Deputy Prime Minister Vương Đình Huệ (centre) witnesses the signing of a memorandum of understanding on strategic co-operation on studying and producing fully biodegradable plastic bags between An Phát Holdings JSC and TLC Korea. — VNS Photo

HÀ NỘI — The Vietnamese Government would work to remove bottlenecks and create the best conditions for enterprises from the Republic of Korea to operate in Việt Nam, Deputy Prime Minister Vương Đình Huệ said on Thursday.

He made the statement while hosting a reception for heads of leading South Korean corporations as part of his ongoing visit to the East Asian country.

Meeting with Chairman of Hyosung Group Cho Hyun-joo, Deputy PM Huệ said the group was one of the largest Korean investors in Việt Nam with US$3 billion registered in production projects in Đồng Nai and Quảng Nam provinces.

He spoke highly of the group’s presence in the Vietnamese market, and hoped that it would land long-term investments and expand project scale in the Southeast Asian country.

Responding to Cho’s queries on the approval for the expansion of Tam Thăng Industrial Park in Quảng Nam Province, and Nhơn Trạch Industrial Park in Đồng Nai Province, as well as recommendations for the construction of a ring road along the Tân Vạn-Nhơn Trạch section, Huệ said the Government would entrust the Ministry of Planning and Investment and the Ministry of Finance to handle the issues.

In a separate reception for Lotte Group Chairman Shin Dong Bin, Deputy PM Huệ said the Government would back the group to settle challenges such as those at EcoSmartCity Thủ Thiêm and Hà Nội Lotte Mall. 

He took the occasion to thank Lotte for supporting the Vietnamese farm produce programme, nudging the country’s tropical agricultural products closer to foreign consumers.

Huệ also had meetings with CEO of Hanhwa Energy Ryu Du-hyung, CEO of GS Engineering & Construction Corporation Woo Mu-hion, and leaders of South Korean property ventures.

The same day, he witnessed the signing of a memorandum of understanding on strategic co-operation on studying and producing fully biodegradable plastic bags between An Phát Holdings JSC and TLC Korea.

According to the agreement, An Phát would contribute 51 per cent of capital into TLC Korea to produce fully biodegradable materials and products for the South Korean market.

They would also establish a research and development centre in South Korea on fully biodegradable materials as well as build a $100 million factory in Việt Nam. This would be the first plant to produce bioplastic PBAt in Southeast Asia with yearly capacity of 50,000 tonnes by 2025 to supply the Asian market.

The deputy PM also visited representatives of the Vietnamese community and staff at the Vietnamese Embassy in the RoK.

Currently, South Korea is the largest investor, and second largest ODA provider for Việt Nam. 

Under an MoU signed between both sides in 2018, they will work together to increase trade revenue to $100 billion by 2020. — VNS