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PM suggests Lotte Group establish startup foundation

Released at: 19:00, 05/12/2018

PM suggests Lotte Group establish startup foundation

Photo: VGP

Suggestion made during reception for Lotte Chairman on December 4 in Hanoi.

by Ngoc Lan

Prime Minister Nguyen Xuan Phuc suggested the Lotte Group establish a startup foundation for young Vietnamese during his reception for Chairman of the Lotte Group, Mr. Shin Dong Bin, on December 4 in Hanoi. 

Appreciating Lotte’s recent investment projects in Vietnam, the Prime Minister asked it to invest in production projects in Vietnam, encourage South Korean leaders to enhance cooperation, and increase the consumption of goods in Vietnam, especially agricultural products.

“Vietnam is launching a movement of startups and there have been 3,000 projects, of which about 100 ideas have been invested in by foreign investors with large capital,” Prime Minister Phuc said. “We therefore look forward to cooperating and promoting this movement in Vietnam.”

Mr. Bin noted that he will soon launch the establishment of a startup foundation for youth in Vietnam. He also said that his visit to Vietnam aims at accelerating the implementation of huge projects in Ho Chi Minh City and Hanoi.

The Lotte Group, he said, has been present in Vietnam for more than 20 years and has employed 2,000 Vietnamese workers with total investment of VND40 trillion ($1.7 billion). The group is committed to investment projects in Vietnam that apply advanced technology and are friendly on the environment.

Lotte has organized a Vietnam-based trade fair in South Korea since 2011 and will continue to do so.

It is also interested in talent development and is investing in several startup projects in Vietnam. At the end of October, it announced it will invest $1 million in Vietnamese startups over the next five years and the figure could be adjusted upwards.

Lotte is the fifth-largest economic group in South Korea, controlling over 60 business units in diverse industries such as foodstuffs, retail, tourism, heavy chemicals, IT, construction, entertainment, and financial services.

It is strengthening its domestic core business while expanding its overseas operations, with a focus on developing countries including Russia, India, China, Indonesia and Vietnam.

The group has set a goal of becoming one of Asia’s top 10 global groups by 2018.

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