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 office will also help to expand trade cooperation between the RoK and 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 over the past five years and a population of almost 100 million people would offer potential for market development.

Hong Sung-hae, head representative of KITA in Ho Chi Minh City said that the RoK has chosen Vietnam as an important production market, adding that if Mekong economic resource development projects were carried out effectively, there would be many new RoK businesses projects investing in Vietnam.

On the occasion, KITA and the Department of Trade Promotion under the Ministry of Industry and Trade hosted a seminar to review trade cooperation and development between the two countries over the past years and propose orientations for bilateral economic 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 estimated at 15 billion USD. At present, RoK is the country posting the largest investment in Vietnam, with a total investment of 23 billion USD./.