Vietnam- South Korea investment connection and cooperation for development
(QNO) - The Vietnam- South Korea Business Summit (VKBS) taking place in Chu Lai (Quang Nam province) on November 9 is considered as a good chance for investment connection and cooperation for economic development between Vietnam and South Korea.
Bilateral cooperation
Reported from the Vietnam Chamber of Commerce and Industry (VCCI), over 29 thousand FDI businesses from 130 countries and territories have invested in Vietnam. South Korea emerged as the largest investor with more than USD 65.7 billion in different areas such as processing and manufacturing industries, electronics, energy, transport infrastructure development, logistics, real estate, wholesale, retail and tourism.
It is also the second largest country to provide goods for Vietnam and Vietnam’s fourth largest export market. Up to now, Vietnam-South Korea relations have become the typical bilateral cooperation in the region. South Korea and Vietnam are strategic partners of each other. They are trying to increase their bilateral trade turnover to USD100 billion by 2020 and towards a trade balance between these two countries.
According to Korean Ambassador to Vietnam Park Noh Wan, South Korea is now the lead partner to invest in Vietnam from the North to Central and South.
Economic development
Three Memoranda of Understanding signed at VKBS will pave the way for connection and cooperation for economic development between Vietnam and South Korea. President of KOTRA Kwon Pyung Oh considered VKBS as a chance for both Vietnam and South Korea to promote bilateral cooperative relations for their economic development. Korean investment in Vietnam will be more effective.
Vietnamese Deputy Prime Minister Trinh Dinh Dung said that Vietnam wanted to promote the balance in bilateral trade relations between the two countries. Vietnam will complete its regulations, synchronize infrastructure system, and develop high-quality human resources. Vietnam will facilitate South Korean businesses and their products coming into Vietnamese markets and hope South Korea to create favorable conditions for Vietnamese products to access South Korean markets.
Chairman of the South Korean Special Committee on New Southern Policy Joo Hyung Chul promised to speed up the South Korean programs and projects on connection and cooperation with Vietnam and other partners in the region. For him, Vietnam is always a trusted friend, an attractive destination for international investors in general and South Korean investors in particular.
VKBS is a good chance for Vietnamese and South Korean businesses’ mutual understanding, paving a new way for their investment and trade exchange.