Workshop seeks to boost VN–RoK trade

In the industrial sector, the operation of Korean conglomerates, such as Samsung in Viet Nam

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, 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. 

Former Koerean Minister of Small- and Medium-sized Enterprises and Startups Ju Young Seob said the Viet Nam-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 US$ 100 billion by 2020. 

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

 VIETRADE Director Vu Ba Phu highlighted the fruitful development of Viet Nam-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 Viet Nam. 

By February 2019, the RoK had poured US$ 63.7 billion into Viet Nam, accounting for 18.5% of the total registered FDI in Viet Nam. 

Last year, the RoK had 1,043 projects worth US$7.2 billion, accounting for 20.3% of the total FDI in the Southeast Asian country. 

He said there are about 7,000 Korean enterprises investing in Viet Nam, using some 700,000 local labourersand contributing roughly 30% to Viet Nam’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 Viet Nam, 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 country to support foreign investors in general, and in particular those from the RoK, in seeking investment opportunities in Viet Nam. 

The seminar was jointly organised by the Viet Nam 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). 

By Vien Nhu