Agriculture and fisheries represent enormous potential for investors from the Republic of Korea (RoK) seeking opportunities in Vietnam, said Foreign Investment Agency director Do Nhat Hoang at a business conference on Oct. 7 in Hanoi.
Untapped opportunities in the agricultural, forestry and fisheries sectors were awaiting RoK enterprises, Hoang said, noting that Vietnam was offering incentives for investment in these sectors, including reduced land rental fees and assistance in human resources training, transportation and market development.
The percentage of foreign direct investment (FDI) in the nation's agricultural sector has fallen from 8 percent in 2001 to only 1 percent last year, Hoang said, with a large share of FDI having shifted towards the services sector in recent years and over 75 percent towards real estate projects.
More effective measures were needed to boost investment in the agricultural sector, said Tran Thi Mieng, a representative of the Ministry of Agriculture and Rural Development.
Mieng called for more visits by RoK businesses to better explore the potential of this sector, including current production and export status.
Exchanges of market information also needed to be fostered, she added.
She said that she hoped RoK business associations would support Vietnamese firms in seeking new trade partners and boosting exports.
Oct. 7's event was held as part of a four-day visit to Vietnam by a delegation of 25 RoK firms. During their stay, the delegation will gain a better understanding of the local market by visiting the facilities of companies working in the agricultural machinery, agro-processing and distribution industries.
RoK is the leading source of foreign investment in Vietnam. Its investors have launched more than 2,600 projects worth a combined 23 billion USD, and such major firms as LG, Posco, Doosan, Samsung and Lotte now have a presence in the country.
Bilateral trade increased from a modest 28 million USD in 1992 to 9.1 billion USD last year, down from a pre-recession peak of 10 billion USD in 2008. The two countries were trying to boost bilateral trade to 20 billion USD by 2015, said the director of the ASEAN-Korea Centre's Development Planning and General Affairs Unit, Jae Hyun Cho./.
Untapped opportunities in the agricultural, forestry and fisheries sectors were awaiting RoK enterprises, Hoang said, noting that Vietnam was offering incentives for investment in these sectors, including reduced land rental fees and assistance in human resources training, transportation and market development.
The percentage of foreign direct investment (FDI) in the nation's agricultural sector has fallen from 8 percent in 2001 to only 1 percent last year, Hoang said, with a large share of FDI having shifted towards the services sector in recent years and over 75 percent towards real estate projects.
More effective measures were needed to boost investment in the agricultural sector, said Tran Thi Mieng, a representative of the Ministry of Agriculture and Rural Development.
Mieng called for more visits by RoK businesses to better explore the potential of this sector, including current production and export status.
Exchanges of market information also needed to be fostered, she added.
She said that she hoped RoK business associations would support Vietnamese firms in seeking new trade partners and boosting exports.
Oct. 7's event was held as part of a four-day visit to Vietnam by a delegation of 25 RoK firms. During their stay, the delegation will gain a better understanding of the local market by visiting the facilities of companies working in the agricultural machinery, agro-processing and distribution industries.
RoK is the leading source of foreign investment in Vietnam. Its investors have launched more than 2,600 projects worth a combined 23 billion USD, and such major firms as LG, Posco, Doosan, Samsung and Lotte now have a presence in the country.
Bilateral trade increased from a modest 28 million USD in 1992 to 9.1 billion USD last year, down from a pre-recession peak of 10 billion USD in 2008. The two countries were trying to boost bilateral trade to 20 billion USD by 2015, said the director of the ASEAN-Korea Centre's Development Planning and General Affairs Unit, Jae Hyun Cho./.
