Delegates at the Vietnam-Korea Business Forum which took place in Seoul on April 14. (Photo: VNA)

Seoul (VNA) – The Vietnam-Korea Business Forum took place in Seoul on April 14 with the focus on opportunities for small and medium-sized enterprises (SMEs).

The forum was organised by the Vietnam Association of Small and Medium Enterprises and the Vietnam Trade Office in the Republic of Korea to connect businesses in the two countries.

Present at the event were Vietnamese Ambassador to the RoK Pham Huu Chi, President of the Vietnam Coffee and Cocoa Association (VICOFA) Luong Van Tu, Second Deputy Head of the Trade and Investment Unit of ASEAN-Korea Centre Moon Ki-bong and representatives of about 50 SMEs from both sides.

Ambassador Pham Huu Chi said the RoK is now Vietnam’s biggest investor, with about 45 billion USD pumped into Vietnam.

The RoK is also Vietnam’s third largest trading partner while Vietnam is the fourth largest of the RoK. Last year, bilateral trade exceeded 36 billion USD, he noted.

Chi said that the two sides have huge potential to develop trade and production linkages.

VICOFA President Luong Van Tu, who is former chief of Vietnam’s WTO negotiation delegation, said that the new-generation Vietnam-Korea Free Trade Agreement (FTA), which took effect late last year, opened up opportunities for businesses in the two nations, especially small and medium sized firms.

Processing and exports of farming products are among promising sectors where Vietnam’s strengths in agriculture and the RoK’s advanced technologies could complement each other, he added.

CS International, a RoK-based cosmetics producer, sees Vietnam as a promising market, director Cho Yoon told Vietnam News Agency.

He spoke highly of the country’s business climate and hoped to find a capable business partner at the forum.-VNA