Expanding Economic Ties with South Korea

Vinh City, Nghe An Province, host a four-day meeting with South Korean businesses from Nam Yang Ju City, Kyonggi Province from April 17 to 20, 2010.

The South Korean business delegation was led by Mr Kim Jun Thek, President of the Kyonggi Chamber of Commerce and Industry, South Korea. The guests were expecting to grasp investment opportunities in interested areas like industrial bleaching, equipment and appliances for households, hotels and restaurants, automotive equipment, processed foodstuffs, vegetables, hardware-stabilising system and construction designing.

This was the large-ever business meeting between Vinh City and Nam Yang Ju City. As many as 50 Vinh enterprises and 33 Nam Yang Ju firms gathered in a four-day business matching. Vinh City provided geographical data, historic and cultural relics, infrastructure, transport systems, shipping fee and labour costs to the guests.

The Vinh government was committed to providing most incentives for and requiring least obligations from South Korean investors when they do business in the city. Vinh is calling investment capital for its Lam Vien Nui Quyet resort, a 93-ha safe vegetable production project in the northwest of the city, a Vinh commercial centre, and small-sized industrial zones.

Nam Yang Ju enterprises expressed their surprise and impression at the outstanding development of Vinh in infrastructure, trading and service fronts, especially financial and credit systems. Mr Kim Jun Thek said: “We expect a more prosperous future of long term cooperation between the two cities.”

Initially, 12 companies joined hands with Vietnamese partners to distribute their products and six companies cooperated with the Vietnamese side to invest in electrical equipment production and distribution, construction material, cosmetics, handicraft goods, and restaurant and hotel equipment. Business associations of the two cities signed a memorandum of understanding with important contents for future cooperation.

From the business matching, a new big opportunity for Vinh businesses in particular and Nghe An businesses in general to attract South Korean investment. Mr Thek Kim Jun reaffirmed: “In my opinion, the result is better than expected. After this, our Chamber and the provincial government will actively create favourable conditions for our businesses to invest in Vietnam.”

VCCI

Tags: Vietnam South Korea cooperation