More RoK businesses jump into Viet Nam
Viet Nam is home to a stable political environment, abundant natural resources, a young and skilled labour force and increasingly so a favourable investment environment that is proving to be a boon for investors, according to a RoK official.
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The Minister of Industry, Commerce and Energy of the Republic of Korea (RoK), Kim Young-ju, made the comment at the first session of the Viet Nam-RoK joint working group and the 9th session of the Viet Nam-RoK joint economic committee in Ha Noi, on July 2.
He said his delegation to Viet Nam includes representatives from 120 leading RoK businesses operating mainly in information technology, telecommunications, energy, construction, finance, real estate and services that is expected to spark a new investment wave from the RoK into Viet Nam.
Addressing the sessions, Minister of Industry Hoang Trung Hai stressed that the RoK leading firms such as Posco, Daewoo, Dosan, Huyndai and Samsung are all successfully operating inside Asia's second fastest growing economy.
High on the agenda of the working group are discussions relating to investment and commerce, Official Development Assistance (ODA) policies, agriculture and services, infrastructure development, information technology, industry and national defence.
At the sessions, officials and businesses from the two countries also worked out measures to deal with difficulties that remain in business cooperation and investment.
RoK is one of the most important partners of Viet Nam in terms of investment and trade. Two-way trade turnover between the two countries reached four billion USD in 2006. RoK has 1,458 valid projects on the books in Viet Nam with a total registered capital of more than 9.3 billion USD, ranking first among 78 countries and territories that are currently investing in the country.
In the first-half of 2007, Viet Nam drew 166 projects from RoK businesses, worth over 733 million USD.
The events were jointly hosted by the Viet Nam Chamber of Commerce and Industry (VCCI), the Ministry of Planning and Investment, the RoK Ministry of Industry, Commerce and Energy and the RoK Chamber of Commerce and Industry.(VNA)
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