Enterprises from Vietnam and the Republic of Korea are expected to expand cooperation and trade exchange opportunities in the manufacturing, food, cosmetics and consumer goods distribution sectors.

This forecast has arrived after the Vietnam Chamber of Commerce and Industry on May 12 held a meeting with the Korean companies and signed a cooperation agreement with Daegu Technopark .

Hee Jun Cho, from the research institute Deagu Technopark, said that RoK enterprises have recently shown great interest in Vietnam and are seeking opportunities to penetrate into the market.

He hoped that with support and cooperation from the two countries’ governments and business communities, the two sides will realise their potential in trade and investment exchanges.

Pham Quang Thinh, Deputy Head of the VCCI’s International Relations Division, said the RoK is one of Vietnam’s most important partners both in terms of investment and trade.

Thinh said besides many bilateral and regional trade and investment agreements, the two countries recently signed the Vietnam-RoK Free Trade Agreement (FTA), providing a legal framework for policy enforcement and trade exchange.

The RoK has 4,140 valid projects in Vietnam with a combined capital of 37.43 billion USD. Its leading corporations, including Samsung, LG, Hyundai and Lotte, have their manufacturing facilities or services in Vietnam.-VNA