At the Vietnam-ROK Economic Forum sponsored by Vietnam Chamber of Commerce and Industry (VCCI) and Korean Chamber of Commerce and Industry in Hanoi on November 13, Deputy Prime Minister Hoang Trung Hai called on Korean business community to expand their investments in other sectors.
Deputy Prime Minister Hoang Trung Hai mentioned other sectors as: agriculture, education, infrastructure, energy, environment, health, processing, manufacturing especially supporting industry.
He pointed out the fact that as member of APEC, WTO, Vietnam has concluded FTA with Korea, EU, TPP, AEC and others. By the end of 2015, Vietnam together with ASEAN Economic Community (AEC) will be a new opportunity of investment with a market of 600 people and GDP of over US$1,850 billion.
He added that Vietnam- Korea Free Trade Agreement signed on May 5, 2015 together with other FTAs will promote the economic restructuring Vietnam, increasing added value for sustainable development. Vietnamese exports will increase in new markets.
“The Vietnam-Korea FTA will promote Korean investments in Vietnam with high technology and advanced management and access to third markets. It also helps Vietnamese and Korean businesses with opportunities to increase mutual benefit, especially in infrastructure, agriculture, supporting industries, high technology, energy, etc.” Deputy Prime Minister reaffirmed.
He also said that together with improvement of business environment and higher competitiveness, Vietnam increases investments in big projects of multi-national companies to facilitate the economic restructuring. Furthermore, to ensure cohesion, sustainable development and integration Vietnam develops mechanism and competitive policy to help small and medium-sized enterprises invest in supporting industry and agriculture.
Concluding his statement, Deputy Prime Minister Hoang Trung Hai said: “Vietnamese government will continue its cooperation with Korean businesses to improve business environment and competitiveness so that Vietnam can always be an attractive destination for domestic and foreign business communities”.
ROK is a biggest investor in Vietnam with registered capital of US$43.6 billion and 4,777 projects (by October, 2015). The figure can be higher if Korean investment through third countries is included. Korean investments focus on key sectors of the economy, promoting growth and economic restructuring such as manufacturing, processing, real estate, construction, etc. Vietnam-ROK trade value increases year by year, over US$28.8 billion in 2014, US$27.3 billion in the first 9 months of 2015 (up by 30.2 percent compared to the same period of 2014).
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Vietnamese
