Vietnam, Korea talk about trade

September 09, 2013 | 18:00

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At a dialogue between Vietnam and South Korea on September 8 in Hanoi, the two sides reinforced their plans to continue their investment relationship.

Deputy Prime Minister Hoang Trung Hai stressed the importance of Vietnam inviting trans-national groups to invest in large-scale projects in hi-tech and infrastructure, to pave the way for a more efficient economy.

South Korea now has 3,392 FDI projects in Vietnam registered at $25.7 billion, making it the fourth biggest foreign investor in the country.

Bilateral trade volume between the two nations jumped from $500 million in 1992 to $20 billion in 2012. Vietnam and South Korea have started FTA negotiations and in recent years Korea has proven to be an excellent trade ally for Vietnam.

However, Minister of Planning and Investment Bui Quang Vinh saw the results going below the two sides’ potentials and advantages.

Vinh explained this relationship as more than just trade, “Vietnam appreciates and welcomes Korean businesses that can share their skills and expertise, we want them to be a part of our restructuring process.”

“We need to continue to improve our communication and coordination on trade and investment policies, to support both sides’ long-term goals,” Vinh highlighted.

Korean Minister of Industry, Trade, and Energy also emphasised the burgeoning partnership and the value of exchanges and sharing.

“In economic cooperation, people are the most important. If they are able to meet, share, and understand, then businesses are sure to hit their marks,” he added

The high-ranking dialogue was attended by government officials and businesspeople from both sides, and was supported by the Vietnam Chamber of Commerce (VCCI) and the Korean Chamber of Commerce and Industry (KCCI).

By By Dong Hoa

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