Web Portal - On June 30, the Ministry of Foreign Affairs and the Korean Embassy in Vietnam co-organized the “Vietnam-Korea Business Meeting” Conference in Hanoi. The conference attracted 1,000 participants including representatives from more than 50 provinces and cities nationwide and Korean businesses in Vietnam.
On the Vietnamese side, there was Deputy Minister of Foreign Affairs Bui Thanh Son; representatives of some functional units of the ministries and central branches; leaders and business representatives of provinces/cities across the country, etc., with over 500 delegates. On the Korean side, there were Korean Ambassador to Vietnam Park Noh-wan, representatives of economic, trade, development cooperation, labor, tourism, Korean business associations and more than 400 Korean businesses. The Dong Nai delegation led by Pham Viet Phuong, Head of the Provincial People's Committee Office, aslo attended the Conference.
The conference had 4 working sessions: Official Development Assistance (ODA), Strengthening local-level cooperation and people-to-people exchange between Vietnam and Korea in the post-epidemic period; Trade and investment cooperation; Conclusion session. At the Conference, there was also a Signing Ceremony of Cooperation Memorandum between the Ministry of Foreign Affairs of the Ministry of Foreign Affairs and the Korean Business Association in Vietnam (KORCHAM).
The “Vietnam-Korea Business Meeting” conference was the first joint activity of both sides in the post-epidemic period, demonstrating the efforts of the Governments of the two countries to restore and develop socio-economic and promote comprehensive cooperation between Vietnam and Korea in the coming time.
It is known that from 2015 the Vietnam - South Korea Free Trade Agreement was ratified and came into effect, from which until 2019 the investment capital of Korean enterprises in Dong Nai province reached USD 2.6 billion (reaching 25% of the province's investment attraction capital - period 2015-2019, the amount of investment capital collected from province's suction is 10.2 billion USD); The trade between the two countries increased rapidly.
Korea has always been the leading country in the number of projects and investment capital in Dong Nai Industrial Zones, followed by Japan and Taiwan. The projects of Korean enterprises investing in Dong Nai's industrial zones all have modern technology, high-quality products, meeting export requirements to many markets such as the United States, Europe and Japan, etc. Specifically, products of Hyosung Vietnam Co., Ltd., Posco Vietnam Co. Ltd, LG-Vina Cosmetics Co., Ltd., Tae Kwang Vina Industrial JSC., Hwaseung Vina Co., Ltd; etc.,; The goods are consumed domestically and exported to more than 30 countries and regions.
Up to now, there are 43 countries and territories investing in the province with 2,052 FDI projects, total registered investment capital of USD 36.37 billion; in which the number of valid projects is 1,515 FDI projects with total investment capital of USD 30.86 billion; 537 FDI projects recovered with a total investment of USD 5.51 billion. Accumulated to June 15, 2020, in Dong Nai province, there were 411 projects of Korean enterprises investing in the province with a total investment of more than USD 6.7 billion, ranked first among countries and territories in the world to invest in Dong Nai province; Mainly business activities in the fields of chemicals, textile and dyeing, garments, leather shoes, steel, mechanical engineering. Korean projects in industrial zones have attracted nearly 172,000 employees of which 2,000 workers are foreigners.
By Hoang Anh
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