The conference was held by Korea Trade-Investment Promotion Agency (Kotra) and Vietnam Trade Promotion Agency (Vietrade), in coordination with the Vietnamese Embassy in the Republic of Korea (RoK).
Photo for illustration: baovinhphuc.vn
Its aim was to promote cooperation between the two countries in the electronic and mechanical industries and to introduce the investment advantages for RoK companies in Vietnam.
Sun Seok-gi, Deputy Chairman of Kotra, praised Vietnam for supporting firms in taking opportunities offered by the bilateral trade agreement which came into force at the end of 2015. He said that the conference provided an opportunity for participants to address difficulties encountered by firms and suggest measures to promote cooperation.
Vietnamese Ambassador to the RoK Nguyen Vu Tu said the Government of Vietnam has placed electronic component manufacturing at the focus of its industrial development, adding that RoK firms would be eligible for incentives when investing in this sector.
Vietnam’s rapid international integration and active participation in a growing number of free trade agreements would also benefit RoK firms investing in Vietnam to penetrate and expand regional and global markets, he said.
Deputy Director of Vietrade Bui Huy Son said that to promote trade and investment, the two sides need to focus on their relative advantages. For example, Son said the Vietnamese Government recently issued a support program for parts-supplying industry development.
The RoK has been a top foreign investor in Vietnam since 2014, with 70 percent of its investments going into manufacturing and processing.
According to Tran Kim Oanh from Vietrade, Vietnam had a number of advantages for RoK investors, such as social and macro-economic stability, a young population, big consumption market, advantages in exports, and attractive investment incentives.
Source: VNA