Nghe An Boosting Trade Cooperation with South Korea

 

Delivering the opening speech, Dr Doan Duy Khuong, VCCI Vice President emphasised Vietnam and South Korea have established “strategic partnership". For South Korea, Vietnam is one of important partners in development cooperation. This is why the South Korean Government has proposed applying the Country Partnership Strategy (CPS) to Vietnam in the 2011-2015 phase, which is connected to Socioeconomic Development Strategy and ODA Strategy framework of Vietnam.

 

Mr Le An Hai, Deputy Director of the Asia - Pacific Region Department under the Ministry of Industry and Trade, briefed on South Korean market, opportunities, challenges, barriers and measures for Nghe An province to expand trade with South Korea. He also shared experience in introducing industries, products, business opportunities to South Korea partners as well as the South Korean market.

 

South Korea is a big investor in Vietnam in general and in Nghe An province in particular. So far, the province has attracted 12 South Korean investment projects with a total registered value of over US$60 million, focusing on manufacturing electronic components, telecommunications equipment, foodstuffs and textiles for export. Apart from FDI projects, South Korea also granted US$7.3 million of ODA to “Vietnam - Korea Engineering Industry College” project.

 

In 2013, the South Korean government funded US$62,000 of ODA for Hai Binh Community Culture House Project (Nghi Hai Ward, Cua Lo Town) through Seoul International Friendship Organisations (SIFO) and Korea Association of University Women (KAUW). The project was commenced on June 5, 2013.

 

In addition to attracting South Korean investors, Nghe An also exports its products to South Korea, including white limestone, construction stone, starch, construction materials and apparels. Nghe An is one of three provinces in Vietnam with the largest number of guest workers sent to South Korea.