Minister: South Korean Firms Eyeing to Invest in Vietnams Ports, IPs
South Korean Minister of Transport Chung Jong Hwan has just proposed the government of Vietnam to create investment opportunities for South Korean companies to invest into development projects in Hanoi straddling banks of Red River, the northern port city of Haiphong and industrial parks.
Minister Chung Jong Hwan is greatly impressed by Vietnam’s development tempo, and said that Vietnam has a good investment climate. Similarity of culture between Vietnam and South Korea is a plus, he said during the meeting with Prime Minister Nguyen.
During the meeting with Mr Chung, Prime Minister Nguyen pledged to expand multi-lateral cooperation with South Korea, particularly in economics, trade, investment and tourism.
Vietnam will create favorable conditions for investors of the foreign country to invest in transportation infrastructure and real estate fields, Mr Nguyen emphasized.
South Korea is rated the first among 81 countries and territories investing in Vietnam with 2,022 projects valued at US$15.1 billion.
Vietnam now is among South Korea’s 10 biggest importers with US$4.5 billion of goods shipped to the Asean country between Jan and Jun, up 78 per cent on year. The bilateral trade between Vietnam and South Korea is forecast to surpass US$10 billion this year.
The Korea Trade Investment Promotion Agency (Kotra) has sent a delegation to do a survey on merger and acquisition (M&A) activities in Vietnam Aug 26-29.
Vietnamese Minister of Planning and Investment Vo Hong Phuc and S.Korean Extraordinary and Plenipotentiary Ambassador to Vietnam Im Hong-jae have recently signed a framework agreement, under which South Korea will provide Vietnam with US$1 billion of soft loans to develop infrastructure systems from now to 2011. (VNA)
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