South Korean businesses urged Ho Chi Minh City authorities to resolve difficulties with tax refunds, corporate income tax, and access to high‑tech investment incentives, according to the Ho Chi Minh City Investment and Trade Promotion Center (ITPC). The request was made during a dialogue that also involved city leaders and the South Korean Consulate General.

Around 10,000 South Korean firms operate in Vietnam, including about 2,000 members of the Korea Chamber of Business in Vietnam (KOCHAM). These companies form a significant part of the foreign investment landscape in the country.

Pham Van Dai, the representative of South Korea's Hyosung Group in Vietnam, said the group has invested roughly US$5 billion in Vietnam since 2007. Hyosung began a biotechnology plant in Phu My in 2024 with an initial US$250 million outlay, and the total investment is expected to exceed US$800 million across three phases. The plant produces Bio‑BDO, an industrial material made from sugarcane and raw sugar.

Dai said the Phu My plant has not yet been recognised as a high‑tech facility and that the company has encountered regulatory, environmental, technology and agriculture hurdles while trying to qualify for high‑tech incentives. He asked the city to appoint a focal agency to help complete the required procedures.

According to ITPC, the city received 15 proposals from South Korean businesses covering taxation, customs, labour, immigration and investment procedures, and 13 relevant agencies had provided written responses by 12 October. Deputy chairman Nguyen Cong Vinh said the city is targeting double‑digit economic growth and is focusing on semiconductors, artificial intelligence, the digital economy, clean energy and an international financial centre, urging agencies to address businesses’ concerns directly.