Vietnam-ROK Economic Cooperation Promoted

3:26:22 PM | 7/8/2005

During his visit to Vietnam on October 10, 2004, Republic of Korea (ROK) President Roh Moo Hyun met with enterprises participating in the Vietnam-ROK business forum. At the forum, business opportunities of the two countries have been introduced to promote economic cooperation.

ROK ranks fourth in investment and trade with Vietnam. In 2003, the two-way trade posted US$3.1 billion and ROK investment in Vietnam reached US$4.4 billion. Some 700 ROK companies are presently operating in Vietnam, employing over 300,000 Vietnamese workers. According to Mr. Ban Ki Moon, Minister of Foreign Affairs and Trade, construction, resource exploitation, energy and telecommunications are major areas for future cooperation between the two countries. These are also areas in which Vietnam has great potential and ROK can offer experience and modern technology.

ROK and Vietnam have signed agreements granting Vietnam aid worth US$10 million to build a telecommunications college in Da Nang, and build a solid waste treatment factory in Ninh Binh with a total capital of US$21 million. ROK has also donated US$350,000 to the Hanoi heart diseases hospital for the purchase of new equipment, training and after-sales service.