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Vietnam works to attract RoK investment

Vietnam is committed to improving its market economy institutions, developing human resources and building infrastructure to continue attracting investment from the Republic of Korea (RoK), said Nguyen The Phuong, Deputy Minister of Industry and Trade.
Vietnam is committed to improving its market economy institutions,developing human resources and building infrastructure to continueattracting investment from the Republic of Korea (RoK), said Nguyen ThePhuong, Deputy Minister of Industry and Trade.

The RoK has become Vietnam’s largest foreign investor and the two signed a free trade agreement (FTA) in May 2015, he added.

TheRoK currently has 4,459 projects in Vietnam with a total registeredcapital of 39.1 billion USD. Trade between the two countries reached 30billion USD last year and both sides target to increase the value to 70billion USD in 2020.

According to Do Nhat Hoang, Head of theVietnam Foreign Investment Agency, the implementation of the InvestmentLaw and Enterprise Law from July 1, 2015 will create more favourableconditions for foreign investors, including those from the RoK.

Meanwhile,RoK’s Ambassador to Vietnam Jun Dae Joo hailed the strong economic tiesbetween the two countries, besides cooperation in social and culturaldevelopment.

This year to May, export-import turnover between Vietnam and the RoK surpassed 14.66 billion USD.

Currently, Vietnamese businesses are running 24 projects in the East Asian country.-VNA
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