RoK boosts local trade, investment with Vietnam

October 05, 2011 | 09:15

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Ho Chi Minh City and Busan city of the Republic of Korea (RoK) have agreed to cooperate in information exchange and technical development as well as in boosting investment and trade.

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The agreement to this effect was signed on October 4 during a visit by a Busan delegation which includes representatives from 31 businesses operating in footwear, mechanical engineering, steel production and high technology.

The cooperation between HCM City and Busan will help foster the regional investment and trade ties between Vietnam and the RoK, and create favourable conditions for the two sides’ businesses to connect, said Oh Kyung Tae, Chairman of the Busan-based Sasang Trade Development Committee, one of the 16 largest trade organisations in the RoK.

So far this year, two-way trade between Vietnam and the RoK has reached $10.2 billion. The figure is expected to increase to $16 billion this year and $20 billion in 2015.

At present, RoK investors are operating in almost all sectors in Vietnam, ranging from infrastructure, telecommunications, heavy industry and real estate to auto production, shipbuilding and hotels and restaurants.

VIR/VNA

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