Mobile phones are produced at a Samsung Viet Nam factory in the northern province of Bac Ninh.— File Photo

HA NOI (Biz Hub) — Businesses from Viet Nam and the Republic of Korea (RoK) were brought together at a conference in Hanoi on September 30 to seek ways to develop bilateral economic cooperation in the future.

Speaking at the event, Deputy Minister of Planning and Investment Dao Quang Thu said the Vietnamese Government highly values the experience and economic assistance from partner countries, especially the RoK.

He said Viet Nam hopes that more RoK businesses will invest in the country in the time ahead, especially in the processing and manufacturing industries, infrastructure, energy and services.

Highlighting the similarities shared by the two countries in economic development, as well as cultural and spiritual life, RoK Ambassador to Viet Nam Jun Dae-joo said that his country will always support Vietnam and remain a key partner to the country.

The RoK has nearly 3,400 foreign direct investment (FDI) projects in Viet Nam with registered capital totalling $25.7 billion, ranking fourth among 100 nations and territories investing in the country.

It is also Viet Nam's second largest official development assistance (ODA) sponsor, committing preferential loans worth around $1.2 billion for the country in the 2012-2015 period.

Bilateral trade between the two nations rose to $20 billion in 2012 from $0.5 billion 20 years ago.

Both sides started Foreign Trade Agreement (FTA) negotiations with the aim of developing their trade ties and balancing two-way import-export. — VNS