Workers at a Samsung factory in Vietnam. (VNA)

HCM City (VNA) - Minister of Trade, Industry and Energy of the Republic of Korea Paik Un Gyn has affirmed that his country encourages its businesses to ratchet up investment and cooperation with Vietnamese partners helping to increase the local contents in locally-made hi-tech products and reduce Vietnam’s trade deficit.

The Minister made the affirmation on February 3 during his visit to Minh Nguyen Supporting Industries JSC – one of the first domestic firms to be chosen by Samsung Group to take part in the direct supply chain of components for the Samsung Electronics HCMC CE project worth nearly 2 billion USD at the Saigon Hi-tech Park, Ho Chi Minh City.

He spoke highly of the pro-activeness of the company and other Vietnamese businesses in studying and applying new technologies in production and business.

He suggested Vietnamese businesses contact Korean functional agencies when they meet with difficulties to receive the assistance they needed.

According to the Minister, since the two countries set up their diplomatic ties in 1992, their two-way trade hit 58.5 billion USD as of November 2017.

Vietnam is an important economic partner of the RoK in Southeast Asia and the two countries are working to bring their trade value to 100 billion USD by 2020.

The RoK is the second largest foreign investor, after Japan, in Vietnam in 2017 with total registered capital of 8.49 billion USD. -VNA