Deputy Minister of Industry and Trade Tran Quoc Khanh speaks at the conference (Photo: VNA)

Hanoi (VNA) – The Vietnamese Government and State agencies aim to create favorable conditions for foreign investors, including those from the Republic of Korea (RoK) to operate in Vietnam, said Deputy Minister of Industry and Trade Tran Quoc Khanh.

Speaking at a conference held in Hanoi on May 10, Khanh expressed his hope that foreign companies will significantly contribute to Vietnam’s economic development.

Hosted by the Ministry of Industry and Trade (MoIT) and the RoK’s Embassy in Vietnam, the conference aims to listen to and seek measures to support foreign-invested enterprises address difficulties in implementing new policies on investment, trading, tax, export-import and customs.

According to Tran Thanh Hai, Vice Director of the Export Department under the MoIT, the RoK is an important partner of Vietnam.

Hai said the Government and the ministry want FDI enterprises to strengthen their investment in new projects and existing ones in Vietnam through focusing on support industries and materials production for the textiles and footwear industry and electronics.

He also called on foreign-invested enterprises to foster production of high added-value exports and form supply chains with Vietnamese businesses, towards increasing the rate of local contents of goods produced in Vietnam.

Director of the MoIT’s Institute for Industry Policy and Strategy Truong Thi Chi Binh said that FDI firms should make the most of new-generation FTAs signed between Vietnam and its partners to boost production and create high added-value products.

During the conference, representatives from the Korea Trade- Investment Promotion Agency mentioned issues concerning tax incentives when using materials produced in Vietnam, and difficulties facing RoK firms in requiring import t ax returns.

Statistics show that the RoK’s FDI enterprises contributed 25 percent to Vietnam’s total export value in 2015.

The combined export value of the two RoK invested Samsung Electronics Vietnam plants in Thai Nguyen and Bac Ninh provinces hit 30.2 billion USD in the year, making up 27 percent of the total export turnover created by FDI firms nationwide, and about 19 percent of the country’s export turnover.-VNA