The Republic of Korea’s banks are focusing more on Vietnam as the market emerges as a major source of earnings for them amid their slowdown from China.
Since Vietnam and the Republic of Korea (RoK) set up diplomatic relations in 1992, bilateral ties have seen robust growth in all fields, from politics, economy, security-defence to culture, education and science-technology.
The Institute for International Trade under the Korea International Trade Association (KITA) listed Vietnam as one of the top five importers of the Republic of Korea (RoK) in 2017 in its report released on June 20.
Korean retail giant Lotte is considering whether to open more stores in major Vietnamese cities, including the capital city of Hanoi and the southern largest economic hub of Ho Chi Minh City.
The Association of Southeast Asian Nations (ASEAN) has become the second largest export market for agricultural and livestock products from the Republic of Korea (RoK) last year as the country's trade with China was hit by a diplomatic row, according to a report by the Korea Rural Economic Institute (KREI).
The Republic of Korea (RoK)’s Hyundai Motor said it is considering building a car plant in Southeast Asia with Indonesia and Vietnam being possible locations.
RoK President Moon Jae-in and Chinese Premier Li Keqiang have reaffirmed commitments to quickly normalise the countries’ ties soured by the deployment of a US missile defence system in the RoK.
Korean retailers are accelerating their push to tap deeper into the Southeast Asian market after they suffered a serious setback in China, industry watchers said on October 15.
The Republic of Korea will start issuing electronic visas to Southeast Asian tourists from May, instead of from the later half of this year as initially planned.
The Republic of Korea has stepped up efforts to attract more tourists from Asian countries and ease its dependence on China for its tourism trade, according to Yonhap news agency.
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XIII National Congress of Communist Party of Vietnam
