Korean businesses interested in Vietnamese market: Forum

The Vietnam – Korea Business Forum with the theme of “Cooperation for a sustainable future” was held virtually on July 8.

At the event

Co-organised by the Vietnam Chamber of Commerce and Industry (VCCI) and the Korea International Trade Association (KITA), the event focused its discussions on bilateral investment cooperation, especially in the fields of information technology, electricity, renewable energy, education and smart city development.

Speaking at the event, VCCI Vice Chairman Hoang Quang Phong said the Republic of Korea (RoK) is an important economic partner of Vietnam and has taken the lead in terms of foreign investment in the Southeast Asian country.

By the end of 2020, the RoK had had over 8,900 valid projects in Vietnam with combined registered capital of around 70.65 billion USD, ranking first among 139 countries and territories investing in the country. Last year, the RoK was also the third largest trade partner of Vietnam with a two-way trade of 66 billion USD. It was the fourth largest export market and the second biggest importer of Vietnam.

Despite COVID-19 the pandemic, the Vietnamese Government has created favourable conditions for foreign enterprises in the country and committed to institutionalise people’s travel while developing infrastructure and regional connectivity, Phong said.

In order to boost bilateral business ties, he suggested stepping up the application of digital technology and the development of telecommunication infrastructure, including mobile broadband infrastructure, and e-commerce.

In the field of energy, Vietnamese and Korean firms should enhance the sharing of information and promote Korean investment in power plants and renewable energy, he said.

Regarding education, he proposed further increasing the exchange of students, develop teaching methods using artificial intelligence and big data, especially in the training of foreign languages and workforce major in high technology.

Phong expressed his hope that the two governments and business communities will further enhance online business connectivity activities, helping to maintain and promote the global supply chains, technology transfer and assistance from the RoK in Vietnam's industries.

Commenting on bilateral trade and investment prospects, President of the Lee & Ko Global Commerce Institute and former Korean Trade Minister Taeho Bark said a number of Korean companies are paying special attention to the Vietnamese market.

Bark said the two countries should further tap the advantages of bilateral and multilateral free trade agreements in a bid to achieve the target of 100 billion USD in two-way trade by 2023.

At the same time, the RoK and Vietnam should develop the private sector and small and medium-sized enterprises (SMEs) by actively building e-commerce platforms in conformity with common trends and amid the pandemic at present, he said./.

VNA