On the afternoon of July 1, in Seoul, during his official visit to Korea, Prime Minister Pham Minh Chinh received Mr. Cho Hyun-joon, Chairman of Hyosung Group and Mr. Shin Dong-bin, Chairman of Lotte Group.
Hyosung (1966) operates in textiles, construction, industrial materials, information technology, industrial electrical systems, construction and chemicals; is a leading corporation in Korea with 2023 revenue of 16.2 billion USD, profit of about 400 million USD. In the coming period, the Group will focus on a number of key industries such as: Hydrogen gas production, environmentally friendly projects (recycling raw materials, using environmentally friendly materials), carbon fiber, data center, biological products, electric vehicle (EV) tires, gas power outage system (GIS), electricity storage system (ESS), smart cities... In Vietnam, since 2007, the Group has invested nearly 5.1 billion USD with 8 companies and 1 branch. The Group's total workforce in Vietnam is about 9,000 people, revenue in 2023 is 3.5 billion USD.
At the meeting, the Group's leaders reported on the business situation and environment in Vietnam; learned more about the policies and development orientations of the Vietnamese Government; reported on the operation of the biological products production project (Hyosung Core Materials Company) in Ba Ria-Vung Tau province, which is under construction and will be put into operation in 2025 with a total investment of 550 million USD, the investment plan to build a modern Data Center with a total capital of 300 million USD in Ho Chi Minh City...
Chairman Cho Hyun-joon emphasized that Hyosung places the next 100 years in Vietnam, in which the Data Center in Ho Chi Minh City will use the most modern and advanced technologies.
Prime Minister Pham Minh Chinh acknowledged and highly appreciated the effective investment and business activities of Hyosung Group in the fields of industry, construction, trade, information technology, biotechnology, etc., as well as the Group's social responsibility activities, which have made positive contributions to the socio-economic development of Vietnam. He welcomed the Group's plans to expand its investment in the fields of raw materials industry, industrial power systems, data centers and biofuels, etc. The Prime Minister affirmed that the Vietnamese Government will create favorable conditions for the Group's business activities in Vietnam.
The Prime Minister requested Hyosung to always pay attention to environmental protection, promote cooperation with domestic enterprises so that Vietnamese enterprises can participate in the value chain; increase the use of raw materials that Vietnam can produce; pay attention to ensuring social security for workers. The Prime Minister supported the signing of an MOU between Hyosung and Ba Ria-Vung Tau province to develop Ba Ria-Vung Tau province into a center for biotechnology and advanced materials production in Vietnam and the region; in the process of implementation, if there are any problems, promptly report to competent authorities for resolution.
* Next, Prime Minister Pham Minh Chinh received Mr. Shin Dong-bin, Chairman of Lotte Group.
Lotte (1967) is the 5th largest multinational corporation in Korea, present in over 30 countries in Asia, Europe and the United States. The number of employees abroad in 2022 is about 40,000 people. Revenue in 2022 reached 62.9 billion USD. Lotte started investing in Vietnam in 1996. In 2018, the Group's revenue in Vietnam reached 6.7 billion USD. Lotte started construction of Thu Thiem smart city in September 2022 and is investing in the Lotte Mall Tay Ho complex project in Hanoi.
At the meeting, Lotte leaders believed that Vietnam would continue to develop strongly, be a highlight of the global economy and the two countries would develop a "win-win" economic relationship; made a number of proposals for the two projects Lotte Thu Thiem and Lotte Mall Hanoi, and expressed their hope that Lotte would have the opportunity to invest in large-scale projects in Vietnam.
The Prime Minister highly appreciated the Group's investment and business activities in Vietnam, saying that Vietnam welcomes and hopes that Lotte will continue to expand its investment in areas of strength such as smart urban development, contributing to promoting tourism; the Vietnamese Government will accompany and support Lotte to invest and develop large-scale projects.
Regarding related recommendations, the Prime Minister said that the revised Land Law, Real Estate Business Law, and Housing Law are about to take effect from August 1. The Government will issue a Decree on land use fees and land rents, in accordance with legal regulations and ensuring the legitimate rights of investors.
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