Businesses from the Republic of Korea (RoK) currently operating in Vietnam were praised for their contributions to socio-economic development in their host country at an awards ceremony in Hanoi on November 6.

Jointly organised by Vietnam’s Ministry of Planning and Investment and the RoK’s Ministry of Knowledge Economy, the event is part of a series of activities marking the 20 th anniversary of the establishment of diplomatic ties between the two countries.

Awards were presented to eight firms in the fields of construction, heavy industry, garments, footwear, electronics and insurance services for their outstanding contributions, such as improving working conditions and protecting the environment.

In addition, various kinds of products from 40 RoK manufacturers were also put on display at a trade fair held by the RoK’s Trade and Investment Promotions Department.

In the near future, many RoK businesses hope to establish a strong foothold in Vietnam , seen as a stable growing economy in the region, said the organisers.

The RoK is the second biggest overseas investor in Vietnam. By September 2012, it had injected in excess of 24 billion USD into over 3,000 projects in the Southeast Asian country.-VNA