The RoK’s registered investment in Vietnam hit 1.25 billion USD in January alone, much higher than the figure of 93.46 million recorded in January last year.
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Samsung will expand its investment to new sectors in Vietnam. (Photo for illustration: baodautu.vn) |
SK Group, the second-largest conglomerate in the RoK, has planned to invest in three LNG-fueled power projects in Vietnam, aiming to develop a new energy hub integrating artificial intelligence development, hydrogen, logistics, eco-friendly agriculture, and innovation in the Southeast Asian nation.
In meetings with Party General Secretary To Lam and Prime Minister Pham Minh Chinh last week, SK Group Chairman Chey Tae Won said his firm is actively seeking opportunities to enhance support for and cooperation with Vietnam to promote long-term, sustainable economic growth.
SK has already invested around 3.5 billion USD in Vietnam. However, most of the sum is indirect investment, involving equity purchases worth hundreds of millions to over a billion USD in major companies such as Vingroup, Masan, Pharmacity, and Imexpharm.
The Ecovance high-tech biodegradable materials plant in the Northern port city of Hai Phong is the first direct investment project of SK in Vietnam. SK is investing in the project through a subsidiary at the DEEP C Industrial Park, with a total investment of 500 million USD. The project targets the rapidly growing global biodegradable materials market.
Chey stated SK considers Vietnam a priority partner in its investment strategy in the coming time, adding the firm is eager to participate in Vietnam’s green transition, especially in energy and industry, thus contributing to the Southeast Asian nation's goal of cutting emissions to net zero by 2050.
Meanwhile, Samsung Display of the RoK has been approved to inject an additional 1.2 billion USD into its existing next-generation display manufacturing plant in the Northern province of Bac Ninh. This investment aims to establish Vietnam as a key production hub for Samsung’s next-generation displays.
In a recent meeting with Prime Minister Pham Minh Chinh, General Director of Samsung Vietnam Choi Joo Ho, and his successor, Na Ki Hong, stated that, in addition to its traditional investment areas, Samsung will expand its investments in Vietnam into new sectors.
Samsung has invested over 23 billion USD in Vietnam, and continues to inject billions of USD annually. With its new plans, more billion-USD projects are likely to be added to Samsung’s investment portfolio in the Southeast Asian nation.
Besides Samsung, LG has also been steadily increasing its investments in Vietnam. Last year, the Korean conglomerate poured billions of USD into the LG Display project in Hai Phong. Looking ahead, LG plans to further expand its investments in the country.
Other giants such as Hyosung, Amkor, and Hana Micron are also looking to expand their investment and business in Vietnam.
After investing 520 million USD, Amkor decided to inject an additional 1.07 billion USD into its plant in Bac Ninh, 11 years ahead of its schedule. Recent reports indicate that Amkor's plant is expected to triple its production capacity in the near future.
Source: VNA