Deputy PM urges haste on LG R&D center project in Hai Phong city

Deputy Prime Minister Tran Luu Quang has urged South Korean Ambassador Choi Youngsam to push electronics giant LG Group to invest in developing an R&D center in Hai Phong city.

Receiving the new ambassador at the government headquarters in Hanoi Thursday afternoon, Quang said he hoped that the project will be realized during the former’s tenure in Vietnam.

Ambassador Choi Youngsam responded that when he accepted the assignment, he was reminded by the South Korean President that Vietnam was a very special and important partner for the country, so he must make every effort to promote cooperative relations.

Choi pledged to do his best to further promote the Vietnam-Korea comprehensive strategic partnership, expanding cooperation in new fields and areas including essential minerals, innovation, climate change and new energy.

Quang noted that South Korea was a leading foreign investor in Vietnam, led by Samsung (almost $20 billion) and LG ($11 billion). He also said that Vietnam will continue to strengthen its investment climate in order to make it easier for foreign investors to effectively implement projects in Vietnam.

The Vietnamese government has urged communities to develop land funds to enhance land access for investors, including South Korean firms, he said.

In expressing his desire for the LG Group to invest in developing an R&D center, the deputy PM noted that Hai Phong has prepared a land fund for the project.

The same day, Quang also received Lotte Group chairman Shin Dongbin, who was visiting Vietnam to prepare for the opening of Lotte Mall Tay Ho in Hanoi.

The Lotte Group, which entered Vietnam in 1996, has a total investment capital of $2.5 billion in real estate, entertainment, food production and retail industries. The group had 16 subsidiaries in Vietnam as of December 2022, employing around 15,000 people.

According to the Foreign Investment Agency, South Korea's FDI in Vietnam was $2.45 billion in the first eight months of the year, ranking 4th after Singapore, China and Japan.