THE SOCIALIST REPUBLIC OF VIET NAM
Government News
RoK’s enterprises seek investment opportunities in VN
VGP – The Trade Promotion Department (the Ministry of Industry and Trade) worked with the Korea Federation of Small and Medium Business (K-Biz) and the Taejon Broadcasting Corporation (TJB) to jointly hold a seminar on Viet Nam-RoK investment and trade under the motto “Business development opportunities.”
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Addressing the event, Director of the Trade Promotion Department Vu Ba Phu said that Viet Nam yearly absorbs US$ 35-40 billion of FDI of which the RoK is the top FDI provider.
As of February 2019, the RoK poured US$ 63.7 billion of FDI to Viet Nam, accounting for 18.5% of total FDI registered capital.
In 2018, 1,043 FDI projects worth US$ 7.2 billion were licensed in Viet Nam. The RoK made up 20.3% of total FDI registered capital in Viet Nam.
Mr. Phu reported that about 7,000 Korean enterprises are doing business in Viet Nam. They have become an important part of the Vietnamese economy, employing about 700,000 workers and contributing about 30% of Viet Nam’s total export turnover.
RoK’s FDI have served to boost industry, agriculture, tourism, and service sectors in Viet Nam.
Director of TJB Lee Gwang Chuk said that Viet Nam and the RoK are maintaining the cooperation in politics, trade and investment. He hoped that the seminar would benefit the two sides.
RoK businesses are extremely interested in Viet Nam especially in such areas as IT, biology, food processing, auxiliary industries, entertainment, and culture.
The RoK’s former Minister of SMEs and Startups Ju Young Seob reported that the RoK is Viet Nam’s third largest trade partner.
The Viet Nam-RoK Free Trade Agreement took effect since December 20, 2015 and has generated new impetus to raise two-way trade turnover to US$ 100 billion./.
By Kim Anh