On the morning of July 1, during his official visit to Korea, Prime Minister Pham Minh Chinh received Lotte Group Chairman Shin Dong Bin.

Mr. Shin Dong Bin shared that since 1996, Lotte Group has made many efforts to invest in Vietnam. In September 2023, the Group opened Lotte Mall Tay Ho. Thanks to the active support of the Vietnamese Government, this facility is now operating effectively, welcoming about 7 million visitors.

Lotte Mall Tay Ho has an investment value of about 650 million USD, while Lotte's total investment capital in Vietnam is about 6.7 billion USD. Currently, 20 Lotte enterprises are also investing in Vietnam.

Lotte is actively implementing the Ecopark project in Thu Thiem (HCMC), which will start construction in August 2022 but is waiting for land valuation. Therefore, Lotte Chairman hopes that the Prime Minister and the Vietnamese Government will pay attention to supporting and speeding up the land valuation process to smoothly implement this project.

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Prime Minister receives Lotte Group Chairman Shin Dong-bin. Photo: VGP/Nhat Bac

Prime Minister Pham Minh Chinh said that the Land Law will take effect from August 1, and the Decree on land valuation will also be issued, so the land valuation issue raised by Lotte's Chairman will be handled.

Along with the Land Law and the Real Estate Business Law, the Housing Law, which will take effect from August 1, will remove obstacles related to land valuation.

The head of the Vietnamese Government suggested that Lotte continue to expand investment in the Lotte Mall model in provinces and cities of Vietnam.

Let's solve the problems together

Previously, Prime Minister Pham Minh Chinh received Chairman of Hyosung Corp Cho Hyun Joon and Chairman of Hyosung HS Group Cho Hyun Sang.

The Group's leaders share the Prime Minister's orientation on making Vietnam more economically powerful.

Citing a statement from a leader of Ho Chi Minh City, the leader of Hyosung Group also said that the investment cooperation process will have difficulties, but must be overcome together and wants to focus on investing in new fields in Vietnam.

Hyosung has invested billions of dollars in a factory in Ba Ria - Vung Tau to produce new bio-material T-shirts. However, the project is being affected by cheap goods from China due to low tariffs.

Therefore, he suggested that the Vietnamese Government consider raising import taxes, protecting domestic producers, and increasing the competitiveness of Vietnamese goods.

Welcoming the idea of ​​long-term investment in Vietnam of Korean corporations, including Hyosung, Prime Minister Pham Minh Chinh encouraged large investments in new fields and high-tech investment.

The Vietnamese Government is ready to create favorable conditions for businesses and jointly remove obstacles in the process of businesses investing and doing business in Vietnam.

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