South Korean investment in Dong Nai nears US$8.4 billion
Hyosung plans to enter new sectors in the Vietnamese city, where South Korean companies employ more than 170,000 workers.
South Korean investors hold 469 valid projects in Dong Nai with registered capital of nearly US$8.4 billion, Vietnam News Agency reported. South Korea ranks first among the 51 countries and territories with investments in the southern Vietnamese city.
Hyosung Group accounts for US$2.2 billion in registered capital, making it Dong Nai's biggest South Korean investor. Bae In-han, general director of Hyosung Dong Nai Co., Ltd., said the company plans investments in additional sectors locally. He credited support from local authorities with helping it address difficulties and maintain stable operations.
At a mid-October meeting with South Korean businesses, municipal People's Committee Vice Chairwoman Nguyen Thi Hoang said officials wanted to identify companies' concerns and agree on practical measures that could be implemented immediately. She said business recommendations would also inform improvements to investment conditions.
Among the established investors is footwear exporter TKG Taekwang Vina JSC, which began operating in Dong Nai in 1994 and employs more than 34,000 people. Its administrative director, Dinh Sy Phuc, said assistance from authorities had helped the company sustain operations and expand.
South Korean Ambassador to Vietnam Lee Mi-yon said South Korean businesses employ more than 170,000 workers in Dong Nai. Municipal Party Committee Deputy Secretary Vo Tan Duc pledged continued dialogue with companies and efforts to improve the investment environment.
