South Korea – the great trade and investment partner of Vietnam

Monday - 14/03/2016 03:47
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 In the recent years, South Korea has been one of the great partner of Vietnam in field of trade and investment cooperation. Currently, the both countries are boosting their cooperation in those topics.

Initiative to elaborate agreements

At the 6th meeting of Vietnam – South Korea Joint Committee for the cooperation on nuclear power, energy, industry and trade held on November 14th of 2015 in Hanoi, the Minister of Industry and Trade Vu Huy Hoang highly appreciated the steering and collaboration of the Korean Minister of Trade, Industry and Energy Yoon Sang-Jick and efforts of sub-committees and taskforces of the two countries in realizing the cooperation agreements in the past time, which contributes to bringing about positive results. At the same time, the Minister Vu Huy Hoang also praised Vietnamese and Korean enterprises proactively discussed and elaborated cooperation agreements to concretize the potentials of the both sides.

Two ministers steered sub-committees and taskforces to have more practical and effective to implement plans of cooperation on nuclear power, energy, minerals, industrial technologies, and trade.

In the framework of the meeting, the Minister Vu Huy Hoang and his counterpart Yoon Sang-Jick together with members of sub-committees witnessed the signing of Memorandum between Vietnamese Ministry of Industry and Trade and Korean Ministry of Trade, Industry and Energy, Korean Agency for International Cooperation and LOTTE corporation on the project of “Enhancing the capacity of distribution industry development of Vietnam”.

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In the afternoon of the same day, under the leading of Can Tho People’s Committee, two Ministers and leaders of the Communist Party and the Government attended the Inauguration Ceremony of the Project on development of Korea – Vietnam Industry Park in Tra Noc 2 Technology Zone in Can Tho city.

This is the project under the South Korea-Vietnam Joint Committee implemented with the aim of creating infrastructure for researches, consultancy and supports for such all aspects of the small and medium enterprises in Cuu Long Delta area which operate in agriculture and aquaculture and processing as access opportunity, technology innovation for enterprise development; enhancing quality and added values for products; cooperation boosting and investment promotion, etc. to contribute to the economic development of Can Tho and adjacent provinces, at the same time contribute to the development of strategic cooperation relationship between Vietnam and Korea.

Trading exchange and investment boosting

Before the 6th meeting of South Korea-Vietnam Joint Committee, Vietnam Chamber of Industry and Industry (VCCI) in collaboration with Korean Chamber of Commerce and Industry organized the first Korea-Vietnam Economic Forum on November 13th 2015 to discuss and promote cooperation opportunities for enterprises and investors of the two countries in the context of realizing Vietnam-Korea Free Trade Agreement (VKFTA).

In his speed at the forum, Deputy Minister Hoang Trung Hai said that the signed VKFTA would be the condition and great opportunity for the Korean enterprises to enable their shifting of manufacturing bases and restructuring of investment maps under the circumstance of globalization as well as make use of geographic advantage and abundant human sources of Vietnam. In addition, Korean enterprises should pay due attention to and take it into consideration their involvement into public-private partnership (PPP) investment in coming time.

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Deputy Minister Hoang Trung  Hai emphasized that Vietnam would welcome and create the most favourable conditions in conformity with the international integration commitment for Korean investors. Bilateral economic cooperation has been being strongly developed thanks to preferential and mutual supports of the two sides, Vietnamese Government wished Korean enterprises community would continue to consider and expand their investment in fields of agriculture, education, transportation infrastructure, energy, environment, health, processing industry, manufacturing with focus on supporting industries under the investment form of PPP and others in which Korea has advantages in line with the needs and development of Vietnam.

Identifying cooperation potentials among enterprises of the two countries, Mr, Vu Tien Loc, the Chairman of VCCI said that Korean enterprises have many experiences in sustainable development, especially the success of small and medium enterprises besides famous internationally accepted brands. That Vietnam and Korean established an economic and trade relation as key partnership will enable enterprises of each side to take advantages of streamlined policies to bring into full play their potentials for development; among those, investment attractions and business administration experiences in combination with technology transfer from Korea to Vietnam should be focused.

 

Top 10 export products to South Korea from Vietnam during the first 10 months of 2015

 Top_10_export_products_to_South_Korea_from_Vietnam_during_the_first_10_months_of_2015

Source: General Department of Vietnam Customs

A number of investors, corporations from South Korea such as Lotte, Huyndai, Samsung, etc. are enjoying successes in Vietnam. South Korea is an exemplary in enterprises promotion, business start-up and development of great enterprises community based on innovation. Experiences in development of Korea shared at the forum will help Vietnam develop its national strategies in the process of industrialization and enterprises promotion.

Representative from Korean side, Mr. Lee Dong Geun, the Vice Chairman of KCCI said that this forum would help enterprises of the two countries further strengthen their cooperation and investment in many fields of supporting industries, infrastructure and agriculture so as to further enhance the trade turnover of the two countries.

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At the forum, attendees also discussed and evaluated the current situation and recommended solutions for the strengthening of investment and trade relationship between Vietnam and Korea.

South Korea has been one of big trade partners of Vietnam in many past years. According to the statistics of the General Customs Department of Vietnam,  in the first nine months of 2015, bilateral trade turnover of Vietnam and Korea gains US$27.37 billion, increasing by 30.2% against the same period of 2014. Specifically, Vietnam’s export turnover to South Korea is approximately US$6.38 billion, rising by 22.8% and Vietnam’s import value from South Korea achieves US$20.98 billion, up by 32.6% in comparison with the same period of previous year. Thus, in the first 9 months of this year, Vietnam’s import deficit from South Korea is US$14.6 billion, 37.4% higher than that of the same period of last year.

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South Korea is a key consuming market of Vietnam’s staple products such as garments; phones and accessories; computers, electronic products and spare parts; seafood, woods and wooden products; machineries, equipment, and other tools and instruments, etc.

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With regards to investment cooperation, from the beginning to October 20th 2015, newly registered and additional investment capital to Vietnam from Korea is more than US$6 billion, accounting for 31.3% of total investment capital in Vietnam within the first 10 months of this year, according to the Department of Foreign Investment (Ministry of Planning and Investment). Among them, there are 587 newly granted projects with registered capital of nearly $2.06 billion and 257 extended projects with additionally increased capital of US$3.94 billion. With that figure, South Korea is the number 1 investor in Vietnam.

 

Source: Vietrade

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