Production at Youngbag Vietnam, a RoK-invested firm at Binh Xuyen industrial park in Vinh Phuc province (Photo: VNA)

Addressing the event, RoK MSS Minister Oh Young-joo, who used to be a RoK Ambassador to Vietnam, said that Vietnam is the third largest export market of his country, generating 9.4% of the total export revenue of the country’s SMEs.

Vietnamese Ambassador to the RoK Vu Ho said that Vietnam and the RoK are entering a new period in their cooperation on the foundation of bilateral comprehensive strategic partnership set up in 2022.

Vietnam is not only the RoK’s largest economic partner among the ASEAN member countries but also one of the RoK’s three largest partners in the world in terms of trade and investment, he noted. Leaders of the two countries set a goal for 100 billion USD of two-way trade in the near future and 150 billion USD in 2030, said the ambassador, adding that the two countries are promoting collaboration in the fields of green, digital economy, new energy, supply chain, economic security, food security, and defence industry both bilaterally and multilaterally.

Shim Jae-yoon from the RoK Consulate General in Ho Chi Minh City briefed RoK firms on the Vietnamese market, highlighting that Vietnam is a promising land worth investment.

Currently, there are a large number of RoK companies investing in Vietnam, Shim said, adding that hiss office is carrying out various activities to support RoK firms, including a K-startup global connection programme. A council for supporting RoK’s SMEs will be organised in HCM City in the future, he revealed.

Kim Kyung-don from the Trade-Investment Promotion Agency (KOTRA) in Hanoi said that since the country opened the door for foreign investors 37 years ago, Vietnam has made considerable progress in the investment system in many areas. Recently, the Vietnamese Government provided incentives to lure investment in advantageous areas, Kim noted.

Participating businesses received consultations on the Vietnamese market and the economic trend as well as legal regulations of Vietnam regarding investment, finance, accounting, and import-export.

A number of Vietnamese firms including Viglacere and Sonadezi joined the event and organised booths to introduce industrial clusters of Vietnam and support to foreign investors in industrial parks in Vietnam./.