KITA opens representative office in HCM City

The Korea International Trade Association (KITA) inaugurated its representative office at Diamond Plaza building, HCM City on September 7, with the aim of promoting Korea-Vietnam economic cooperation.

The representative office will provide information and devise measures to help Korean businesses remove obstacles in their international operations and expand Korea’s trade ties with the countries in the Greater Mekong Subregion.

Addressing the inauguration, KITA Chairman SaKong II highlighted Vietnam’s economic potential, adding that the high economic growth rate recorded over the past five years will give fresh impetus to developing the national economy.

Two-way trade between Vietnam and Korea increased from US$500 million in 1992 to US$13 billion in 2010 and is expected to hit US$15 billion this year.

The Republic of Korea is currently the biggest investor in Vietnam with a total investment capital of US$23 billion.

On the occasion, the KITA and the Trade Promotion Department known as VIETRADE under the Ministry of Industry and Trade co-organised a seminar on future economic development between Vietnam and Korea.

The seminar reviewed the two countries’ trade cooperation over the past few years and set orientations for boosting economic development of the two nations in the near future.

Tags: KITA