For the purpose of looking for customers, business cooperation and investment opportunities with Vietnamese enterprises, Hwaseong City Mayor and Chairman of Hwaseong Chamber of Commerce and Industry (HCCI) recently paid a working visit to Vietnam. He was accompanied by a Korean trade mission comprising 10 companies operating in the fields of production of electrical equipment, telecommunications, clothing for firefighters and protection, steel, agricultural machinery and construction machinery, industrial machinery (injection, cut , bending, molding), transformers, switching equipment, fasteners, electronic, reflective yarn, cosmetics, supermarkets and so on. On this occasion, the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Hwaseong Chamber of Commerce and Industry held a meeting for the Vietnam and Korea enterprises.
At the meeting, Mr Pham Quang Thinh, Deputy Dead of the International Relations Department, VCCI, said the past 20 years relations between Vietnam and South Korea have developed strongly in most areas, especially in politics and economics. South Korea has become an important strategic partner of Vietnam and Vietnam has also become a leading strategic partner of South Korea in the Southeast Asia region. Two important milestones of upgrading relations between the two countries are: in 2001 the relations between the two countries from regular partners was raised to "Comprehensive Partnership in the 21st Century"; and in 2009 it continued to be upgraded to "Strategic cooperation partnership". In the process of development of special relationships between Vietnam-Korea, economic relations between the two countries have continuously strengthened both in breadth as well as depth.
"It can be said that economic relationship between Vietnam and Korea is the fastest growing, most dynamic and the most effective field of cooperation between Vietnam and Korea over the last 20 years in sectors such as development assistance, direct investment and trade, "said Thinh.
In direct investment, according to the Foreign Investment Agency (Ministry of Planning and Investment), among valid cumulative projects by June 30th 2012, Korea has nearly 3,000 investment projects in Vietnam, with a total registered capital of nearly US$24 billion, about 100 fold increase from 20 years ago. Korea became the largest foreign investor among the countries and territories investing in Vietnam. In addition to large enterprises such as Samsung, Daewoo, LG, and SK, which have been in Vietnam for a long time, Korea's small and medium enterprises have been increasing their investment and returns successfully in Vietnam.
In trade, South Korea has become the 4th largest trading partner of Vietnam. The bilateral trade volume in 2011 reached nearly US$18 billion, an increase of 39 percent over the previous year; the two countries continue to promote trade relations in order to reach the goal of total two-way trade turnover of US$20 billion by 2015, and US$30 billion by 2020; while actively cooperating to reduce gradually the balance of trade between the two countries.
For the past 20 years, VCCI has also made many positive contributions to consolidating and developing the special friendship and comprehensive cooperation between the two countries; promoting the ministries and agencies, localities and enterprises of the two countries to implement annual high-level agreements and arrangements at the Intergovernmental Committee meeting, promoting visits by senior leaders and enterprises of the two countries, expanding the cooperation, and in particular creating positive changes in economic cooperation, trade and investment between the two countries in recent times.
In mid-October, VCCI also brought a business delegation from Vietnam to visit and work in Korea, attendeding consumer fairs in Korea, achieved positive results.
VCCI has also welcomed and worked with many Korean business delegations from cities such as Seoul, Busan, and Jeju and recently business delegation from Hoa Son of Gyeonggi province, one of the most developed regions in South Korea, with a growing population population and strong economic development.
Mr Thinh hopes the visits between the countries, exchange activities and business meetings within the framework of business development in both countries in general, as well as opeing up new business opportunities in Hoa Son.
Quynh Chi
Vietnamese
