Liem noted that the RoK is the largest investor and among three biggest trade partners of Vietnam. The Vietnam-RoK free trade agreement, which goes along with tax exemption and reduction for RoK products, will create more opportunities for RoK products in the Vietnamese market, he said.
Vice Chairman of the Ho Chi Minh City People’s Committee Le Thanh Liem (L) shaking hands with Mayor of Daegu Kwon Young Jin at the business forum
At the same time, Vietnamese farm produce, seafood, garment and textiles have also enjoyed a good chance in the RoK, said Liem, adding that the target of USD 70 billion in two-way trade by 2020 is feasible.
Liem also pointed out that Ho Chi Minh City is hosting over 1,400 RoK-invested projects worth more than USD 4.6 billion.
Ho Chi Minh City and Daegu city signed a cooperation and friendship program in 2015, he said, adding that activities fostering business communities of both sides and promoting trade and investment ties have been conducted in both localities.
For his part, Mayor of Daegu Kwon Young Jin said that businesses from Daegu hope to expand operation in Ho Chi Minh City.
The RoK side will soon launch a direct air route linking the two cities, while banks and the Chamber of Commerce and Industry of Daegu will open their representative offices and branches in the city.
Meanwhile, Pham Thiet Hoa, Director of the Ho Chi Minh City Investment and Trade Promotion Center, introduced the investment environment in the city, highlighting that the city is the largest economic and financial hub of Vietnam and one of the most dynamic cities in the ASEAN.
He also underlined advantages of the city in transportation connectivity with other countries as well as tourism, calling for RoK firms, especially those from Daegu, to increase trade exchange with local enterprises. He also pledged to continue administrative reforms and create optimal conditions for businesses from the RoK as well as Daegu city.
Source: VNA