VCCI Pledges to Support Taekwang to Expand Investment in Vietnam

9:09:02 AM | 3/22/2022

The Vietnam Chamber of Commerce and Industry (VCCI) will support Taekwang and other businesses to contact and seek partners and projects in Vietnam in the future to foster Vietnam - South Korea business ties, said VCCI President Pham Tan Cong in his recent reception and working session with Mr. Park Joo-Hwan, President of Taekwang Group, at VCCI Hanoi Head Office.

At the meeting, Mr. Park Joo-Hwan said, Taekwang Group has been investing in Vietnam since 1994. Currently, with 70,000 employees and experts, Taekwang is one of the top footwear manufacturers in Vietnam and Asia. The group has many production factories in southern Vietnam as Dong Nai, Can Tho, Moc Bai (Tay Ninh) and Dak Lak. In the footwear business alone, Taekwang Group hires 135 contractors in Vietnam and spends US$380 million on input purchases in Vietnam a year.

Nike-branded footwear products manufactured by the Group account for about 15% of Nike's total annual sales worldwide. In addition, the group has invested in real estate, entertainment, energy and materials trading in Vietnam. The firm is making efforts to complete high-quality residential complex projects that match Vietnam's development plans.

Park Joo-Hwan said, like most other foreign businesses in Vietnam, Taekwang has also been heavily affected by the Covid-19 pandemic. However, desiring to fulfill its commitment to become a long-term investor in Vietnam, Taekwang will continue to boost business activity in Vietnam in the coming time, he added.

“Receiving support from VCCI in the past years, Taekwang Group hopes that VCCI will further support the group in the future”, he emphasized.

Highly valuing its operations in Vietnam as well as the sharing by Taekwang President, VCCI President Cong said that VCCI is always ready to support and listen to suggestions and recommendations from the group as well as other South Korean businesses when they come to invest in Vietnam.

He wished that Taekwang will further pay attention to environmental protection, renewable energy, and green energy. This is an inevitable trend in the world and Vietnam is no exception. VCCI will always support Taekwang and other businesses to contact and seek partners and projects in Vietnam in the future to deepen Vietnam - South Korea business ties.

By Thu Ha, Vietnam Business Forum