Businesses from Vietnam and the Republic of Korea (RoK) explored cooperation opportunities in the field of construction at a workshop in Hanoi on September 16.

The symposium introduced Vietnam’s legal regulations in the sector, helping enterprises from the RoK understand the policy framework, opportunities and challenges of investing in Vietnam.

Vietnamese firms stood a good chance to find partners in the RoK, Director of the Institute of Construction and Urban Management Cadres Bui Duc Hung said.

According to Deputy Head of the Foreign Investment Department under the Ministry of Planning and Investment Nguyen Noi, the RoK is the second largest investor in Vietnam, out of a total of 101 nations and territories, with 3,930 projects worth more than 32.8 billion USD, including 543 in construction with an investment of 2.3 billion USD.

He suggested Vietnam attract more investments in construction and its support and processing industries, while prioritising modern and environmentally-friendly technologies and developing infrastructure and education-training in a bid to improve services.

Kim Kyungil, a representative of the Korean Research Institute for Human Settlement, said the RoK gives priority to investment in Vietnam.

Korean businesses saw both opportunities and challenges in the country’s 2014 Law on Construction, fuelling their hope to increase investments in the near future, he added.

During the workshop, participants also explored possibilities for cooperation between Vietnamese and RoK construction firms.-VNA