A view of Samsung Electronics factory in Thai Nguyen (Photo: VNA) Hanoi (VNA) – A seminar on promoting trade and investment links betweenVietnam and the Republic of Korea (RoK) was held in Hanoi on April 22.
Jointly organised by the Vietnam Trade Promotion Agency (VIETRADE) under theMinistry of Industry and Trade, the Korea Federation of Small- and Medium-sized Enterprises(KBIZ), and the Taejon Broadcasting Corporation (TJB),the event opened up opportunities for the two countries’ enterprises to seek andset up partnerships, as well as support Vietnamese localities in calling for moreinvestment from the RoK.
Speaking at the event, VIETRADE Director Vu Ba Phu highlighted thefruitful development of Vietnam-RoK relations, especially in trade,culture-sports, and tourism.
Over the last five years, the RoK has been one of Vietnam’s leading partners,ranking first in the amount of foreign direct investment (FDI). It has beenalso the second biggest provider of official development assistance (ODA)capital for Vietnam.
By February 2019, the RoK had poured 63.7 billion USD into Vietnam, accountingfor 18.5 percent of the total registered FDI in Vietnam. Last year, the RoK had1,043 projects worth 7.2 billion USD, accounting for 20.3 percent of the totalFDI in the Southeast Asian country.
Phu said there are about 7,000 Korean enterprises investing in Vietnam, using some700,000 local labourers and contributing roughly 30 percent to Vietnam’s total exportvalue. Korean investors are mainly operating in industry, agriculture, tourism,and services.
In the industrial sector, the operation of Korean conglomerates, such asSamsung, LG, Kumho, Doosan, Hyundai, GS, and Posco, has made an importantimpact on promoting support industries in Vietnam, especially in the fields of mechanics,metallurgy, chemicals, electricity-electronics, and plastics.
Phu said that VIETRADE will coordinate closely with management agencies at all levels,as well as trade and investment promotion organisations in and outside the countryto support foreign investors in general, and in particular those from the RoK,in seeking investment opportunities in Vietnam.
Lee Gwang Chuk, Director of TJB, said the workshop aims to bring benefits to bothVietnamese and Korean businesses.
He expressed his hope that Korean firms will gain a greater understanding ofthe Vietnamese market, thus further strengthening cooperation betweenenterprises of the two nations.
Korean enterprises are interested in investing in IT, bio-technology, foodprocessing, support industry, and entertainment and culture, Lee said.
According to Ju Young Seob, former Koerean Minister of Small- and Medium-sized Enterprises and Startups, said the Vietnam-RoK Free Trade Agreement– which came into effect on December 20, 2015 – has created a new driving forceto contribute to implementing the goal to raise the bilateral trade turnover to100 billion USD by 2020.
Heexpressed his belief that with the determination of the two governments,economic cooperation between Vietnam and the RoK will grow strongly in the timeahead.–VNA
VNA
