Vietnamese and South Korean enterprises signed investment projects worth a total US$4.3 billion at Vietnam-South Korea Investment, Trade and Tourism Forum in Seoul May 23, state media reported.
The largest project is a US$4 billion integrated steel plant between steel maker Posco and the Vietnam Shipbuilding Industry Group (Vinashin).
It was followed by a $240 million pulp mill between Nghe An Pulp Joint Stock Company and Samsung Corp, and a $45 million fabric factory between Taechang Company, Viet Nam National Textile and Garment Group (Vinatex) and Thien Nam Company.
Speaking at the forum, Deputy Prime Minister Nguyen Sinh Hung emphasized that Vietnam is doing its best to improve its legal system and create more favorable conditions for investors.
The forum was among important events at “Vietnam Days in South Korea”, co-organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnamese Embassy in South Korea to celebrate the 15th anniversary of diplomatic relations between the two countries.
South Korea is one of the first and largest foreign investors in Vietnam, with combined investment capital around $6 billion over last past 15 years.
In Jan-Apr this year, South Korea topped foreign investors in the Southeast-Asian country, with 85 projects worth $591.5 million.
Up to 93 per cent of the 217 South Korean companies investing in Vietnam said they are highly satisfied with business outcomes in the ASEAN country, a survey conducted by the Korean Trade Investment Promotion Agency (Kotra) in November-December last year reported.
In the coming time, Korean investors will open more projects in Southeast Asia, including Vietnam, instead of traditional markets like the US, Canada and Australia, economic experts forecast.
Vietnam-South Korea bilateral trade soared to $4.85 billion in 2006 from $490 million in 1992, according to the foreign country’s figures. (Labor, Youth)
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