Vietnamese and Korean firms discuss business opportunities at the Viet Nam-South Korea Trade forum on October 3 in HCM City. — VNS Photo Bo Xuan Hiep
Viet Nam is seen as an increasingly attractive investment destination for many Korean businesses, Choi Gangsun, director of Korea-based Gyeonggi Technopark, said at the Viet Nam-South Korea Trade forum on October 3 in HCM City.
Korean investors are keen to invest in high technology and renewable energy due to the incentives that Viet Nam has offered to foreign investors, Gangsun said.
“The country is a potential market for foreign businesses, including Korean investors, because of the similarities in culture between the two countries,” he said.
In addition, Viet Nam’s demand for high-tech products is expected to increase over the years as young Korean businesses want to promote cooperation in the future, according to Gangsun.
Le Ngoc Anh Minh, executive chairman of the Pacific Group Viet Nam, said that direct trade promotion meetings between the Viet Nam's and South Korea's business community in recent years had brought very good results.
“Through information sharing, many businesses have found suitable partners and established relationships through long-term cooperation,” he said.
South Korea has strengths in technology and renewable energy, he said. The Pacific Group is currently negotiating with Korean partners about implementation of wind power projects in Viet Nam.
At the meeting, Korean businesses also introduced consumer products such as surveillance equipment, travel, fashion, healthcare and beauty products, among others.
In a recent interview with Viet Nam News, Eunyoung Jung, CEO of HSBC South Korea, said that Viet Nam has a thriving economy and is one of the most attractive investment destinations for Korean investors.
Investors from South Korea no longer see Viet Nam as their manufacturing base, but instead as one of their markets with the most potential, he said.
Among new emerging markets, Viet Nam’s economy is known for political stability, a skilled labour force, competitive wages and good policies, as well as strong economic growth.
Viet Nam also has the benefit of having a ready supply chain in industries such as electricity, and textiles and garments.
The Korean investment wave is expected to continue in Viet Nam, especially in the fields of IT, renewable energy, retail, finance, real estate and infrastructure, among others.
Last year, South Korea's investment in Viet Nam recorded significant growth of 60.3 per cent over 2017, with the total amount reaching US$3.16 billion.
The B2B (business to business) event was organised by Gyeonggi Technopark, which is home to more than 80 knowledge-based hi-tech enterprises and research institutes. — VNS