Vietnam consistently looks to create favourable conditions for foreign investors, including enterprises from the Republic of Korea (RoK), to achieve effective business operation in Vietnam.

Deputy Prime Minister Vu Van Ninh made the statement during a reception for Vice President of Woori Bank Tae Seung Sohn on February 4.

At the meeting, the Deputy PM underscored the strong development of the strategic partnership between Vietnam and the RoK, providing a mechanism for Korean investments and development assistance to make substantial contributions to Vietnam’s socio-economic progress.

He hailed Woori Bank’s business enlargement in Vietnam, supporting enterprises from Vietnam and the RoK and sharing its experience in bank restructuring with Vietnamese partners.

Woori Bank, which first expanded to Vietnam 18 years ago, is broadening its investment in and financial support for Vietnamese businesses to boost trade cooperation between the two countries, said Vice President Tae Seung Sohn.

He added that Woori Bank, the second largest bank in the RoK, intends to establish a 100 percent foreign owned bank in Vietnam.-VNA