MoIT pledges to do its best to support Korean firms: Minister

Monday, Nov 30, 2020 09:03

Parts are made at South Korea-invested firm Samsung Electronics Viet Nam's facility in Thai Nguyen Province's Yen Binh Industrial Park. — VNA/VNS Photo Anh Tuan

The Ministry of Industry and Trade (MoIT) will make every endeavour to support Korean enterprises and attract high-quality investment from South Korea, Minister Tran Tuan Anh told a workshop hosted by the MoIT in Ha Noi last week.

The workshop was an opportunity for the MoIT and Korean firms to chalk out ways to foster investment and strengthen the multifaceted relations between the two countries.

The MoIT has pioneered in providing assistance to the entry of Korean experts into Viet Nam amid challenges posed by the COVID-19 pandemic, he said, adding that so far, more than 10,000 Korean specialists have been sent to Viet Nam this year to work for FDI projects. They are important to ensure the normal operation of the FDI businesses, including those of South Korea, in Viet Nam, Anh said.

Viet Nam has advantages and opportunities to create breakthroughs in the near future as the country has basically brought the pandemic under control and gained increasing confidence from not only the domestic business community but also foreign investors and partners, he noted.

The minister expected that Korean investors can take advantage of opportunities in Viet Nam, soon recover production and boost growth.

The Vietnamese government and the MoIT persist in supporting and facilitating domestic and foreign investors, particularly those from South Korea, to further expand investment and business in Viet Nam, the minister said.

The MoIT is willing to listen to ideas and opinions from Korean investors and businesses and will work harder to improve the local business climate, he added.

Speaking at the event, Korean Ambassador to Viet Nam Park Noh Wan highlighted Viet Nam as an open economy which has developed steadily and become a member of many free trade agreements. These are good factors for Korean firms to stay confident about their investment and business in the country, he said.

As the COVID-19 pandemic is causing disruption to global supply chains, enterprises from both nations need to exchange frequently and coordinate closely to further boost trade and investment, the diplomat said.

Currently, South Korea is Viet Nam’s third largest trade partner, after China and the US, with bilateral trade reaching nearly US$67 billion in 2019. It is also the fourth largest export market and second import market of Viet Nam. South Korea mainly imports agricultural and aquatic products, processed food, textiles and garments, footwear, timber products, and electronic products from Viet Nam.

The East Asian country is Viet Nam’s biggest foreign investor with more than 9,000 FDI enterprises based in Viet Nam and accumulative investment hitting about $70.4 billion as of October 2020, accounting for 18.5 per cent of Viet Nam’s total FDI. — VNS

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