Vietnam-Korea Trade and Investment Upgraded

The forum aimed at upgrading bilateral economic relations and cooperation mechanism in the context of Vietnam increasing participation in bilateral and regional FTAs.

Speaking at the forum, Deputy Prime Minister Hoang Trung Hai said that Vietnam and ROK share many things in common, including history and culture. In the context of globalisation and world economic integration, the two countries also have great potential to supplement each other in the process of cooperation and development. Furthermore, Vietnam and ROK are strongly encouraged by the political will of their high-level leaders. As a matter of fact, after 20 years, Vietnam and ROK have become strategic partners.

 

In particular, the signing of Vietnam-Korea FTA in mid 2015 has offered important opportunities for businesses and investors of the two countries to expand their cooperation for mutual benefit.

 

Deputy Prime Minister Hoang Trung Hai asserted that together with the improvement of business environment and competitiveness, Vietnam will promote investment quality, attracting more big projects, high technology and infrastructure from multi-national corporations to accelerate economic restructuring.

 

In addition, to ensure comprehensive and sustainable development for international integration, Vietnam will develop competitive mechanism and policy to encourage small and medium sized enterprises (SMEs) invest in supporting industry and agriculture.

 

The Deputy Prime Minister called on Korean business community to expand investments in agriculture, education, infrastructure, energy, environment, health, processing, manufacturing and supporting industries under PPP and other forms suitable for ROK in line with the need and standard of Vietnam.

 

According to statistics, by December 2014, ROK is the biggest investor in Vietnam with over US$37.2 billion and 4,100 projects. In the first 10 months of 2015, the registered capital increased by over US$6.2 billion focusing on essential sectors of the economy, promoting the economic restructuring, especially processing and manufacturing industries, real estate and construction.

 

Meanwhile, Vietnam-ROK trade value also increased; with over US$28.8 billion in 2014, in the first 9 months of 2015, it is already at US$27.3 billion, up 30.2 percent compared to the same period last year.

 

VCCI President Vu Tien Loc pointed out that Lotte, Huyndai and Samsung are most successful in Vietnam. ROK is outstanding in developing businesses, startup and business community. Therefore, with this forum, Vietnam wishes to benefit from those experiences to develop national strategy for industrialization and business development.

 

For his part, KCCI Vice President Lee Dong Geun hopes that the forum will help businesses of the two countries to increase cooperation and investment in various fields: supporting industries, infrastructure, agriculture, etc. so as to increase further bilateral trade value.

 

According to Vice Minister of Planning and Investment Dang Huy Dong, in order to ensure the cohesion and sustainable development in preparation for future integration, Vietnam will develop competitive policy to encourage SMEs invest in supporting industries and agriculture. Beside successful investments in Vietnam, ROK should transfer other value chains to Vietnam such as garment, footwear and agriculture.

 

The forum has discussed insights and recommendations to upgrade Vietnam-ROK investment and trade, focusing on three main areas: cooperation in infrastructure and energy; bilateral cooperation in supporting industry; and cooperation in agriculture. The forum is also an opportunity for businesses of the two countries to meet each other and discuss directly with government representatives and related authorities.