PM Pham Minh Chinh (right) receives Chairman of Hyosung Group Cho Hyun-joon in Hanoi on October 14. (Photo: VNA)

Mr. Chinh underlined that Vietnam will continue accompanying and providing optimal conditions for the firm’s projects to operate healthily, sustainably, and profitably.

Vietnam is pushing ahead with improving the investment climate, reforming administrative procedures, cutting compliance cost, boosting power decentralisation, and developing strategic infrastructure so as to reduce expenses and promote competitiveness for goods and enterprises, the PM noted.

Cho said the company plans to invest another 4 billion USD and create about 10,000 new jobs to contribute more to the Vietnamese economy and further carry out social responsibility, adding that in the short term, it will continue expanding investments in data centre, high-tech industrial materials, aviation biofuel, and carbon fibre manufacturing.

As Hyosung is inviting the UAE’s Abu Dhabi National Oil Company (ADNOC) to act as a partner in its projects in Vietnam, Cho expressed his hope for Vietnam’s support so that the two enterprises can efficiently carry out investment projects and become a new business cooperation model among Vietnam, the RoK, and the UAE. Hyosung will also help attract investment from the Middle East to Vietnam.