Business

New office helps VN-RoK trade cooperation

The Korea International Trade Association (KITA) on September 7 inaugurated its representative office in Ho Chi Minh City, aiming to further develop economic cooperation between Vietnam and the Republic of Korea (RoK).
The Korea International Trade Association (KITA) on September 7inaugurated its representative office in Ho Chi Minh City, aiming tofurther develop economic cooperation between Vietnam and the Republic ofKorea (RoK).

The office will also help to expand trade cooperation between the RoKand the Greater Mekong Sub-region countries such as Cambodia, Laos,Myanmar and Thailand.

Addressing the opening ceremony,KITA Chairman Sa Kong-il said that Vietnam’s strong economic growth overthe past five years and a population of almost 100 million people wouldoffer potential for market development.

HongSung-hae, head representative of KITA in Ho Chi Minh City said that theRoK has chosen Vietnam as an important production market, adding that ifMekong economic resource development projects were carried outeffectively, there would be many new RoK businesses projects investingin Vietnam.

On the occasion, KITA and the Departmentof Trade Promotion under the Ministry of Industry and Trade hosted aseminar to review trade cooperation and development between the twocountries over the past years and propose orientations for bilateraleconomic cooperation in the future.

In 1992,bilateral trade between Vietnam and the RoK was worth 500 million USD,and rose to 13 billion USD in 2010. This year, this figure is estimatedat 15 billion USD. At present, RoK is the country posting the largestinvestment in Vietnam, with a total investment of 23 billion USD./.
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