On the afternoon of April 23, at the Government Headquarters, Politburo member and Permanent Deputy Prime Minister Pham Gia Tuc received Lee Yong-bae, President and Chief Executive Officer of Hyundai Rotem, a mechanical engineering company under the Hyundai Group.

Permanent Deputy Prime Minister Pham Gia Tuc has called on Hyundai Rotem to broaden cooperation, step up technology transfer, and participate in urban railway and high-speed rail projects in Vietnam.

At the reception, the Permanent Deputy Prime Minister stressed that the Republic of Korea is a comprehensive strategic partner of Vietnam, with the two countries maintaining close cooperation across multiple fields, particularly politics, economics, trade, investment, and science and technology. Bilateral ties have grown increasingly close, with large communities of Vietnamese people in the Republic of Korea and Koreans in Vietnam.

The Deputy Prime Minister noted that investment and business activities by Korean enterprises in Vietnam have made significant contributions to economic growth and development over many years. Numerous major Korean conglomerates have invested effectively and continue to expand their production and business operations, while an increasing number of Korean firms are exploring investment opportunities in Vietnam.

He added that the Vietnam - Republic of Korea Business Forum, held on April 23 during the state visit by President Lee Jae Myung and his spouse from April 21 - 24, provides an opportunity to further promote economic, trade, investment, and science and technology cooperation between the two countries in the coming period. 

Expressing appreciation for the meeting, Lee Yong-bae reported on several notable outcomes in Hyundai Rotem’s production, business, and technology transfer activities in Vietnam, particularly its participation in an urban railway project in Ho Chi Minh City. He also outlined plans to invest in building a railway industrial complex in Vietnam and expressed the company’s desire to continue engaging in urban railway and the North - South high-speed railway project. This would involve supplying and transferring technology for manufacturing locomotives and rolling stock, providing integrated system solutions, training human resources, localizing production, and carrying out maintenance during operations.

The Permanent Deputy Prime Minister highly valued Hyundai Rotem’s commitment to technology transfer and enhanced localization when participating in urban railway projects, noting that this aligns with Vietnam’s policies and orientations for developing its railway industry.

Providing updates on the implementation of the North - South high-speed railway project and urban railway projects in Hanoi and Ho Chi Minh City, he encouraged Hyundai Rotem and other Korean enterprises to continue studying and seeking cooperation opportunities with Vietnamese localities and businesses in this sector.

The Deputy Prime Minister also said that in the coming period, as Vietnam’s national and sectoral planning schemes are revised, supplemented, finalized, and announced, additional investment and business opportunities will open up for foreign enterprises. Hyundai Rotem can further expand its operations in Vietnam by sharing and transferring its strengths and advanced technologies in areas such as shipbuilding, green energy, and dual-use technologies.