Encourage investment between Ho Chi Minh City and Busan, Korea

DNHN - The team from Ho Chi Minh City (HCMC) is in Korea to honour the 30th anniversary of the establishment of diplomatic ties between Vietnam and Korea (1992-2022), a new milestone in bilateral relations.

The delegation of the People's Council of Ho Chi Minh City (HCMC) paid an official working visit to Korea from September 18 to September 24. On September 19, the team paid a courtesy call on Park Jung Muk, the Permanent Vice Chairman of the Busan City Council.

In welcoming the group, Busan City Council Permanent Vice Chairman Park Jung Muk stated that in 2018, the Busan City Council visited the Ho Chi Minh City People's Council and inked a treaty of friendship and development cooperation on all sides. This reunion provides a chance for the two sides to work more closely and actively in a variety of disciplines.

Ho Chi Minh City's exports to South Korea will exceed $1.9 billion in 2021, while imports from South Korea would exceed $3.4 billion, mostly industrial items, machinery, and electronic components... There are now 5 Korean investors authorized to invest in Ho Chi Minh City Hi-Tech Park. Daeyuong Electronic Vina (63 million USD), Hannam Electricity (74.21 million USD), Daihan Climate (USD 31.4 million), INTOPS ($80 million), Semist ($1.4 million), and Samsung ($2 billion) are among those involved. Many FDI projects are now being implemented in Korea, while big ODA projects are being conducted in Ho Chi Minh City.

Nguyen Thi Le, Chairwoman of the People's Council of Ho Chi Minh City, noted that the partnership between Ho Chi Minh City and the Republic of Korea has yielded numerous positive achievements based on solid bilateral ties. Korea is now the third largest investor in Ho Chi Minh City, with over 1,900 active projects and total investment capital of 5.3 billion USD. Ho Chi Minh City has good relations and cooperation with seven Korean cities. In which the connection with Busan is seen as a model in Ho Chi Minh City's interaction with international places.

The community of around 80,000 Koreans and 2,000 Korean enterprises in Ho Chi Minh City is a factor contributing to the city's development as well as a bridge to improve bilateral cooperation contacts.

The Chairman of the People's Council of Ho Chi Minh City also praised Busan for the priceless affection, for having made a noble effort, donating presents and medical equipment to Ho Chi Minh City to battle the epidemic during the COVID-19 pandemic in the 4th breakout in Ho Chi Minh City in 2021.

The Chairman of Ho Chi Minh City's People's Council expects that the two cities' friendship and cooperation would grow in various areas. Ms Nguyen Thi Le believes that Busan City would promote and encourage Korean enterprises in general, and Busan businesses in particular, to actively explore collaboration prospects in Ho Chi Minh City, while also increasing exchanges and cooperation in smart cities between the two cities. The administration of Ho Chi Minh City will always establish the best circumstances for Korean firms to operate and grow in the city.

P.L