While pursuing projects in Vietnam, Lotte should pay close attention to environmental protection, strengthen ties with domestic firms and prioritise the use of local materials, he said, calling on the group to ensure employee welfare and integrate Vietnamese companies into its value chain, said State President Luong Cuong.
State President Luong Cuong (R) and Chairman of Lotte Group Shin Dong-bin (Photo: VNA)
Vietnam always creates favourable conditions for foreign investors, including Korean companies and Lotte Group, to make long-term investments in the country, State President Luong Cuong told Chairman of Lotte Group Shin Dong-bin on October 30 morning.
The meeting formed part of the President's activiites during his trip for the 32nd APEC Economic Leaders’ Week and bilateral engagements in the Republic of Korea (RoK).
Delighted at the growing Vietnam - RoK relations, particularly since the two countries elevated ties to a Comprehensive Strategic Partnership nearly three years ago, President Cuong commended Lotte’s investments and operations in Vietnam, calling the conglomerate one of the country’s most successful foreign investors, especially in real estate, entertainment, and food processing.
He suggested Lotte Group continue expanding its investment and treat Vietnam as a strategic market, leveraging opportunities from the country’s next-generation free trade agreements (FTAs).
While pursuing projects in Vietnam, Lotte should pay close attention to environmental protection, strengthen ties with domestic firms and prioritise the use of local materials, he said, calling on the group to ensure employee welfare and integrate Vietnamese companies into its value chain.
Shin, for his part, thanked the Vietnamese Government for its continued support of Lotte’s operations.
At the meeting (Photo: VNA)He noted that Lotte was among the first Korean conglomerates to enter Vietnam, operating in trade, services, food, retail, and real estate. In the country, it has built a network of modern shopping complexes and large-scale projects, including the Lotte Mall West Lake in Hanoi.
The executive outlined Lotte’s global expansion strategy, with a plan to invest more than 23 trillion KDR (16.2 billion USD) worldwide. Vietnam remains a key market, and the company will broaden and diversify investments while upholding corporate social responsibility (CSR) and contributing to sustainable local development in the country, he added.
Sharing Shin’s views, the Vietnamese leader affirmed that Vietnam highly values Lotte’s CSR activities and encourages the group to share its CSR experience to inspire broader business community engagement in Vietnam.
Regarding Lotte’s proposals, he vowed to direct relevant ministries and agencies to work with the group to address existing issues and ensure stable, long-term operations benefiting both sides./.