Korean Group Wants to Pour Another $2 Billion into Vietnam This Year

Hyosung - South Korea's leading corporation in the production of electric transformers - wants to invest an additional 2 billion USD in Vietnam in 2024.

The information was announced by Mr. Cho Hyun-sang, Vice President of Hyosung Group, at a seminar on investment opportunities in the Vietnamese market. The event on January 17 was chaired by Prime Minister Pham Minh Chinh, on the occasion of attending the World Economic Forum (WEF) Davos 2024, in Switzerland.

Hyosung, founded in 1962, is the leading Korean corporation in the production of electrical transformers, having invested 3.5 billion USD in Vietnam, present in major cities such as Hanoi, Ho Chi Minh City, Dong Nai, Ba Ria - Vung Tau with more than 9,000 employees.

The Vice President of Hyosung Group said that many Korean companies want to be present in Vietnam. Assessing the investment in Vietnam as one of the most effective investments, Hyosung plans to increase its capital to 5.5 billion USD this year.

"Vietnam's strengths are the strong and effective leadership and management of the central government, the active support of local governments, and the hard-working and serious spirit of the Vietnamese people," Mr. Cho Huyn-sang commented.

Prime Minister Pham Minh Chinh and delegates attending the seminar on Investment Potential and Opportunities in Vietnam's Financial Market, held on January 17 in Davos, Switzerland. Photo: Nhat Bac — Prime Minister Pham Minh Chinh and delegates attending the seminar *on Investment Potential and Opportunities in Vietnam's Financial Market* , January 17 in Davos, Switzerland. Photo: *Nhat Bac*

In addition to investment, large businesses believe that Vietnam has the potential to become a regional financial center.

Mr. Claudio Cisullo, representative of UBS Bank, assessed that Vietnam is one of the countries with very good conditions to develop a financial center. This is also a special opportunity to transform through technology and avoid the "mistakes" and wrong choices of previous countries.

According to leaders of ministries, sectors and Ho Chi Minh City, Vietnam is highly appreciated by international organizations for its potential to develop a financial center due to its stable macroeconomic and political situation, favorable geographical location, and time zone difference with the 21 largest financial centers in the world. This is a unique advantage in attracting idle capital when other financial centers are closed during trading breaks.

Chairman of the Ho Chi Minh City People's Committee Phan Van Mai said that according to the plan, by 2030, the city will form a regional financial center. This year, Ho Chi Minh City must submit to the National Assembly a legal framework for this center and continue to update and supplement it.

Prime Minister Pham Minh Chinh hopes that global corporations and investment funds will share their experiences and provide advice on selecting appropriate development models and solutions to develop a financial center in Vietnam. In addition, organizations can study the possibility of participating in investment, restructuring weak banks, and supporting Vietnam in training and developing high-quality human resources for the financial services sector.

The Head of Government affirmed that Vietnam always accompanies and creates favorable conditions for foreign investors in general and investors from Switzerland in particular to invest and do business effectively and sustainably in Vietnam.

Minh Son

Source link