Business

Vietnam advised to make policies clearer to attract Korean investment

Many investors from the Republic of Korea (RoK) hold that Vietnam is an attractive destination, but it still needs clearer policies to attract a new investment wave from the Northeast Asian country, reported Dau tu (Vietnam Investment Review).
Vietnam advised to make policies clearer to attract Korean investment ảnh 1A factory of Samsung in Vietnam (Photo: congthuong.vn)
Hanoi (VNA) – Many investorsfrom the Republic of Korea (RoK) hold that Vietnam is an attractivedestination, but it still needs clearer policies to attract a new investment wavefrom the Northeast Asian country, reported Dau tu (Vietnam Investment Review).

With fast digitaltransformation and a young population, Vietnam is currently an attractive destinationfor Korean businesses, Vice Chairman of the Korea & Vietnam Economic and CulturalAssociation (KOVECA) Kwon Seung-taek told a recent conference promoting Koreaninvestment in Ho Chi Minh City and other southern localities.

This event attracted 30businesses and 50 enterprises of the RoK who came to explore investment chancesin many areas, including infrastructure, urban development, health care,education, renewable energy, high technology and vocational training.

He said Korean firms boasttechnology, technique, experience and large capital while Vietnam has a diversemarket and a young and abundant workforce.

If the two countries enhance investmentcooperation, bilateral trade will grow correspondingly. Amid global tradeuncertainties, if they can capitalise on opportunities, the bilateral tradetargets of 100 billion USD by 2023 and 150 billion USD by 2030 are completelyachievable, Kwon emphasised.

Many Korean investors believethat the two countries still have much room for cooperation in multiplespheres.

In the past, Koreaninvestments mostly concentrated in big cities like Hanoi, HCM City andneighbouring provinces, but now they have expanded to many other localities. Theyare also shifting from labour-intensive industries to manufacturing and hightechnology sectors.

However, they also hope Vietnamto have clearer investment policies.

CEO of JP Investment Choi Jeong-pilrecommended the country elaborate on the projects it is inviting investmentto so that investors and investment funds can make consideration.

He also suggested favourableconditions for investment funds to engage in the equitisation of State-ownedenterprises, noting that their presence will help improve those firms’ capacityand participation in global supply chains.

Meanwhile, a business in theenvironmental sector underlined the need for the Government’s assistance sincewaste treatment projects are long-term investments that last for 20 - 30 years.

The company added it isimportant that the Vietnamese Government has transparent and consistentpolicies in order to attract Korean investment./.
VNA
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