The Ministry of Industry and Trade (MoIT) will make every endeavour to support Korean enterprises and attract high-quality investment from the Republic of Korea (RoK), Minister Tran Tuan Anh told a workshop hosted by the MoIT in Hanoi on November 26.

Minister of Industry and Trade Tran Tuan Anh delivers a speech at a workshop
between his ministry and Korean enterprises in Hanoi on November 26.

The workshop was an opportunity for the MoIT and Korean firms to chalk out ways to foster investment and strengthen the multifaceted relations between the two countries.

The MoIT has pioneered in providing assistance to entry of Korean experts into Vietnam amid challenges posed by the COVID-19 pandemic, he said, adding that so far, more than 10,000 Korean specialists have been sent to Vietnam this year to work for FDI projects. They are important to ensure the normal operation of the FDI businesses, including those of the RoK, in Vietnam, Anh said.

Vietnam has advantages and opportunities to create breakthroughs in the near future as the country has basically brought the pandemic under control and gained increasing confidence from not only the domestic business community but also foreign investors and partners, he noted.

The minister expected that Korean investors can take advantage of opportunities in Vietnam, soon recover production and boost growths in the coming time.

The Vietnamese government and the MoIT persist in supporting and facilitating domestic and foreign investors, particularly those from the RoK, to further expand investment and business in Vietnam, the minister said.

The MoIT is willing to listen to ideas and opinions from Korean investors and businesses and will work harder to improve the local business climate, he added.

Korean Ambassador to Vietnam Park Noh Wan highlighted Vietnam as an open economy which has developed steadily and become member of many free trade agreements. These are good factors for Korean firms to stay confident about their investment and business in the Southeast Asian country, he said.

As the COVID-19 pandemic is causing disruption to global supply chains, enterprises from both nations need to exchange frequently and coordinate closely to further boost trade and investment, the diplomat said.

Currently, the RoK is Vietnam’s third largest trade partner, after China and the US, with bilateral trade reaching nearly US$67 billion in 2019. It is also the fourth largest export market and second import market of Vietnam. The RoK mainly imports agricultural and aquatic products, processed food, textiles and garments, footwear, timber products, and electronic products from Vietnam.

The East Asian country is Vietnam’s biggest foreign investor with more than 9,000 FDI enterprises based in Vietnam and accumulative investment hitting about US$70.4 billion as of October 2020, accounting for 18.5% of Vietnam’s total FDI.