During his meeting with Hyundai Motor Vice Chairman Chung Eui-sun in Hanoi on March 28, State President Tran Dai Quang encouraged the company to expand its investment in Vietnam.

According to a report from the Vietnam News Agency, President Quang asked Hyundai Motor to support its Vietnamese partner in personnel training and technology transfer and increase the localization rate in its products.

He reiterated that Vietnam is open to and creates all possible conditions for foreign firms, including those from South Korea, to do long-term business.

Welcoming Mr. Chung Eui-sun’s working visit to Vietnam amid the 25th anniversary of diplomatic ties between the two countries, President Quang highlighted the vigorous growth of bilateral relations, noting that the countries established a strategic cooperative partnership in 2009 and have maintained high-level visits, helping to bolster mutual understanding and political trust.

He stressed the impressive economic, trade and investment cooperation outcomes, including the signing of a bilateral free trade agreement. South Korea has become Vietnam’s leading foreign investor, the second-largest provider of overseas development assistance (ODA), become its second-largest tourism partner, and the third-largest trade partner. South Korea’s direct investment in Vietnam is surging, exceeding $3.1 billion in the first two months of 2017.

For his part, Mr. Chung Eui-sun said that Hyundai Motor set up a joint venture to manufacture, assemble and distribute cars in Vietnam almost a decade ago. The 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 its Vietnamese partner and local authorities, he said, adding that it will send experts to Vietnam to provide training to its partner’s staff in the time to come.

He attributed South Korea’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 transfer, Hyundai Motor will further engage in social welfare projects in Vietnam, the Vice Chairman added.