Vietnamese, South Korean Businesses Enhance Cooperation

The Vietnam Chamber of Commerce and Industry (VCCI) recently held a meeting for 13 South Korean firms and Vietnamese companies in Hanoi. The South Korean guests mainly operate in the areas of electronics, automation equipment, IT and telecommunication. This was a chance for businesses to exchange experiences and enhance trade and investment cooperation.

 

Addressing the meeting, Head of the VCCI's International Relations Department Pham Quang Thinh, said Vietnam and South Korea had a long-term relationship. South Korea is Vietnam’s fifth largest trade partner. Bilateral trade grows 5.4-28 percent annually. South Korea is among the biggest foreign investors in Vietnam.

 

As of late September this year, South Korea had 2,284 projects worth US$22.4 billion in Vietnam, ranking the first and the second in terms of project number and capital value among countries and territories investing in Vietnam. South Korean investment in Vietnam mostly focuses on fields of telecom, real estate, auto manufacturing, shipbuilding, restaurants, urban areas, infrastructure and retail sales. Names such as Samsung, Huyndai, Deawoo, LG, Kumho Asiana, GS and Lotteria have become popular for Vietnamese people.