Co-organised by the Vietnam Chamber of Commerce and Industry (VCCI) and the Korea International Trade Association (KITA), the event focused its discussions on bilateral investment cooperation, especially in the fields of information technology, electricity, renewable energy, education and smart city development.

At the event.

Speaking at the event, VCCI Vice Chairman Hoang Quang Phong said the Republic of Korea (ROK) is an important economic partner of Vietnam and has taken the lead in terms of foreign investment in the Southeast Asian country.

By the end of 2020, the ROK had had over 8,900 valid projects in Vietnam with combined registered capital of around US$70.65 billion, ranking first among 139 countries and territories investing in the country. Last year, the ROK was also the third largest trade partner of Vietnam with a two-way trade of US$66 billion. It was the fourth largest export market and the second biggest importer of Vietnam.

Despite Covid-19 the pandemic, the Vietnamese Government has created favourable conditions for foreign enterprises in the country and committed to institutionalise people’s travel while developing infrastructure and regional connectivity, Phong said.

In order to boost bilateral business ties, he suggested stepping up the application of digital technology and the development of telecommunication infrastructure, including mobile broadband infrastructure, and e-commerce.

In the field of energy, Vietnamese and Korean firms should enhance the sharing of information and promote Korean investment in power plants and renewable energy, he said.

Regarding education, he proposed further increasing the exchange of students, develop teaching methods using artificial intelligence and big data, especially in the training of foreign languages and workforce major in high technology.

Phong expressed his hope that the two governments and business communities will further enhance online business connectivity activities, helping to maintain and promote the global supply chains, technology transfer and assistance from the ROK in Vietnam's industries.

Commenting on bilateral trade and investment prospects, President of the Lee & Ko Global Commerce Institute and former KOK Trade Minister Taeho Bark said a number of Korean companies are paying special attention to the Vietnamese market.

Bark said the two countries should further tap the advantages of bilateral and multilateral free trade agreements in a bid to achieve the target of US$100 billion in two-way trade by 2023.

At the same time, the ROK and Vietnam should develop the private sector and small and medium-sized enterprises (SMEs) by actively building e-commerce platforms in conformity with common trends and amid the pandemic at present, he said.

ROK’s US$15 million project supports Tuyen Quang in rural development

The Korean Government has provided the northern province of Tuyen Quang with US$15 million in non-refundable aid for a rural development programme.

Vietnam resumes sending labourers to ROK

The sending of Vietnamese labourers to the Republic of Korea (ROK) was officially resumed on May 21 morning, after more than one year of disruption due to the expiration of the two countries’ agreement on this issue and Covid-19 outbreaks.

Following "eagles", giants from Japan, RoK flock to Vietnam

(BGO) – While most Korean investors land investments in Bac Ninh province, a series of investors from mainland China and Taiwan (China) have flocked to Bac Giang province. Industrial real estate is expected to benefit from this wave.

Vietnam welcomes expansion of ROK investment: PM

Vietnam always pays attention to creating favourable conditions for businesses and investors from the Republic of Korea (ROK) to expand their activities in the nation, said Prime Minister Nguyen Xuan Phuc, noting that the bilateral ties are getting stronger thanks to the presence of Korean conglomerates like Samsung, SK, Hanwha, Daewoo, and Lotte in Vietnam.

Bank deposit interest rates could rise: brokerage

Banks are likely to increase deposit interest rates at the end of the second quarter when the economy starts to recover post-pandemic, brokerage SSI Securities said.

Source: NDO/VNA