The Consulate General of South Korea in Da Nang held a forum at the Shilla Monogram Resort in Dien Ban Town, Quang Nam Province on Friday to share corporate social responsibility (CSR) of South Korean businesses operating in Central Viet Nam.

Mr. Kang Boo Sung, the Consul General of South Korea in Da Nang, delivering his speech at the forum

In his opening speech delivered at the forum, Mr. Kang Boo Sung, the Consul General of South Korea in Da Nang, said that South Korea and Viet Nam have established diplomatic ties since 1992. The two countries' relations have developed rapidly in all aspects, especially in the economic field.

South Korea is now the largest foreign investor in Viet Nam with a total accumulated capital of more than US$81 billion. In 2022, South Korea ranked second among over 40 countries and territories investing in Da Nang in term of newly invested capital with US$4.88 billion.

The trade turnover between the two countries increased to US$81.1 billion in 2022 from US$500 million in 1992.

Currently, the two countries have now become each other's third largest trading partners. In late 2022, the two countries agreed to upgrade relations to a Comprehensive Strategic Partnership.

About 8,000 South Korean businesses have till date invested and operated in Viet Nam. These enterprises not only contribute to job creation and economic growth of Viet Nam, but also lay the foundation for common development between businesses and local communities through corporate social responsibility activities.

South Korean businesses’ CSR activities have been focusing on improving living infrastructure and medical services, and providing financial support for disadvantaged people in society.

Representatives of leaders of provinces, cities, businesses, and South Korean Consulate General in Da Nang posing for a group photo. Photo: THANH LAN

Mr. Lee Jong Wook, the Director of the Da Nang Branch of the LG Electronics Development Vietnam Co., Ltd, remarked that LG has carried out CSR activities at universities in Da Nang, and identified education and human development as key factors.

LG has signed cooperative agreements with 5 universities in Da Nang and Thua Thien Hue Province in recent years. It has awarded 32 scholarships to needy students, as well as developed educational programmes and organised events to improve the capacity in the field of information technology for university students.

LG is planning to build an innovation centre to meet students’ training and education needs, and improve the quality of training staff at local universities.

A representative of the branch of the Shinhan Viet Nam Co., Ltd., in Da Nang, said that since 2018, Shinhan has set many CSR targets in the city. In 2018 and 2019, the company gave gifts to poor studious students.

During the 2021-2022 period, with the theme of health and environment, the company supported localities affected by natural disasters and crop failures, as well as actively participated in environmental protection activities such as planting trees, collecting waste, and cleaning up the environment.

Aside from annual activities, Shinhan has organised other social activities such as voluntary blood donation campaigns, and career orientation for students. As a result, since 2007, a combined total of US$3.5 million has been raised by the company for education, healthcare and society activities.

During the forum, representatives of South Korean businesses operating in Central Viet Nam shared their CSR activities.

CSR is a business model by which companies make a concerted effort to operate in ways that enhance rather than degrade society and the environment. CSR helps both improve various aspects of society as well as promote a positive brand image of companies.

Reporting by THANH LAN, CHIEN THANG - Translating by M.DUNG