Nghe An attends Vietnam-Korea Investment Connection Conference in Seoul

The conference was co-organized by the Vietnam Trade Promotion Agency, Ministry of Industry and Trade of Vietnam (Viettrade), in coordination with the Vietnamese Embassy in Korea and the Korea Trade-Investment Promotion Agency (Kotra).

Attending the conference were Mr. Nguyen Vu Tung - Ambassador Extraordinary and Plenipotentiary of Vietnam to Korea; Mr. Shawn Chang - General Director of Invest Korea, Kotra in Korea; Mr. Vu Ba Phu - Director of the Trade Promotion Agency of the Ministry of Industry and Trade of Vietnam, along with delegations from Nghe An, Ninh Thuan, Thai Binh, Vinh Phuc provinces and many Vietnamese and Korean enterprises.

Delegates attending the conference Photo: Phan Tu

Speaking at the opening of the conference, Ambassador Nguyen Vu Tung gave an overview of the Vietnam-Korea relationship. Looking back over the past 30 years, Vietnam and the Republic of Korea have built increasingly substantive bilateral and multilateral cooperation, moving towards building a more substantive partnership framework.

Identifying the economy as an important area of ​​cooperation, a pillar and driving force for development in the coming time. Vietnam and Korea can complement each other in the development process, with trade and investment constantly increasing in quantity and quality. Vietnam always values ​​investors from Korea. After the Covid-19 pandemic, this is an opportunity for businesses of both sides to expand investment and business cooperation.

Also at the conference, representing the Korean side, Mr. Shawn Chang - General Director of Invest Korea, Kotra spoke: Over the past 30 years, Vietnam has become a production base, a support facility for Korean enterprises, economic cooperation between the two countries has contributed to stabilizing economic security in the region, bilateral trade turnover increased 161 times, reaching 72.9 billion USD. Regarding FDI, 72.5% of Korean enterprises invested in the processing sector based on Vietnam's abundant labor resources, of which the electronics sector accounted for 24%.

After the Covid-19 pandemic, Vietnam-Korea investment and trade have flourished again, affirming that the two sides are always important and inseparable partners. Mr. Shawn Chang believes that the conference will be a bridge for the two sides to seek cooperation opportunities, grow together and develop sustainably.

Mr. Vu Ba Phu - Director of the Trade Promotion Agency, Ministry of Industry and Trade of Vietnam, spoke at the conference. Photo: Phan Tu

Assessing the investment and trade potential of Vietnam - Korea, Mr. Vu Ba Phu - Director of the Trade Promotion Agency of the Ministry of Industry and Trade of Vietnam said: Over the past 3 decades, the two "strategic partners" Vietnam - Korea have developed together and aimed for a higher goal to become "Comprehensive Strategic Partners" in diverse fields such as economy, trade, investment, culture, people with the set goal of achieving a total two-way trade turnover of 100 billion USD by 2023.

With the inherent advantages and strengths of Vietnam, it is believed that the relationship between Vietnam and Korea will develop even more strongly. In addition to the goal of reaching 100 billion USD in total trade turnover between the two countries in 2023, the two countries will also set many higher goals and especially in the field of investment, it will attract many large projects with high value-added and high-tech content from Korean investors, forming a global production and distribution value chain in Vietnam.

Comrade Bui Dinh Long speaks at the Investment Connection Conference in Seoul. Photo: Phan Tu

The conference also gave time for localities to present their potential and strengths in attracting investment, trade and tourism.

Representing Nghe An province, Mr. Bui Dinh Long - Vice Chairman of the Provincial People's Committee introduced to the delegates basic information about the province. With the advantage of Vietnam's strategic location in terms of security, politics, and culture; with appropriate preferential policies and investment support, Nghe An is assessed by long-term investors to have great potential in attracting foreign investment in the coming time.

In addition to natural and human factors, Nghe An has quality social infrastructure to ensure that people, businesses and investors can live long-term and stably in the locality: a system of large supermarkets and commercial centers, 3-5 star hotels, 18-hole international standard golf courses; a synchronous hospital network with modern equipment, fully meeting the medical examination and treatment needs of people and investors; major commercial banks of Vietnam have branches in Nghe An; synchronous economic zone and industrial park infrastructure with many of the highest investment incentives according to regulations of the Vietnamese Government.

Korean businesses seek investment opportunities in Vietnam. Photo: Phan Tu

On the basis of the good friendship between Vietnam and Korea and the results achieved in recent times, comrade Bui Dinh Long assessed that the conference is a useful forum for partners of both sides to meet, learn and exchange; a solid premise to promote the cooperation relationship between Vietnam - Korea in general, Nghe An - Korea in particular to develop more deeply and substantially.

The conference also listened to the opinions of Korean enterprises about Vietnam's investment environment such as: Are Korean enterprises allowed to invest in Vietnam? What are the tax incentives between industrial zones? Regarding labor force...

After the conference, industrial park infrastructure investment enterprises such as WHA, VSIP and Hoang Thinh Dat had the opportunity to meet Korean enterprises at the B2B trade session.