HÀ NỘI — National Assembly (NA) Chairman Vương Đình Huệ said that Việt Nam’s National Assembly is focusing on perfecting the legal system to create the most favourable conditions for businesses, while strengthening its supervision to ensure the effective implementation of policies and laws.
He made the statement while receiving representatives from a number of leading corporations of the Republic of Korea (RoK) as part of his ongoing official visit to the country.
He met Cho Huyn-sang, deputy chairman of the Hyosung Group, Lim Byeong-yong, general director of the GS Engineering & Construction Group, Pyun Jung-bum, chairman and general director of the Kyobo Group, Suh Kying-bae, chairman of the Amorepacific Group and Park In-ku, deputy chairman of the Dongwon Group.
The meeting was held on Tuesday morning (local time) as part of his official visit to South Korea.
At the meeting, deputy chairman of the Hyosung Group Cho Huyn-sang expressed his appreciation for Vietnamese workers’ efforts when working for the group in difficult contexts due to the pandemic.
He also proposed construction of the ring road No 3 in Tân Vạn-Sơn Trạch and approval for expansion of the Tam Thăng-Quảng Nam industrial zone.
NA Chairman Huệ emphasised that Việt Nam was moving to a “new normal” situation in adapting to the pandemic, and set a goal by the end of this year to cover COVID-19 vaccines for all people aged 18 and over.
Huệ asked the Hyosung Group to closely work with the Ministry of Planning and Investment to speed up the appraisal of the expanded Tam Thăng Industrial Zone project, co-ordinate with the Ministry of Finance and agencies to proactively remove obstacles in tax refunds. He also said that work on ring road No 3 Tân Vạn-Nhơn Trạch would start in the first quarter of next year.
Receiving general director of the GS Engineering & Construction Group (GS E&C) Lim Byeong-young, Huệ highly appreciated the group’s activities in infrastructure development in Việt Nam, stating that the country encouraged foreign enterprises with technology, capacity and experience to invest in and develop infrastructure, especially strategic infrastructure in transport, urban areas, healthcare, energy and digital infrastructure.
Huệ said that recently, Việt Nam had issued a national list of projects calling for foreign investment in the 2021-25 period with 157 projects in different fields such as transport, education and industrial zone infrastructure and healthcare, economic zones, information technology, and added that it was very meaningful if GS E&C had projects implemented on this occasion. Việt Nam committed to creating favourable conditions for the group.
Speaking to chairman and general director of the Kyobo Group Pyun Jung Bum, Huệ highly appreciated that the group was planning to invest in Việt Nam, said that the life insurance market in the country had great potential but competition was also increasing.
Huệ stated that building and developing a safe, transparent, sustainable and effective insurance market, especially towards digital transformation, was one of Việt Nam’s priorities.
The Vietnamese NA recently gave its first opinion on the draft amended Law on Insurance Business and was expected to approve it in May next year, towards the balanced and harmonious development of life insurance, non-life insurance, health insurance, and microinsurance.
The leader of the Kyobo Group said that being one of three large life insurance groups in South Korea, the group paid special attention to Việt Nam. It wanted to explore investment opportunities in the healthcare field and start-ups to contribute to Việt Nam’s digital transformation.
Working with Suh Kyung-bae, chairman of the board of directors of the Amorepacific Group, which operates in manufacturing cosmetics and healthcare products, including famous cosmetic brands in Việt Nam, Huệ congratulated the group for winning the Innovation Award at the International Consumer Electronics Show 2021 in the health category.
He emphasised that Việt Nam was a very large market with a population of nearly 100 million people and a growing middle class. South Korea’s health and beauty care technology was also very popular in the country.
Therefore, Việt Nam welcomed and supported the group’s plan to expand investment and business in the country in the near future.
Receiving deputy chairman of the Dongwon Group Park In-ku, Huệ praised the group’s effective operation in Việt Nam in the fields of food packaging, thereby actively contributing to the development of Việt Nam’s processing and manufacturing industry.
Leader of the Dongwon Group said that Dongwon was the greatest seafood company in South Korea. He proposed Huệ support the two countries to sign the agreement on seafood production and processing.
Welcoming the Dongwon Group’s investment expansion plans in Việt Nam, Huệ said that Việt Nam had signed 17 free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Regional Comprehensive Economic Partnership (RCEP) and the EU-Việt Nam Free Trade Agreement (EVFTA), therefore, demand for logistics and transport would certainly increase and need professional and quality suppliers.
Huệ confirmed that the group’s expansion of investment in these fields in Việt Nam was appropriate and timely.
Bilateral agreement on social insurance
Also during his working trip to South Korea, NA Chairman Huệ witnessed an agreement signing ceremony between the Governments of Việt Nam and Korea on social insurance.
On behalf of the Vietnamese Government, Minister of Labour, Invalids and Social Affairs Đào Ngọc Dung signed the bilateral agreement on social insurance with Korean Minister of Health and Welfare Kwon Deok-cheol under the witness of NA Chairman Huệ, Deputy Prime Minister Lê Minh Khái and other NA leaders.
It is the first agreement between Việt Nam and Korea in social insurance.
When the agreement comes into effect, social insurance benefits of Vietnamese workers when working in Korea for a definite time, and Korean workers in Việt Nam, will be guaranteed by the laws of both countries.
The number of Vietnamese workers going to work in Korea and Koreans coming to work in Việt Nam is increasing and both are obliged to comply with the laws of both countries. Their legitimate rights and interests are also protected by the laws of the two countries, including the right and obligation to participate in social insurance. — VNS