Workshop seeks to promote Vietnam-RoK trade ties

A seminar on promoting trade and investment links between Vietnam and the Republic of Korea (RoK) was held in Hanoi on April 22.

Jointly organized by the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry 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 and set up partnerships, as well as support Vietnamese localities in calling for more investment from the RoK.

Speaking at the event, VIETRADE Director Vu Ba Phu highlighted the fruitful 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 been also the second biggest provider of official development assistance (ODA) capital for Vietnam.

By February 2019, the RoK had poured USD 63.7 billion into Vietnam, accounting for 18.5 percent of the total registered FDI in Vietnam. Last year, the RoK had 1,043 projects worth USD 7.2 billion, accounting for 20.3 percent of the total FDI in the Southeast Asian country.

Phu said there are about 7,000 Korean enterprises investing in Vietnam, using some 700,000 local laborers and contributing roughly 30 percent to Vietnam's total export value. Korean investors are mainly operating in industry, agriculture, tourism, and services.

In the industrial sector, the operation of Korean conglomerates, such as Samsung, LG, Kumho, Doosan, Hyundai, GS, and Posco, has made an important impact 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 organizations in and outside the country to 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 both Vietnamese and Korean businesses.

He expressed his hope that Korean firms will gain a greater understanding of the Vietnamese market, thus further strengthening cooperation between enterprises of the two nations.

Korean enterprises are interested in investing in IT, bio-technology, food processing, support industry, and entertainment and culture, Lee said.

According to Ju Young Seob, former Korean 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 force to contribute to implementing the goal to raise the bilateral trade turnover to USD 100 billion by 2020.

He expressed his belief that with the determination of the two governments, economic cooperation between Vietnam and the RoK will grow strongly in the time ahead.

Source: People's Army Newspaper