60 South Korean enterprises look for Vietnamese partners

March 21, 2018 | 12:51

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60 South Korean enterprises arrived to Vietnam to look for Vietnamese partners in the sectors of electronics, information technology, energy, and consumer goods at the Vietnam-Korea Business Partnership conference organised in Hanoi on March 22.

The event is organised by the Korea Trade-Investment Promotion Agency in Hanoi (Kotra Hanoi) with the aim to promote bilateral co-operation between the two countries in the investment and trading sectors.

Accordingly, enterprises between the two parties will find partners via business-to-business meetings and then they will sign memoranda of understanding (MoU) with each other.

In the framework of the event, along with B2B discussions, Kotra Hanoi will review the operation of the Centre to Apply the VKFTA after two years of being launched.

Established in February 2016, the centre provides help to companies from the two countries which operate in fields benefiting from preferential trade policies as stipulated in VKFTA, in order to facilitate trade between them.

The Vietnam-Korea Business Partnership conference is one of event chains organised on the occasion of South Korean President Moon Jae-in’s three-day official visit to Vietnam starting on March 22.

On the same day, the Vietnam Internet Association (VIA), in collaboration with the Korea National Information Technology Promotion Agency (NIPA), will organise Vietnam-Korea ICT 2018 in Hanoi.

The event is expected to attract dozens of well-known firms from Korea and open many strategic cooperation opportunities for the IT enterprises of the two countries, with some businesses signing Memoranda of Understanding (MoU) on business cooperation.

Besides, the event will feature topics such as 5G conditions, Korea's digital policy, and Vietnam’s roadmap for IT development.

Vietnam is currently South Korea's third largest trade partner and South Korea is Vietnam's second largest trade partner, with bilateral trade volume reaching nearly $61.6 billion last year.

On December 20, 2016, VKFTA came into effect. According to the agreement, Vietnam will eliminate tariffs on 89.9 per cent of goods—including plastic materials, apparel, footwear, leather, automobile components, engines, and machinery—imported from South Korea within 15 years.

Meanwhile, South Korea will remove tariffs on 95.4 per cent of commodities imported from Vietnam during the same period, such as shrimp, fish, fruits, garments and textiles, timber, and mechanical products.

By Kim Oanh

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