Associations join hands to boost sale of Vietnamese products abroad hinh anh 1Delegates attending the signing ceremony. (Photo: VNA)
London (VNA) - The Vietnam-Korea Business and Investment Association (VKBIA) and the Vietnam Business Association in the United Kingdom (VBUK) on October 18 signed virtually a memorandum of understanding (MoU) on comprehensive cooperation with the aim of stepping up coordination in promoting, attracting investment in and supporting the sale of Vietnamese products abroad.

The signing of the MoU offered a chance for foreign businesses operating in Vietnam, the Republic of Korea (RoK) and the UK to meet, exchange experience and boost cooperation in multifaceted aspects.

VKBIA Chairman Tran Hai Linh said that on the basis of the Vietnam-RoK Free Trade Agreement which became effective in 2015, the two countries are striving to raise their two-way trade to 100 billion USD, promote trade balance by intensifying the RoK’s import of Vietnam’s strong products; and encouraging Korean enterprises to invest in Vietnam to create opportunities for the Southeast Asian nation’s firms to participate in global production and supply chains.

Meanwhile, VBUK Chairman Hoang Viet Phuong stated that the bilateral trade between Vietnam and the UK has seen a tenfold rise, from 600-700 million USD in 2007 to 6.5 billion USD currently. During 15 years of operation, VBUK has succeeded in connecting the two business communities, and supported many enterprises in the UK and Europe to cooperate with domestic partners.

The VBUK Executive Board in the 2021 - 2026 term aims to continue expanding and developing connectivity between the Vietnamese business community in the UK and Vietnamese businesses abroad and at home to promote trade among Vietnamese businesses around the world, he added.

Kim Seok-pil, VKBIA Vice Chairman and former General Director and CEO of Samsung Group in Europe, said that VKBIA will help promote cooperation between Vietnamese and Korean partners and those in other countries.

VKBIA Vice Chairman Simon Jeong expressed his belief that his association and the VBUK will carry out more substantive cooperation activities, thus supporting Vietnamese businesses and localities in collaborating with relevant partners of Vietnam, the RoK, the UK and other nations, boost connections between Korean, British and Vietnamese entrepreneurs and enterprises to enhance socio-economic development in each country and promote relations between them./.