Vietnam hopes to attract more capital from South Korea

November 8, 2023

HÀ NỘI — Policies and orientations on attracting foreign investment, especially from South Korean businesses, was spotlighted at a conference in the capital city on Tuesday.

Hosted by Việt Nam News, the forum lured the participation of more than 30 Vietnamese and South Korean companies.

General director of Vietnam News Agency Vũ Việt Trang said Việt Nam is not only South Korea’s biggest trade partner in ASEAN but also in its New Southern Policy.

Currently, many South Korean enterprises are making effective investments in the country.

The latest data from the Ministry of Planning and Investment (MPI) shows that the accumulated registered FDI capital from South Korea from 1988 to September 2022 reached more than US$80.5 billion with more than 9,400 operating projects.

In the first nine months of 2022, South Korea ranked second among 97 countries and territories investing in Việt Nam with 290 projects, worth over $3.8 billion.

In his speech at the event, Đỗ Nhất Hoàng, Director of the Foreign Investment Agency under the MPI, praised the effective contributions of South Korean enterprises to the socio-economic development of Việt Nam. Particularly, the country has seen a shift in capital flows from South Korean investors in basic manufacturing to high-tech industries, energy, banking, financial and high quality services, and M&A.

Hoàng said he believed that South Korea maintains its position as Việt Nam’s leading source of foreign investment. “In the next one to two years, the two countries can fully realise the “Dual Goals”, which aims at the milestone of US$100 billion in bilateral trade turnover and total accumulated investment,” said Hoàng.

Bae Yong Geun, vice president of the Korean Chamber of Business in Việt Nam (KOCHAM), said that Việt Nam, the epicentre of the South Korean wave in Southeast Asia, is an important destination, and the countries have experienced the strongest cooperation in the world.

“South Korea is still Việt Nam’s largest investor,” said Bae, adding that more than 9,000 South Korean companies are participating in various sectors, such as manufacturing, energy, culture, education and tourism.

At the event, Yoon Chang Woo, General Director of POSCO Việt Nam, an enterprise with more than 30 years of investment in Việt Nam, said that thanks to the support from the Government, the company was able to overcome difficulties during the COVID-19 pandemic.

Yoon suggested that southern provinces need to develop human resources and essential infrastructure. More South Korean enterprises wish to invest in these provinces, but barriers in human resources and infrastructures might make them hesitate.

For his part, Koen Soenens, General Sales and Marketing Director of DEEP C Industrial Zones, said DEEP C will continue to expand new industrial parks to welcome more large investors, and these new industrial parks will ensure sustainability standards like the current five parks.

Entering Việt Nam since 1997, DEEP C has been operating in the field of industrial park complex development. It is striving to a greener standard to be different, providing a sustainable and reliable investment location for customers is the goal of DEEP C.

Source: VietnamNews

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