Increased backing for Foreign Direct Investment initiatives in the Republic of Korea is called for by the Deputy Prime Minister
Vietnam's Deputy Prime Minister, Nguyen Chi Dung, has outlined a strategic plan to attract significant foreign direct investment (FDI) from the Republic of Korea (RoK) in key sectors like semiconductors and energy. The aim is to drive socio-economic development and achieve double-digit growth in the coming years.
On July 31, a meeting was held with leaders from the Ministries of Finance, Public Security, Foreign Affairs, Science and Technology, and Industry and Trade, as well as representatives of localities expected to host Korean-invested projects. The discussion focused on advancing economic cooperation between Vietnam and the RoK through these proposed projects.
Deputy Prime Minister Dung urged ministries, agencies, and local governments to agree on the importance of the projects and clarify the legal frameworks to facilitate their implementation. He emphasized reaching preliminary agreements with investors on key commitments such as technology transfer, establishing research and development (R&D) centers in Vietnam, workforce training, and support mechanisms.
The proposed projects are projected to generate thousands of direct and indirect jobs, strengthen technology and industrial capacity (notably in semiconductors), and promote energy sector advancement, including renewable and new energy sources aligned with Vietnam’s development stages. This investment is part of a broader government agenda focusing on legal and institutional reforms to unlock delayed projects worth $235 billion and optimize the investment environment for rapid and sustainable growth.
The focus on swift resolution of investment bottlenecks is a key aspect of Dung's instructions for the effective implementation of the proposed projects. He urged local authorities to act promptly to resolve these issues and create favorable conditions for project execution, ensuring sustainable benefits.
The meeting's participants are now tasked with stepping up engagement with businesses to reach preliminary agreements on key commitments as per Dung's instructions. The discussion of key commitments, such as technology transfer and R&D centre establishment, is part of the engagement with businesses.
This strategic move towards Korean investments is a significant step in Vietnam's ambition to modernize infrastructure, accelerate national projects, and tap into high-tech industries such as artificial intelligence, digital transformation, and quantum technology. The Deputy Prime Minister's clear instructions aim to bring sustainable interests through the effective implementation of these proposed projects.
- The investment from the Republic of Korea (RoK) in sectors like semiconductors and energy, as outlined by Vietnam's Deputy Prime Minister Nguyen Chi Dung, is expected to drive technological advancements, including in high-tech industries such as artificial intelligence and quantum technology.
- The proposed projects, which involve Korean investments, are anticipated to generate numerous direct and indirect jobs in Vietnam, thus bolstering the local workforce.
- To facilitate the implementation of these projects, Vietnam's ministries, agencies, and local governments are being urged to clarify the legal frameworks, agree on key commitments like technology transfer, and establish research and development (R&D) centers in Vietnam.
- The allocation of foreign direct investment (FDI) from the RoK is part of a larger government agenda aiming at legal and institutional reforms, aimed at unlocking delayed projects worth $235 billion and optimizing the investment environment for rapid and sustainable growth.
- The Deputy Prime Minister has emphasized the need for a swift resolution of investment bottlenecks, encouraging local authorities to act promptly to resolve these issues and create favorable conditions for project execution, ensuring sustainable benefits.
- To effectively implement the proposed projects, Vietnam's participants from the meeting are now tasked with engaging with businesses to reach preliminary agreements on key commitments, including technology transfer and the establishment of R&D centers in Vietnam.
