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Businesses from the South Korea see Vietnam as a promising market for their investments and intend to maintain their position as Vietnam’s number one foreign investor.
The Director of the ASEAN- Korea Center (AKC) for Planning and Development, Jae Hyun Cho stated this at a workshop on trade and investment between Vietnam-South Korea in Hanoi Wednesday.
Jae Hyun Cho is leading a delegation of 23 RoK leading enterprises that operate in agricultural machinery, forestry, seafood and foodstuffs, on a fact-finding tour of Vietnam from September 7-10 to seek out business and investment opportunities.
Investment and trade ties have developed steadily between Vietnam-RoK since Vietnam introduced the Law on Foreign Investment in 1988. The RoK has invested in nearly 2,600 projects, with a total registered capital of over US$23 billion in Vietnam.
The Deputy Trade and Industry Minister Le Duong Quang, said that businesses from the RoK, who are often amongst the top three foreign investors in Vietnam, have made their presence felt in property and infrastructure, ship building, electricity and electronics.
Despite the negative impacts of last year’s global economic crisis, bilateral trade between Vietnam and the RoK reached $9 billion in 2009 and is expected to climb to $20 billion in 2015.
At the workshop, the Director of the Foreign Investment Agency under the Planning and Investment Ministry, Do Nhat Hoang, pledged to continue supporting RoK investors to do business in Vietnam, to boost trade and investment between the two countries.
Hoang also called on RoK businesses to continue investing in Vietnam, especially in agriculture, agricultural machinery and forestry, in order to retain its position as one of Vietnam ’s leading investors.
