President urges Hyundai Motor to expand investment in Vietnam

President Tran Dai Quang has called on Hyundai Motor to support its Vietnamese partner in personnel training and technology transfer, and increase the rate of local content in its products. Receiving Hyundai Motor Vice Chairman Chung Eui-sun in Hanoi on Tuesday, Mr. Quang said he hopes Hyundai Motor will continue expanding investment in Vietnam, affirming that Vietnam is open to and creates all possible conditions for foreign firms, including those from the Republic of Korea to do long-term business.

He stressed the impressive economic, trade and investment cooperation between Vietnam and the Republic of Korea, including the signing of a bilateral free trade agreement. Vice Chairman Chung Eui-sun said Hyundai Motor set up a joint venture to manufacture, assemble and distribute cars in Vietnam almost a decade ago. This joint venture's automobiles have also been shipped to other countries in the region, he noted. The group has received substantial cooperation and assistance from the Vietnamese partner and local authorities, Chung said, adding that Hyundai Motor will send experts to Vietnam to give training to its partner's staff. The Republic of Korea has become the top foreign investor, the second biggest ODA and tourism partner, and the third largest trade partner of Vietnam. Korea's direct investment in Vietnam exceeded 3.1 billion USD in the first two months of 2017.

Source: VOV5