Agriculture and fisheries represent enormous potential forinvestors from the Republic of Korea (RoK) seeking opportunities inVietnam, said Foreign Investment Agency director Do Nhat Hoang at abusiness conference on Oct. 7 in Hanoi.
Untapped opportunities in the agricultural, forestry and fisheriessectors were awaiting RoK enterprises, Hoang said, noting that Vietnamwas offering incentives for investment in these sectors, includingreduced land rental fees and assistance in human resources training,transportation and market development.
The percentage offoreign direct investment (FDI) in the nation's agricultural sector hasfallen 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 inrecent years and over 75 percent towards real estate projects.
More effective measures were needed to boost investment in theagricultural sector, said Tran Thi Mieng, a representative of theMinistry of Agriculture and Rural Development.
Miengcalled for more visits by RoK businesses to better explore the potentialof 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 supportVietnamese 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 adelegation of 25 RoK firms. During their stay, the delegation will gain abetter understanding of the local market by visiting the facilities ofcompanies working in the agricultural machinery, agro-processing anddistribution industries.
RoK is the leading source offoreign investment in Vietnam. Its investors have launched more than2,600 projects worth a combined 23 billion USD, and such major firms asLG, Posco, Doosan, Samsung and Lotte now have a presence in the country.
Bilateral trade increased from a modest 28 million USD in1992 to 9.1 billion USD last year, down from a pre-recession peak of 10billion USD in 2008. The two countries were trying to boost bilateraltrade to 20 billion USD by 2015, said the director of the ASEAN-KoreaCentre's Development Planning and General Affairs Unit, Jae Hyun Cho./.
Untapped opportunities in the agricultural, forestry and fisheriessectors were awaiting RoK enterprises, Hoang said, noting that Vietnamwas offering incentives for investment in these sectors, includingreduced land rental fees and assistance in human resources training,transportation and market development.
The percentage offoreign direct investment (FDI) in the nation's agricultural sector hasfallen 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 inrecent years and over 75 percent towards real estate projects.
More effective measures were needed to boost investment in theagricultural sector, said Tran Thi Mieng, a representative of theMinistry of Agriculture and Rural Development.
Miengcalled for more visits by RoK businesses to better explore the potentialof 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 supportVietnamese 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 adelegation of 25 RoK firms. During their stay, the delegation will gain abetter understanding of the local market by visiting the facilities ofcompanies working in the agricultural machinery, agro-processing anddistribution industries.
RoK is the leading source offoreign investment in Vietnam. Its investors have launched more than2,600 projects worth a combined 23 billion USD, and such major firms asLG, Posco, Doosan, Samsung and Lotte now have a presence in the country.
Bilateral trade increased from a modest 28 million USD in1992 to 9.1 billion USD last year, down from a pre-recession peak of 10billion USD in 2008. The two countries were trying to boost bilateraltrade to 20 billion USD by 2015, said the director of the ASEAN-KoreaCentre's Development Planning and General Affairs Unit, Jae Hyun Cho./.
