S.Korean Firms Invest $2.33B in Vietnam in Jan-May
South Korean companies invested $2.33 billion in Vietnam in the first five months of this year, standing the 2nd among foreign investors in the country in the period, the Foreign Investment Agency under the Ministry of Planning and Investment (MPI) said.
Of the sum, $2.21 billion came from 99 new projects and the rest were added funds for 22 existing projects, according to the MPI’s figures.
Vietnam is a among top investment choice for the South Korean enterprises in all short, medium and long terms, Korea Trade-Investment Promotion Agency (KOTRA) said at a recent meeting in Seoul.
South Korean companies will boost investments in Vietnam this year, KOTRA added, noting that they will focus on projects in garment and textiles, shoes, IT and labor training in the nation.
As of late April, South Korean companies invested $22.4 billion in 2,495 projects in Vietnam, ranking the first among foreign countries and territories making direct investment in the Southeast Asian country.
Vietnam is now the biggest among 45 recipients of loans from South Korean Economic Development Cooperation Fund (EDCF). By the end of 2009, Vietnam has carried out 30 South Korean-funded projects worth $985 million. (VoV)
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