New committee helps boost ROK-Vietnam trade
The Joint Republic of Korea-Vietnam
Committee for Commercial Cooperation debuted in Seoul , RoK on February
24, in a move to double trade revenues by 2015 and balance bilateral
trade.
The Joint Republic of Korea-Vietnam
Committee for Commercial Cooperation debuted in Seoul , RoK on February
24, in a move to double trade revenues by 2015 and balance bilateral
trade.
The committee was set up on the basis of the Memorandum of Understanding signed by the Korean Importers’ Association (KOIMA) and the Vietnam Trade Promotion Department (VIETTRADE) in late 2009. It aims to conduct research on economic and market policies in the two countries in support of enterprises promoting business operations and seeking partners.
The Minister of the Vietnamese Embassy to the RoK, Hoang Xuan Hai, saluted the committee’s induction as a step forwards in achieving high-level commitments, which includes a target for 20 billion USD in bilateral trade revenues by 2015.
Vietnam and the RoK were committed to upgrading their bilateral relations during a visit by RoK President Lee Myung-pak to Vietnam in October 2009.
“The Vietnamese Government always warmly welcomes and provides best available conditions for foreign investors in the principle of mutual interests,” said the diplomat.
In reply, KOIMA President Kim Wan-hee, who also chairs the committee, highly spoke of progress made in economic and trade cooperation since the two countries set up diplomatic relations in 1992.
He recalled the landmark visit in 2001 by the then Vietnamese State President Tran Duc Luong, which resulted in the signing of the agreement on comprehensive cooperation for the 21st century, calling it a foundation for success in bilateral relations.
“Persistent efforts made by Vietnam in pursuing its renewal policy and market-oriented economy have attracted a great number of foreign investors, with the RoK in the top ranking,” Kim said.
Investments from the third largest Asian economy have provided jobs for over 400,000 locals and contributed some 1 billion USD a year to the Vietnamese State budget.
Bilateral trade leveled at around 10 billion USD in 2009, with Vietnam ’s exports up by 16 percent year on year, despite the global economic crisis.
Last year, the RoK emerged as the biggest foreign investor in terms of project number with total investment passing the 20 billion USD mark./.
The committee was set up on the basis of the Memorandum of Understanding signed by the Korean Importers’ Association (KOIMA) and the Vietnam Trade Promotion Department (VIETTRADE) in late 2009. It aims to conduct research on economic and market policies in the two countries in support of enterprises promoting business operations and seeking partners.
The Minister of the Vietnamese Embassy to the RoK, Hoang Xuan Hai, saluted the committee’s induction as a step forwards in achieving high-level commitments, which includes a target for 20 billion USD in bilateral trade revenues by 2015.
Vietnam and the RoK were committed to upgrading their bilateral relations during a visit by RoK President Lee Myung-pak to Vietnam in October 2009.
“The Vietnamese Government always warmly welcomes and provides best available conditions for foreign investors in the principle of mutual interests,” said the diplomat.
In reply, KOIMA President Kim Wan-hee, who also chairs the committee, highly spoke of progress made in economic and trade cooperation since the two countries set up diplomatic relations in 1992.
He recalled the landmark visit in 2001 by the then Vietnamese State President Tran Duc Luong, which resulted in the signing of the agreement on comprehensive cooperation for the 21st century, calling it a foundation for success in bilateral relations.
“Persistent efforts made by Vietnam in pursuing its renewal policy and market-oriented economy have attracted a great number of foreign investors, with the RoK in the top ranking,” Kim said.
Investments from the third largest Asian economy have provided jobs for over 400,000 locals and contributed some 1 billion USD a year to the Vietnamese State budget.
Bilateral trade leveled at around 10 billion USD in 2009, with Vietnam ’s exports up by 16 percent year on year, despite the global economic crisis.
Last year, the RoK emerged as the biggest foreign investor in terms of project number with total investment passing the 20 billion USD mark./.
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