RoK firms eager to augment cooperation with Vietnamese partners

Many RoK firms seek for business and investment opportunities at the workshop.

During the 8^th International Economic and Financial Conference themed “Vietnam-Korea, an innovative growth plan for common prosperity” which was organized in Hanoi on March 22, delegates from both sides had a unified view that economic cooperation between Vietnam and the RoK has been thriving in recent years, with extensive scope in terms of human resources, tourism, and finance-banking.

According to a recent survey released by Vietnam Chamber of Commerce and Industry (VCCI), the Southeast Asian country is expected to welcome investment capital flows from more than 8,000 foreign enterprises, including those from the RoK.

Several RoK firms reportedly plan to enlarge their production and business in Vietnam. LG, POSCO, CJ, and Hyosung are among the big names working to deepen their footprint in the Vietnamese market.

Vietnam has proven to be an ideal destination for many multinational corporations, including those from the RoK like Samsung, LG, and Lotte. Over the past decades, Vietnam has attracted more than 27,000 foreign investment projects with a total registered capital of some US$335 billion. Of this figure, US$185 billion were disbursed.

The RoK has been ranked first among the countries and territories making investments in Vietnam. The RoK is noted as the most stable investor in Vietnam recording the annual registered foreign direct investment (FDI) of US$7-9 billion in the past five years.