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  Foreign Investment

HCM City delegation calls for investment in RoK

Foreign Minister of the Republic of Korea (RoK) Ban Kimoon highlighted the role HCM City plays in boosting the relationship between the two countries, especially in the areas of investment, trade and tourism.

He was addressing a delegation from the city, which started a seven-day visit to the country on June 14, saying that the RoK wishes to advance bilateral relations worthy of their "strategic partnership in the 21st century."

While in Seoul, the delegation had a working session with City Hall to learn of their experiences in construction, management and metro development, visited the Korean Housing Development Corporation to study its experiences in building housing for low-income earners and called at the LG Construction Group, the Small and Medium Enterprise Association (SMEA) and the Korean International Trade Association (Kotra).

The management of the Small and Medium Enterprise Association thanked the city for its efforts to create a favourable investment environment for foreign investors, including the Koreans. A recent survey by SMEA found that approximately 14 percent of the respondents have an interest in investing in Viet Nam.

LG Construction leaders revealed their intention to explore and consider taking part in housing projects in HCM City.

While in Gyongju city, the delegation visited the Hyundai group. Operating in industrial areas, the group now accounts for 35 percent of the world's engine market with their environment-friendly products. It is aiming to become a world-leading industrial group.

In Busan city, which has maintained a friendly relationship with the city over the last nine years, the delegation paid a courtesy visit to Mayor-elect Hur Nam-shik, who won an election to the post of Busan Mayor on June 5. The delegation had the honour of being the first foreign guests to be received by the new mayor. After briefing him on the developments in HCM City in recent years, Chairman of the city People's Committee Le Thanh Hai referred to three major challenges facing the city in its integration process: difficulties in the transformating from an economy with unskilled labour to one with skilled labour to manufacture highly competitive products; an imbalance between infrastructure and growth momentum; and shortcomings in personnel training.

Mayor Hur Nam-Shik said that more and more Busan enterprises want to do business in HCM City and his city authorities are urging them to invest in building infrastructure projects.

The two sides agreed to set up a working group to boost investment, trade and culture exchange between the cities.

Busan has also committed itself to helping HCM City with the teaching of the Korean language and vocational training.

While in Busan, the delegation held a workshop to promote the trade and investment environment in HCM City. At the workshop, which drew dozens of interested Busan businesses, HCM City officials introduced the city's investment incentives and projects calling for investment. Many Busan entrepreneurs showed their interest in the areas of property, interior decoration, leather footwear, handicraft production and waste disposal.

The delegation also had working sessions with the city's Besco exhibition centre, Department for Maritime Affairs and Aquatic Products, Chamber of Commerce and Industry, and visited its metro, new Busan port and waste disposal zone.

VNA - (22/06/2004)

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