KOCHAM Links South Korean Investors with Vietnamese Authorities

The Korea Chamber of Commerce (KOCHAM), set up in 2003, now has 350 members - a small number compared with South Korean investors in Vietnam. However, this is actually a non-governmental organisation representing South Korean companies operating in Vietnam. Mr Lee Chang Keun, Chairman of KOCHAM said, “Before licensing South Korean investors, province and city governments should introduce them to KOCHAM to instruct the Koreans on Vietnamese law, culture and customs. During operation, if disputes occur, KOCHAM will be the bridge linking authorities with investors, facilitating dispute resolution.

 

KOCHAM holds a monthly forum, attended by leading South Korean and Vietnam professors, who present the latest economic movements to KOCHAM members. The principle of KOCHAM is that South Korean companies must develop with Vietnamese ones; therefore, KOCHAM maintains close relationships with Vietnamese authorities and always wishes to join hands with other Vietnamese associations for mutual development. Chairman Lee Chang Keun said, from the sponsorship of its members, KOCHAM annually donates some US$25,000 to social and charity activities, helping the handicapped in Dong Nai, Binh Duong and Ba Ria-Vung Tau provinces, and Ho Chi Minh City.

 

Regarding investment activity in Vietnam, Keun said with more than 15 years of experience in Vietnam, he saw that the Vietnamese legal system has been significantly improved. Nonetheless, the government should provide early notice of changes for investors to prepare. A common concern among foreign investors is the execution of civil and economic verdicts in Vietnam. According to KOCHAM, the execution of such verdicts has not been seriously carried out. The government conducts no action enforcing the verdict. This makes investors uneasy when economic conflicts take place. Concerning labour strikes, Keun said both employers and employees need to study the reasons and come to a common understanding. If a salary rise demand is turned down, employers need to clarify the reason. In addition, the state should not intervene in salary policy, allowing employers and employees to discuss pay in accordance with market demand.

 

In spite operating for several years with few members, KOCHAM has proven its role as a bridge linking South Korean investors with Vietnamese authorities.