Bilateral trade between Vietnam and Republic of Korea (RoK0 could top 10 billion USD this year, Ju-Tae Lee, chairman of the Korea Importers Association (KOIMA) told a business matching event in HCM City on May 18.
The event was attended by a delegation of 20 leading RoK companies which is visiting Vietnam to seek business opportunities. They operate in construction materials and machinery, telecom, electronics, agriculture, and other sectors.
Since establishing diplomatic ties in 1992, the two countries have developed cooperation in many fields like trade, investment, culture and education, Ju-Tae said.
After Vietnam joined the World Trade Organisation and the Free Trade Agreement between ASEAN and the RoK came into effect in 2007, the two countries posted rises in bilateral trade of over 40 percent in 2007, 2008 and 2009, from 7.2 billion USD in 2008 to 9.5 billion USD last year, he said.
Both governments target bilateral trade turnover of 20 billion USD in 2015, he added. Kim Sang Yoon, Korean Consul General in HCM City , said with more than 2,495 projects worth a total registered capital of 22.4 billion USD, RoK is Vietnam 's second largest foreign investor.
There are more than 1,400 Korean enterprises operating in HCM City and neighbouring provinces, employing more than 250,000 local labourers, he said.
The event will be a bridge for businesses from both countries to meet, and find partners to boost trade and investment cooperation, he said.
Ju-Tae said the two countries are currently discussing the signing of a Free Trade Agreement, hopefully this year. Bilateral trade then is expected to increase strongly, he said.
Bui Thi Thanh An, a representative of the Vietnam Trade Promotion Agency in HCM City , said RoK is an important trade and investment partner of Vietnam .
Vietnam exports crude oil, processed seafood, coffee, rubber, garments, electronic components, furniture, footwear, steel and coal to the RoK.
It imports garments and textiles, machinery and equipment, automobile, petrol products, and others./.
The event was attended by a delegation of 20 leading RoK companies which is visiting Vietnam to seek business opportunities. They operate in construction materials and machinery, telecom, electronics, agriculture, and other sectors.
Since establishing diplomatic ties in 1992, the two countries have developed cooperation in many fields like trade, investment, culture and education, Ju-Tae said.
After Vietnam joined the World Trade Organisation and the Free Trade Agreement between ASEAN and the RoK came into effect in 2007, the two countries posted rises in bilateral trade of over 40 percent in 2007, 2008 and 2009, from 7.2 billion USD in 2008 to 9.5 billion USD last year, he said.
Both governments target bilateral trade turnover of 20 billion USD in 2015, he added. Kim Sang Yoon, Korean Consul General in HCM City , said with more than 2,495 projects worth a total registered capital of 22.4 billion USD, RoK is Vietnam 's second largest foreign investor.
There are more than 1,400 Korean enterprises operating in HCM City and neighbouring provinces, employing more than 250,000 local labourers, he said.
The event will be a bridge for businesses from both countries to meet, and find partners to boost trade and investment cooperation, he said.
Ju-Tae said the two countries are currently discussing the signing of a Free Trade Agreement, hopefully this year. Bilateral trade then is expected to increase strongly, he said.
Bui Thi Thanh An, a representative of the Vietnam Trade Promotion Agency in HCM City , said RoK is an important trade and investment partner of Vietnam .
Vietnam exports crude oil, processed seafood, coffee, rubber, garments, electronic components, furniture, footwear, steel and coal to the RoK.
It imports garments and textiles, machinery and equipment, automobile, petrol products, and others./.
