A quarter-century of diplomatic relations between Vietnam and the Republic of Korea has yielded impressive progress, especially in investment and trade, said Kim Jaehong, Chairman of the Korea Trade-Investment Promotion Agency (KOTRA) at the Vietnam-Korea Business Partnership Forum held on November 10 in Hanoi.
“Bilateral trade in the first three quarters of this year reached 47.2 billion USD and we expect that the figure for the whole year will exceed 50 billion USD, increasing by 100 times from 0.5 billion USD in 1992,” Jaehong said.
Investment by Korean firms in Vietnam has also increased significantly, rising to 55.8 billion USD as of September, making it the largest foreign investor in Vietnam, he added.
On the occasion of the APEC 2017 Summit held in Da Nang and on the occasion of the 25th anniversary of diplomatic ties between Vietnam and the Republic of Korea, the Korean Ministry of Trade, Industry and Energy (MOTIE) and the Korea Trade-Investment Promotion Agency (KOTRA) co-organised the Vietnam-Korea Business Partnership Forum, hoping the event would create opportunities for businesses of the two countries to co-operate in trade, technology, supporting industries, mergers and acquisitions (M&A), intellectual property rights and social responsibility, he said.
Jaehong also said there were many Korean businesses interested in M&A deals in Vietnam. He hopes that the two countries can co-operate well in M&A activities, through which the two sides can collaborate in technology transfer and joint venture investment.
“I also expect the two sides can co-operate in services and education,” Jaehong added. “I believe that the co-operation between the RoK and Vietnam in all fields will significantly contribute to the development of the two countries.”
The forum comprised a series of events, including one-on-one business meetings between Vietnam and Korean enterprises, gathering 100 Vietnamese companies and 17 Korean firms operating in the fields of information technology, electrical machinery, components automation, chemicals, construction equipment and industrial materials.
The forum also featured an Infrastructure Technology Road-show, helping Vietnamese and Korean companies discuss technology transfer and technical co-operation in the field of transport infrastructure building technology.
In addition, the Vietnam-Korea M&A Seminar held within the framework of the event brought together private investment professionals from Korea, private equity fund managers and cross-border M&A advisory firms.
The seminar is designed to give participants the opportunity to learn about private investment opportunities in Vietnam and investment demand and strategies of Korean investors, to meet with Vietnam investees and Korean investors and make connections with industry professionals.
Source: VNA