State leader asks for Hyundai Motor's help to raise local contents

He reiterated that Vietnam is open to and creates all possible conditions for foreign firms, including those from the Republic of Korea (ROK), to do long-term business.

Welcoming Chung's working visit to Vietnam amid the 25th anniversary of the two countries' diplomatic ties, the host leader highlighted the vigorous growth of bilateral relations, noting that the countries established their strategic cooperative partnership in 2009 and have maintained high-level visits, helping to bolster mutual understanding and political trust.

He stressed impressive economic, trade and investment cooperation outcomes, including the signing of a bilateral free trade agreement (FTA). The ROK has become Vietnam's top foreign investor, second-biggest ODA and tourism partner and third-largest trade partner. The RoK's direct investment in Vietnam is surging, exceeding US$3.1 billion in the first two months of 2017.

President Quang hopes that on the basis of the sound political ties and the Vietnam-ROK FTA, Hyundai Motor will continue expanding investment in the Southeast Asian nation.

For his part, 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.

During that time, the group has received substantial cooperation and assistance from the Vietnamese partner and local authorities, he said, adding that it would send experts to Vietnam to give training to its partner's staff in the time ahead.

He attributed the ROK's soaring direct investment in Vietnam to appropriate policies and effective assistance provided by the Vietnamese State and Government.

Aside from stepping up investment and technology transfers, Hyundai Motor will further engage in social welfare projects in Vietnam, the Vice Chairman added.

(Source: VNA)