VN-Korea business forum aims to boost trade, investment

Saturday, Nov 11, 2017 09:01

An earphone production line at the South Korean-invested Glonics Viet Nam Company in Thai Nguyen Province. – VNA/VNS Photo Hoang Nguyen

A quarter-century of diplomatic relations between Viet Nam and South Korea has yielded impressive progress, especially in investment and trade, said Kim Jaehong, Chairman of the Korea Trade-Investment Promotion Agency (KOTRA) at the Viet Nam-Korea Business Partnership Forum held on Friday in Ha Noi.

“Bilateral trade in the first three quarters of this year reached US$47.2 billion and we expect that the figure for the whole year will exceed $50 billion, increasing by 100 times from US$0.5 billion in 1992,” Jaehong said.

Investment by Korean firms in Viet Nam has also increased significantly, rising to $55.8 billion as of September, making it the largest foreign investor in Viet Nam, he added.

On the occasion of the APEC 2017 Summit held in Da Nang and on the occasion of the 25th anniversary of diplomatic ties between Viet Nam and Korea, the Korean Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) co-organised the Viet Nam-Korea Business Partnership Forum, hoping the event would create opportunities for businesses of the two countries to co-operate in trade, technology, supporting industries, mergers and acquisitions (M&A), intellectual property rights and social responsibility, he said.

Jaehong also said there were many Korean businesses interested in M&A deals in Viet Nam. He hopes that the two countries can co-operate well in M&A activities, through which the two sides can collaborate in technology transfer and joint venture investment.

“I also expect the two sides can co-operate in services and education,” Jaehong added. “I believe that the co-operation between Korea and Viet Nam in all fields will significantly contribute to the development of the two countries.”

Yesterday’s forum comprised a series of events, including one-on-one business meetings between Viet Nam-Korea enterprises, gathering 100 Vietnamese companies and 17 Korean firms operating in the fields of information technology, electrical machinery, components automation, chemicals, construction equipment and industrial materials.

The forum also featured an Infrastructure Technology Road-show, helping Vietnamese and Korean companies discuss technology transfer and technical co-operation in the field of transport infrastructure building technology.

In addition, the Viet Nam-Korea M&A Seminar held within the framework of the event brought together private investment professionals from Korea, private equity fund managers and cross-border M&A advisory firms.

The seminar is designed to give participants the opportunity to learn about private investment opportunities in Viet Nam and investment demand and strategies of Korean investors, to meet with Viet Nam investees and Korean investors and make connections with industry professionals.

Yesterday’s event also included the Viet Nam-Korea economic cooperation forum, introducing prospects for economic co-operation between Viet Nam and Korea and the application of the Viet Nam-Korea Free Trade Agreement. — VNS

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