Korean National Assembly Chairman Works with VCCI

On the occasion of the working visit to Vietnam from January 14 to 18, 2005, Korean National Assembly (NA) Chairman Kim Won Ki and nearly 30 Korean enterprises on January 14 worked with the Vietnam Chamber of Commerce and Industry (VCCI).

NA Chairman Kim Won Ki stressed that though the two countries set up their bilateral relation only 13 years ago, they have obtained many important economic progresses, partly contributed by the two business communities. Besides, Vietnam and Korea have also many cultural similarities that are important for the further economic development. The visit aims to speed up the relation between the two countries’ national assemblies, as well as open up trade and investment ties.

 

On behalf on VCCI, Dr. Vu Tien Loc, VCCI President, sent sincere thanks to goodwill of Chairman Kim Won Ki to VCCI as well as the Vietnamese business community. Mr. Loc said the appearance of a large number of Korean enterprises in the visit showed the great attention of Chairman Kim Won Ki to the two business communities. He also reported and revised activities of the Korea-Vietnam Economic Cooperation Committee in promoting the two countries’ trade and investment cooperation, and hoped Korea NA Chairman and the Korean Government to continue supporting Korean enterprises to invest in Vietnam.

 

At the meeting, more than 100 Vietnamese and Korean enterprises exchanged views and sought business opportunities in many fields such as railway, banking, construction, trade, services, tourism, and others.

 

There are currently around 700 Korean enterprises in Vietnam with 854 projects and total investment of more than US$1 billion. According to a recent survey conducted by the Korean Embassy to Vietnam and KOTRA, up to 95.2 per cent of Korean enterprises are pleased when investing in Vietnam and 62.8 per cent operate profitably with average revenue of US$5.68 million.

The trade value between Vietnam and Korea has sharply increased in recent years, reached US$4.1 billion in 2005 from US$3.9 billion in 2003.
P.V