Strengthening trade promotion between Nghe An - Korea

(Baonghean.vn) - On the morning of July 18, in Vinh City, the Provincial People's Committee, the Department of Industry and Trade in coordination with the Vietnam Chamber of Commerce and Industry (VCCI) organized the Workshop "Nghe An - Korea Trade Promotion Forum".

Attending the event were Mr. Le Hai An - Deputy Director of Asia-Pacific Department, Ministry of Industry and Trade; Mr. Doan Duy Khuong, Vice President of Vietnam Chamber of Commerce and Industry (VCCI), leaders of several departments, branches and more than 150 Vietnamese and Korean enterprises...

Overview of the workshop

Korea is a developed economy, ranked 3rd in Asia and 15th in the world in terms of GDP (1,130 billion USD/year 2012). Along with Japan, Korea is the leading investor in Vietnam with a total new and increased investment capital of 765.6 million USD, accounting for 22.9% of the total investment capital in Vietnam. According to statistics from the Ministry of Industry and Trade, in 2013, two-way trade turnover reached 27.3 billion USD, an increase of 29.4% compared to 2012. Of which, Vietnam's exports to Korea reached 6.6 billion USD, an increase of 18.8%; imports reached 20.7 billion USD, an increase of 33.2%; trade deficit was 14.1 billion USD, an increase of 41.3% compared to the previous year.

In Nghe An, Korea is currently the 3rd largest import market out of 49 countries and regions in the world of the province (after China and Laos). In 2012, exports to this market accounted for 6.1% of the total export turnover of the province; in 2013, it was 4.2%; in the first 6 months of 2014, it accounted for 7.5% of the total export turnover of the province. The main products exported to the Korean market are textiles, white limestone and construction stones, tapioca starch... And Nghe An is also one of the localities attracting investment from many Korean enterprises, currently having 12 investment projects with a total registered capital of more than 60 million USD, including 11 foreign direct investment (FDI) projects in various industries such as manufacturing electronic components, telecommunications equipment, food production, and entertainment projects.

These projects have contributed significantly to the export turnover to the Korean market. Many Korean investors, after being successful in Nghe An, have also consulted and invited more Korean enterprises to invest in Nghe An and other provinces and cities across the country. Currently, the province is also calling for Korean investors to invest in the Quynh Lap II Thermal Power Plant in the Hoang Mai - Dong Hoi Economic Zone; the project has an investment capital of 4 billion USD, with 100% of the investor's capital, to be completed and put into use in 2015.

The Nghe An - Korea Trade Promotion Forum has created a good opportunity for businesses in the province to update information on product output; enhance service development, improve access to the Korean market; and increase product consumption. Especially key products of Nghe An such as processed wood products, seafood, cassava starch, tea and other agricultural products. The workshop is also an opportunity for Korean businesses to learn and grasp information about the investment environment in Nghe An.

Ngoc Anh