Prime Minister Nguyen Xuan Phuc has asked the Lotte Group of the Republic of Korea (RoK) to foster the growth of Vietnamese start-ups by setting up a fund to support young business hopefuls.

 

The Vietnamese PM made the suggestion while hosting Chairman of Lotte Group Shin Dong-bin in Hanoi on December 4. He informed his guest that Vietnam is encouraging the development of start-ups and to date, up to 3,000 projects, including 100 innovative ideas, have received financial support from foreign investors. 

 

Speaking highly of Lotte Group’s various ongoing projects in Vietnam over the years, PM Phuc urged the conglomerate to invest in manufacturing projects in Vietnam, and persuade RoK leaders to bolster the import of Vietnamese goods, especially farm produce.

 

He voiced his hope that cooperation and investment between the two countries’ firms in Vietnam, including Lotte Group, will deepen the Vietnam-RoK strategic cooperative partnership.

 

In response, Shin pledged that he will work to realise the Vietnamese PM’s idea of a start-up fund for Vietnamese youths in the near future.  

 

He reported that during more than 20 years operating in Vietnam, Lotte Group has injected 40 trillion VND (1.71 billion USD) in its projects in Vietnam and created around 20,000 jobs for local workers

 

All projects run by Lotte Group in Vietnam apply advanced technologies and are environmentally friendly, he affirmed.

 

Regarding the import of Vietnam’s goods, he said that since 2011, Lotte has continuously organised fairs of Vietnamese products in the RoK, and will continue to partner with the Vietnamese side to sustain the event.

 

According to Shin, Lotte Group is also paying heed to talent development and is investing in several start-up projects in Vietnam. -VNA