RoK businesses raise US$1 million for Vietnamese COVID-19 fight

President Nguyen Xuan Phuc holds an online working session with Choi Young Joo, Chairman of the Republic of Korea (RoK)-Vietnam Friendship Association

The Vietnamese State leader expressed his pleasure at receiving a congratulatory letter from Young-joo, who also serves as chairman and CEO of PANKO Corp., following the former’s election to the role of President of the Socialist Republic of Vietnam.

President Phuc acknowledged and expressed his great appreciation after the group raised US$1 million from numerous Korean businesses in support of the country’s COVID-19 prevention and control efforts, including Panko Corp.

Briefing Young-joo on the results of ongoing COVID-19 prevention and control measures, the President said the country remains active in containing the disease and is making all-out efforts to realise the dual goal of swiftly repelling the pandemic and stabilising production and business activities. This is being done in a way to ensure the continuity of the goods supply chain and a safe environment for investors.

Furthermore, President Phuc praised Panko Corp. and other Korean groups such as Samsung and SK for supporting the nation in coping with the pandemic, while promoting greater investment in the country from major Korean groups.

In response, the Korean official was appreciative of Vietnamese success in COVID-19 prevention and control, stating that this will facilitate Korean investors’ operations locally. The sum of US$1 million raised by Korean businesses for the country is a manifestation of good sentiment in helping in the ongoing COVID-19 battle.

The RoK-Vietnam Friendship Association wishes to send this money to support Ho Chi Minh City, which is currently suffering from the negative impact of the COVID-19 pandemic.

Young-joo told President Phuc that many Korean investors have successfully invested in the Vietnamese market, therefore he requested that the Vietnamese State leader to continue to pay close attention to improving the mutual strategic partnership as a means of facilitating Korean investment in the country.

He said Panko Corp. and a number of Korean investors remain highly interested in areas such as developing industrial parks, resort tourism, smart cities, and trade centres. They are therefore keen for the Vietnamese Government, ministries, and localities to offer the best possible conditions to facilitate their operations.

Upon welcoming Korean investment in relevant fields, the nation aims to draw investment in science and technology, smart city development, and pharmaceutical industry, President Phuc. Indeed, having a favourable business investment environment, coupled with a rapidly growing middle class, can be viewed as favourable conditions for foreign investors to come to the country.

The RoK represents the largest foreign investor in the Vietnamese market with 9,200 projects totaling US$72 billion, with trade between the two countries last year also recording strong growth and reaching over US$66 billion.

Moreover, President Phuc emphasised that the activities run by Korean businesses have been making a very substantial contribution to developing the joint strategic cooperative partnership.

Most notably, the nation has always enjoyed political stability and continues to represent an attractive business and investment environment, thereby serving as an important basis to continue to promoting stronger and more effective trade, investment, and cultural exchange between both sides.

With regard for proposals put forth by the Korea-Vietnam Friendship Association for Korean investment projects in the nation, President Phuc said he would ask competent agencies to provide support as soon as possible to help implement the projects according to regulations.

he added his hope that the Association would continue to mobilise resources and support the country in coping with the COVID-19 pandemic moving forward.