Vietnam always provides businesses from the Republic of Korea (RoK) with updated information on new customs procedures to ease the flow of trade between both countries, said a customs official from Ho Chi Minh City.

At talks with RoK businesses who currently invest in Vietnam , in HCM City on June 6, the Deputy Head of the city’s Customs Department Nguyen Huu Nghiep, said that Vietnam ’s customs will continue to implement measures to speed up customs procedures and reduce costs.

Chairman of the Korean Chamber of Commerce and Industry (KOCHAM) Kim Jai Woo said that Vietnam is one of the most attractive destinations for overseas investors. However, he added that in the future the country needs to come up with ways to improve the investment environment and make it easier for foreign businesses to operate in the country to increase competitiveness versus other countries in the region when attracting foreign investment.

The talks were not only aimed at boosting investment and trade cooperation between the two countries but also gave Korean businesses the opportunity to meet with Vietnam 's management agencies, said Kim.

According to the Foreign Investment Department at Vietnam ’s Ministry of Planning and Investment, the RoK is now the second biggest foreign investor in Vietnam with more than 3,000 projects worth almost 24 billion USD. The RoK invests mainly in processing and manufacturing, real estate and construction sectors.-VNA