to transfer technology and join hands with Vietnam to offer training courses,” Jung affirmed.

Lee Kye In, CEO at POSCO International, said at the meeting with PM Chinh that the company produces over 2.3 million metric tons of steel in Vietnam, and makes US$1.5-2 billion in revenue each year.

The firm got involved in the Mong Duong 1 Thermal Power Plant project in Quang Ninh Province, northern Vietnam in 2015, and is planning to join the Quynh Lap liquefied natural gas-fired (LNG) power facility project in Nghe An Province, located in the north-central region.

Meanwhile, Jung In Sub, CEO at Hanwha Aerospace, expressed his hope that the firm could supply aircraft engine repair and maintenance services in Vietnam.

Vietnamese air carriers have to go abroad for maintenance, so he wishes to meet this high demand for the nation, said the leader of Hanwha Aerospace.

Hyundai Mipo is making much investment in Vietnam in a bid to accompany the country during the journey of developing the shipbuilding sector and creating prestigious products, said Kim Hyung Kwan, president and CEO at the South Korean shipbuilder.

The company is applying advanced technology and green technology to its production, contributing to Vietnam’s sustainable shipbuilding growth.

A representative of GS Energy speaks at a talk with Prime Minister Pham Minh Chinh. Photo: Nhat Bac

A representative of GS Energy speaks at a talk with Prime Minister Pham Minh Chinh. Photo: Nhat Bac

Regarding power issues, Vietnamese Minister of Industry and Trade Nguyen Hong Dien said that Vietnam has a high demand for energy and is attracting investment in this sector, creating significant potential for bilateral cooperation.

To ensure a sufficient supply of electricity, Vietnam has completed and adopted a direct power selling and buying mechanism, issued policies related to rooftop solar power, and adjusted power prices reasonably.

The minister expected South Korean investors to prioritize their investment in hi-tech and value-added fields, digital infrastructure, green transition, transport, and energy.

He asserted that the Vietnamese government is willing to remove all obstacles and support South Korean firms.

PM Chinh underscored that Vietnam is diversifying its power sources.

Though electricity consumption in Vietnam has soared over the past few months, and the use of power was forecast to be on the rise, the prime minister affirmed that Vietnam will not experience a shortage of electricity.

The leader of the Vietnamese government threw his support behind South Korean firms’ intention to expand their reach in Vietnam.

He encouraged Hanwha Aerospace to work with Vietnamese airlines to supply aircraft engine maintenance and repair services.

Prime Minister Pham Minh Chinh (middle) is seen in talks with leaders of South Korean firms. Photo: Nhat Bac

Prime Minister Pham Minh Chinh (middle) is seen in talks with leaders of South Korean firms. Photo: Nhat Bac

PM Chinh said that Vietnam is developing the aviation industry by building and expanding a system of airports, most notably the big-ticket Long Thanh international airport under construction in Dong Nai Province, southern Vietnam.

As such, aircraft repair and maintenance services are a need in Vietnam.

The premier said that he always wishes to receive recommendations and proposals for cooperation from South Korean groups.

He expects South Korean firms to enhance their cooperation with Vietnamese partners to contribute to ramping up two-way trade between the two nations to $100 billion in 2025, and $150 billion in 2030.

The prime minister also called on investors from South Korea to prioritize their investment in artificial intelligence, digital economy, and green economy spheres.

PM Chinh and his spouse Le Thi Bich Tran, along with their entourage, arrived in Seoul on Sunday afternoon for a four-day official visit to South Korea at the invitation of his South Korean counterpart Han Duck Soo and his spouse.

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Tieu Bac - Duy Linh / Tuoi Tre News

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