Deputy Minister of Planning and Investment Vu Dai Thang speaks at the workshop (Source: congthuong.vn)

Hanoi (VNA) – A seminar to promote investment of Vietnam and the Republic of Korea (RoK) in robotics industry and automation took place in Hanoi on April 26.

The event was organised by the Foreign Investment Agency under the Ministry of Planning and Investment, in cooperation with the Vietnam Association for Supporting Industries and the ASEAN-Korea Centre (AKC).  

The seminar was designed to help domestic businesses to meet with their RoK counterparts and provide information for cooperation in robotics industry and automation.

It also helped Vietnamese localities to call for investment from the RoK and seek business opportunities in the two countries, as Vietnam and the RoK aim to bring bilateral trade to 100 billion USD in 2020.

The RoK is now among most important partners of Vietnam as the largest investor, the second leading official development assistance provider and the third biggest trade partner.

The Northeast Asian nation has to date launched 7,700 projects in Vietnam with a combined registered capital totaling 64 billion USD, while bilateral trade hit 62.6 billion USD in 2018.

The Vietnam-Korea Free Trade Agreement (VKFTA), which took effect in 2015, has opened various chances in trade and investment. Vietnam has encouraged investment of RoK firms in the fields of infrastructure, high technology, renewable energy, along with technology transfer, supporting industry development, helping Vietnamese businesses join the global manufacturing and supply chain.

Speaking at the event, Deputy Minister of Planning and Investment Vu Dai Thang said Vietnam has recorded numerous positive results in economic development with high and stable growth rate. The country also boasts favourable investment incentives and improving business climate, he stressed.

Vietnam has implemented a science and technology development strategy for the 2011-2020 period and prioritised achievements of the Fourth Industrial Revolution. As a result, the country has seen an increasing demand of businesses for robotics and automation to enhance competitiveness and international economic integration.

Thang said that Vietnam has gradually become a strategic manufacturing hub of international corporations. Up to 130 foreign partners have registered to do business in Vietnam, with combined capital worth 346.5 billion USD. Of the figure, more than 180 billion USD were poured into key economic sectors such as manufacturing industry, infrastructure development, construction, energy, services and tourism, said the official.

The event drew the participation of about 50 RoK businesses, including 11 in manufacturing, robot production and automation, Secretary-General of the AKC Lee Hyuk said, adding that those firms expect to share information, technology and seek partners in robot application in Vietnam.

Participants discussed and assessed trade-investment cooperation between Vietnam and the RoK over the time and proposed measures to tackle difficulties, especially in robotics industry and automation. They also put forward trends and orientations to further promotion the bilateral cooperation in the coming time. -VNA