Corporate social responsibility efforts by South Korean enterprises an extension of their business activities and contribute considerably to the well-being of their staff and the community.
The Korea Trade Investment Promotion Agency (KOTRA) and the Embassy of South Korea held a press conference on October 6 to discuss the corporate social responsibility (CSR) activities of South Korean enterprises.
The eleven enterprises at the press conference, including Samsung Electronics Vietnam, emphasized that they consider themselves not as foreign investors but as domestic enterprises and a part of Vietnamese society. They all implement a range of social activities for their employees and for the local community.
Notable charitable programs cover the provision of healthcare services, scholarships, and crash helmets, the construction of hospitals and schools, environmental protection efforts, and rural development endeavors.
President of the Korea International Trade Association Ryu Hang Ha said that South Korean enterprises take on corporate social responsibility as part of their operations in host countries.
In the first nine months of this year total investment from South Korea in Vietnam reached $5.74 billion, accounting 22.5 per cent of the total and making it the largest investor, according to the Foreign Investment Agency.
As at August, the Embassy of South Korea said, the cumulative investment from South Korea in Vietnam stood at $43 billion with more than 4,000 enterprises doing business in the country. Bilateral trade was $30.3 billion in 2014 and, after the Vietnam - Korea FTA becomes effective, the goal of reaching $70 billion by 2020, as committed to by leaders from both countries, is very much feasible.
There are now some 130,000 Vietnamese people living in South Korea and approximately 140,000 South Koreans living in Vietnam. The number of people traveling between the two countries this year is estimated to exceed 1 million.
Deputy Minister of Planning and Investment Nguyen Van Trung said that Vietnam is attracting a lot of foreign investors and looks towards long-term and sustainable economic growth.
The Vietnamese Government greatly appreciates South Korean investment, he added, as it spurs economic development.