The event was held jointly by the Vietnam Trade Promotion Agency (VIETRADE), the Vietnamese Embassy to the ROK and the Korea Trade-Investment Promotion Agency (KOTRA).
In his opening speech, KOTRA Vice President Sun Seok-gi praised the dynamism of VIETRADE in supporting the two countries' businesses to take advantage of a free trade agreement (FTA) between the two sides that officially came into effect in 2015.
He expressed his confidence that via the event, participants could propose solutions to resolve difficulties and bottlenecks faced by both parties to further promote cooperation between Vietnam and the ROK in the field of trade and investment.
Vietnamese Ambassador to the ROK Nguyen Vu Tu said that the workshop is a meaningful event among other practical activities organised to celebrate the 25th anniversary of the establishment of bilateral diplomatic relations.
The diplomat pointed out that a large number of Korean corporations investing in Vietnam are creating opportunities for Korean mechanical and electronic enterprises to participate in the production value chain of above investors in Vietnam.
In addition, Vietnam's active participation in the FTA system in the region and around the world also provides Korean businesses investing in Vietnam greater opportunities to access regional and global markets.
VIETRADE Director Bui Huy Son said that to take full advantage of trade and investment cooperation potential, Vietnamese agencies have focused on intensifying cooperation in fields of strength and priority fields, especially mechanics and electronics.
He indicated that in 2014, the Vietnamese Prime Minister decided to make mechanics and electronics a priority field in the national industrial development strategy until 2025 with an extended vision to 2035. Most recently, the PM approved the continuation of the programme to develop the supporting industry until 2025, which includes the mechanical and electronic fields with practical support.
According to Tran Kim Oanh, Director of VIETRADE’s Industry and Trade Development and Investment Promotion Centre, since 2014, the RoK has been Vietnam’s biggest investor in both project number and capital. Of the total capital, 70% has been poured into the processing and manufacturing industry.
She highlighted Vietnam’s advantages, including the stable socio-economic situation, a young population, the major consumption market, and numerous export opportunities, as well as government and local incentives, so that Korean businesses investing in Vietnam are advantaged especially in areas they have strength in such as mechanics and electronics.
The workshop provided participants with updated information on the strengths, preferential policies, commitments and development orientations, especially in the field of mechanical engineering and electronics in localities throughout Vietnam, as well as the investment trends of Korean enterprises.
The seminar also saw exchanges between Korean investors and local representatives of Vietnam, helping Korean investors to learn more about the advantages and privileges that they will enjoy when doing business in Vietnam.
