A dialogue being held on March 25 in HCM City where South Korean businesses were apprised about areas the city is prioritising. - Photo courtesy of ITPC

HCM CITY - HCM City’s Investment and Trade Promotion Centre and the South Korean consulate organised a dialogue between the city and Korean businesses on March 25 for the latter to air their problems and learn about HCM City’s areas of focus.

Võ Văn Hoan, deputy chairman of the HCM City People’s Committee, said the relationship between Việt Nam and South Korea had been growing strongly over the past 30 years, and was elevated to a “Comprehensive Strategic Partnership” in 2022.

Korea is one of HCM City’s top partners in trade, investment and tourism, with over 2,000 of its businesses operating in the city and acting as a bridge between the two nations, according to the official.

The city strives to ensure a stable socio-political environment and favourable investment climate for foreign businesses.

According to the city Department of Finance, South Korea is HCM City’s third biggest investor with over $5.5 billion in 2,200 projects.

HCM City is focusing on hi-tech industries, supporting services, establishing international financial and digital technology hubs, and attracting investment into infrastructure and areas such as healthcare, education, culture, and sports through private-public partnerships.

Kim Nyoun Ho, chairman of the Korean Chamber of Commerce in Việt Nam, listed some issues the city needs to address, like tax refunds for on-site exports, changes in standards for applying port infrastructure fees and simplifying procedures for investment permits.

Korean businesses learnt about the city’s plans to establish an international financial hub, develop core financial services and attract finance businesses.

Michael Jaewuk Chin, independent director at Vingroup, spoke about Korea’s experience in building a financial hub in Northeast Asia, stressing the importance of financial infrastructure, regulation reforms, innovative technologies, and green finance.

Shin Choong Il, the South Korean consul general in HCM City, hoped the city would continue supporting Korean businesses.

He hailed the dialogue session as an opportunity provided to Korean businesses to discuss their issues and learn about areas the city is prioritising. - VNS