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MoIT pledges to do its best to support Korean firms: Minister

Update: November, 30/2020 - 09:03

 

Parts are made at South Korea-invested firm Samsung Electronics Việt Nam's facility in Thái Nguyên Province's Yên Bình Industrial Park. — VNA/VNS Photo Anh Tuấn

HÀ NỘI — The Ministry of Industry and Trade (MoIT) will make every endeavour to support Korean enterprises and attract high-quality investment from South Korea, Minister Trần Tuấn Anh told a workshop hosted by the MoIT in Hà Nội last week.

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

Việt Nam 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 Việt Nam, soon recover production and boost growth.

The Vietnamese government and the MoIT persist in supporting and facilitating domestic and foreign investors, particularly those from South Korea, to further expand investment and business in Việt Nam, 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.

Speaking at the event, Korean Ambassador to Việt Nam Park Noh Wan highlighted Việt Nam as an open economy which has developed steadily and become a member of many free trade agreements. These are good factors for Korean firms to stay confident about their investment and business in the 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, South Korea is Việt Nam’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 Việt Nam. South Korea mainly imports agricultural and aquatic products, processed food, textiles and garments, footwear, timber products, and electronic products from Việt Nam.

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

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