(VEN) – Vietnamese Minister of Industry and Trade Nguyen Hong Dien had a bilateral meeting with Chun Sung Yoon, CEO of LX International, which is headquartered in the Republic of Korea (RoK) and operates in the fields of energy, logistics services, chemicals, materials, healthcare, electrical/electronic components, and more.
At the meeting, Minister of Industry and Trade Nguyen Hong Dien highly appreciated LX International’s operations in Vietnam, as well as the corporation’s contributions to the country’s economic development.
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| Vietnamese Minister of Industry and Trade Nguyen Hong Dien (right) and Chun Sung Yoon, CEO of LX International |
Vietnam has all the conditions that RoK investors need, while the RoK has sufficient capabilities and resources to meet Vietnam’s development needs, Minister Dien said. This is a favorable foundation for RoK enterprises in general and LX International in particular to continue expanding their investment and business operations in Vietnam. “I hope that with its vision and determination, LX International will increase its investment and business activities in Vietnam in a more substantive, stronger and more effective manner,” the Minister said.
Dien said Vietnamese Prime Minister Pham Minh Chinh’s visit to the RoK this time provides an opportunity to bring the bilateral comprehensive strategic partnership to new heights.
“We realize the guidelines and directions upon which the top leaders of the two countries agreed during the RoK President Yoon Suk Yeol’s official visit to Vietnam in June 2023 through taking concrete actions and implementing the cooperation documents and agreements signed by the two countries,” Dien said.
LX International CEO Chun Sung Yoon said his corporation will expand investment in Vietnam, and proposed that the two countries expand Vietnam-based cooperation in the field of minerals especially rare earths mining and processing. He also proposed that the Vietnamese Ministry of Industry and Trade (MoIT) create favorable conditions for renewable energy projects in Vietnam.
Minister Nguyen Hong Dien affirmed that within its functions and powers, the MoIT will create the most favorable conditions for foreign investors, including those from the RoK.
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| Minister Nguyen Hong Dien has a bilateral working session with Chun Sung Yoon, CEO of LX International |
Regarding LX International’s proposals on Vietnam-based mining and mineral processing investment opportunities related to raw materials for electric vehicle battery production, Minister Nguyen Hong Dien stated Vietnam has more 60 different types of minerals. In July 2023, the Vietnamese Prime Minister approved a plan for mineral exploration, mining and processing for the period from 2021-2030, with a vision to 2050.
Some minerals have been assessed to have large-scale resources and reserves, and play a strategic role in the national economy, such as rare earth elements, bauxite, titanium, iron, lead, zinc, nickel, manganese, apatite, and white marble. These are raw material sources for important industries including the electric vehicle industry.
Vietnam’s perspective on mineral resources with large, strategic reserves, such as bauxite, titanium, rare earth elements, chromite, nickel, and gold, is that mining licenses must be granted to efficient enterprises which invest in processing projects using advanced technology and modern equipment to enable maximum recovery of associated minerals and ensure environmental sustainability.
Vietnam highly values the cooperation with foreign partners, including the RoK, with the capability and experience in processing important mineral resources, in order to achieve high efficiency and sustainable development of important mineral resources in Vietnam. However, investment cooperation in the mineral sector must comply with Vietnam’s current laws on investment, minerals, environmental protection, and other relevant regulations.
Minister Dien stated that Vietnam has the potential to develop renewable energy sources. Vietnam’s Energy Transition Program for the coming years will bring many opportunities for foreign investors, including RoK enterprises. Therefore, Vietnam welcomes LX’s interest in investment in renewable energy projects in Vietnam. Minister Dien also requested LX to share experience and information on technologies that enable thermal power plants to use ammonia, hydrogen, and biomass power.
The MoIT welcomes and supports large foreign enterprises, including RoK companies, to further increase their investment in exploration, processing, and import-export of various minerals in Vietnam’s industries, Minister Dien said.
Nguồn: congthuong.vn
