RoK pushes investment and trade with Vietnam

The Busan-based Sasang Trade Development Committee from Busan in the Republic of Korea (RoK) and the Investment & Trade Promotion Centre of Ho Chi Minh City on October 4 signed a cooperation agreement on exchanging information, developing technology, and boosting investment and trade between HCM City and Busan.

Oh Kyung Tae, Chairman of the Sasang Trade Development Committee, praised Vietnam’s rapid economic development and the significant growth of HCM City in recent years.

Cooperation between HCM City and Busan will help promote investment and trade between Vietnam and the RoK, creating favourable conditions for businesses from both cities to learn about the markets and seek partners, he said.

The Korean delegation, including 31 businesses in the fields of footwear, mechanics, equipment, spare parts, iron and steel manufacturing and high-technology showed their concerns on issues related to HCM City’s investment incentives such as administrative procedure, business license, corporate income tax, as well as management models in industrial and export processing zones.

So far this year, Vietnam-RoK bilateral trade turnover has reached about US$10.2 billion. The two sides are striving to achieve a goal of US$16 billion by the end of 2011 and US$20 billion by 2015.

RoK businesses have invested in infrastructure, telecommunications, mechanics, real estate, automobile manufacturing, shipbuilding, hotels and restaurants in Vietnam. – VOV

Tags: Vietnam ROK cooperation

Posted by VBN on Oct 5 2011. Filed under Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry