The Songdo Covensia Convention Centre in Incheon where the first Overseas Vietnamese Economic Forum will take place. — Photo thuonghieuvaphapluat.vn

The first Overseas Vietnamese Economic Forum (OVECOF) will take place at the Songdo Covensia Convention Centre in Incheon, South Korea from June 6-9.

Organised by the Business Association of Overseas Vietnamese and the Vietnamese Business Association in South Korea (VIBAK), the event is expected to attract 300 Vietnamese business people and hundreds of South Korean partners.

The event will include exhibitions and other activities designed to promote trade, exchange and technology transfer, and build a network between domestic and overseas Vietnamese enterprises and South Korean firms, said VIBAK President Tran Hai Linh.

The forum will also introduce projects and connect potential investors with domestic enterprises as well as create an opportunity for enhancing exchanges with top professionals and corporations from South Korea, Linh said.

Enterprises operating in the fields of agriculture, tourism, service, high tech, import-export and finance will join trade promotion activities and economic seminars.

Two-way trade between the nations has skyrocketed from a modest US$500 million in 1992 to $60 billion in 2017 and approximately $63 billion in the last 11 months of 2018.

Viet Nam and South Korea aim to boost bilateral trade turnover to $100 billion by 2020.

South Korea is now the biggest foreign investor in Viet Nam with total direct investment reaching $64.3 billion as of April 2019, accounting for 18.4 per cent of the nation’s total foreign direct investment. — VNS