For more than 19 consecutive years, Korean enterprises have participated in international fairs as a form of connection to promote investment in Vietnam. The success of the Korean enterprises shows that this is a pretty effective approach.
General Director of KOTRA Hanoi said that the year 2017 marks the 25th anniversary of the establishment of diplomatic relations between Vietnam and Korea and the Vietnam - Korea Trade Agreement (VKFTA) being valid for 3 years. In this context, economic cooperation between the two countries has been expanded.
Representatives from Korean enterprises highly appreciate the potential development of the Vietnamese market, particularly active participation in economic integration discussions including the Vietnamese government's FTAs in the context of achieving steady economic growth. This is the opinion of Mr. Park Chul Ho - General Director of KOTRA Hanoi.
KOTRA Hanoi will support the participation of enterprises to promote trade and investment between the two countries. This is a good opportunity for Vietnamese companies that have business needs, links and buy Korean products to visit and trade directly.
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| Korean businesses seek investment opportunities in Vietnam |
South Korea is considering the Vietnamese market as an important place. It can be clearly seen that at the Vietnam expo 2017 exhibition, 60 Korean enterprises attended, the largest scale with 136 booths. Korea is invited as an honorary nation. 2017 is also the 19th consecutive year Korea participated in this exhibition.
For example, Partron, Korea's largest technology group, has an electronics component factory based in Vinh Phuc since 2008 and is a partner of Samsung. Representatives of this business share that if there are more opportunities to attend big fairs, they will definitely participate.
Samsung Group has invested in six projects in Vietnam with a total registered capital of US $11.3 billion, becoming the largest foreign investor in Vietnam, accounting for 18% of the total export turnover of the country. .
LG Innotek, a subsidiary of LG Group, has received a certificate of investment registration for the $550 million camera module factory project in Hai Phong.
Korea is currently the largest foreign investor in both the number of projects and total investment in 112 countries and territories investing in Vietnam. By the end of October 2016, the total registered capital of Korea in Vietnam reached over 50 billion USD with 5,593 investment projects in force.
Korean FDI enterprises play an important role in the Vietnamese economy by creating jobs for 70,000 workers and contributing about 30% of the total value of Vietnam's exports. Korean businesses do quite well in Vietnam and are regarded as serious business investors, highly effective and also make a lot of contributions to Vietnam.
Opportunity for Vietnamese businesses
The success of Korea is also an opportunity for Vietnamese enterprises to become partners of this economy.
Representatives of Habeco said that the company is promoting the image, branding, meeting potential customers, exchanging and cooperating in investment and technology transfer to strengthen the domestic market as well as expand the market export field.
In 2016, the business has a connection with 8 Belarusian companies and is gradually building relations and paving the way for further cooperation. According to the assessment, businesses, investors at home and abroad can look for and create long-term cooperation in the future.
Or Phong Chau Co.,Ltd., after many years of participating, has reaped a lot of success from the booths found many potential partners both at home and abroad. Phong Chau is one of the major exporters of Vietnamese footwear exported to many different markets such as Mexico, Denmark, Germany, Spain, Japan, Middle East ...
Towards the goal of boosting export and developing the domestic market, promoting the trademark of goods and services with the strengths and potentials of Vietnam, enterprises of National Brand such as Ha Noi Trading Corporation (Hapro), Tran Phu Mechanical Electric Joint Stock Company, Da Nang Rubber Joint Stock Company, ... are looking for cooperation opportunities right at home.
On the functional side, the Department of Trade Promotion also provides updated information on the investment environment in Vietnam to foreign investors and organizations, especially Korean and Japanese investors.
It can be said that the success of Korean investors is a lesson for domestic enterprises to pay attention. Trade promotion activities of the largest scale are important for the industry and trade of Vietnam, bring many economic values as well as provide practical opportunities for Vietnamese enterprises to increase exports. , to develop the domestic market, contributing to the Government's commitment to international economic integration.
(Sourcce: Vietnamnet)
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