President suggests Lotte Group increase investments in Việt Nam

September, 01/2022 - 10:08
Lotte Chairman Shin Dong-bin informed President Phúc on a number of Lotte’s projects earmarked for Hà Nội, including a shopping centre expected to attract some 10 million visitors annually.
Vietnamese President Nguyễn Xuân Phúc (right) hosted a reception for Lotte Chairman Shin Dong-bin in Hà Nội on Wednesday. — VNA/VNS Photo Thống Nhất

HÀ NỘI — Vietnamese President Nguyễn Xuân Phúc welcomed Lotte Group’s investment of nearly US$5 million in Việt Nam and suggested the Republic of Korea’s conglomerate further invest in Việt Nam's large projects, while hosting Lotte Chairman Shin Dong-bin in Hà Nội on Wednesday.

Expressing his delight at the two nations’ strategic partnership being consolidated across fields, particularly trade, investment and political trust, he noted RoK firms are taking the lead in terms of FDI volume in Việt Nam with a total capital of $80 billion.

Bilateral trade value has reached $78 billion, with the RoK now the third largest trade partner of Việ tNam.

The State leader thanked Lotte for its assistance to Việt Nam in COVID-19 prevention and control, notably an aid worth VNĐ3.7 billion ($157,766), discount programmes for necessities, and the provision of face-mask and gifts for workers.

For his part, Shin thanked the Vietnamese Government, ministries, sectors and localities for their support for his group over the past time.

He informed his host on a number of Lotte’s projects earmarked for Hà Nội, including a shopping centre expected to attract some 10 million visitors annually.

Lotte also wants to promote the building of a start-up ecosystem in support of Vietnamese youth and invest in Vietnamese start-ups, Shin affirmed.

According to him, since 1996, the group has invested in Việt Nam across many fields, with its capital totalling VNĐ40 trillion and current number of employees exceeding 20,000.

Agreeing with the group’s investment orientations, particularly those involving start-up development and job creation, President Phúc hoped Lotte will contribute to enhancing the nations’ economic cooperation toward $100 billion in bilateral trade revenue.

Lotte's projects have helped to meet the growing needs of Vietnamese people given a rapidly expansion of the local middle class and of 200,000 Koreans living and working in Việt Nam, he said.

He went on stressing that the two countries’ businesses play an important role in lifting the Việt Nam – RoK relations to new heights this year in celebration of the 30th anniversary of their diplomatic relations.

Chairman of Hà Nội People's Committee Trần Sỹ Thanh (right) had talks with Lotte Chairman Shin Dong-bin in Hà Nội on Wednesday. — VNA/VNS Photo Văn Điệp

The same day, Hà Nội's new Chairman of People's Committee Trần Sỹ Thanh has hosted a reception for the visiting Lotte Chairman.

At the working session, the RoK group leader said Lotte Mall Tây Hồ (West Lake) project which started construction in 2018 could go into operations in 2023.

The project could create jobs for over 10,000 workers, he said, adding that he hoped this new mall would be just as well-received as the Lotte Center Hà Nội project.

Hà Nội's leader stressed the city's support for Lotte's projects and pledged efforts to address the group's difficulties and problems it may encounter when investing here.

Thanh also said the city's authorities will study the group's proposal for a housing project in Hà Nội, especially with regards to the selection of an appropriate location. — VNS

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