VN, South Korea trade, investment ties on strong footing: seminar

Trade News

VN, South Korea trade, investment ties on strong footing: seminar

Wednesday, July 17,2019

AsemconnectVietnam - Nguyen Thi Huyen Ngoc, head of the investment promotion division at the Investment Promotion Centre in the south, said South Korea had been the biggest foreign investor in Viet Nam for many years, investing over US$64.5 billion mainly in manufacturing (74.1 per cent), real estate (13.3 per cent) and construction (4.3 per cent).

With its stable political situation, rapid economic growth, clear and transparent investment policies, large workforce, improved infrastructure, and regional and global economic integration, Viet Nam is an attractive investment destination, including for Korea, according to Ngoc.

Its ceiling income tax rate of 20 per cent is equal to or lower than that of other Southeast Asian countries, except Singapore, which is also an important factor.

Kim Hyung-Joo of the South Korean Ministry of Trade, Industry and Energy said more than 6,200 Korean firms had invested in Viet Nam and the number would increase in future.

Korea is now Viet Nam's fourth largest trade partner and largest foreign investor after their trade expanded rapidly over the years.

“Viet Nam is an important investment and trade partner for South Korea, especially in our New Southern Policy that is based on the '3Ps' of People, Peace and Prosperity.”

Since establishing diplomatic ties in 1992 the two countries had developed close ties, with trade going up from just $500 million in 1992 to $68.3 billion last year, he said.

The Viet Nam-Korea Free Trade Agreement that took effect in 2015 had contributed greatly to boosting investment and trade ties between the two sides, he said.

His ministry had inaugurated the VKFTA Support Centre in Ha Noi and HCM City to enable businesses from the two countries to make use of the FTA, he said.

Choi Dae-Kyoo, certified customs consultant at Shinhan Customs Service Inc, said Viet Nam had two trade deals with Korea, the ASEAN-Korea FTA and the VKFTA, and trading companies could choose either.

However, businesses must make good preparations to better utilise FTAs, he said.

The seminar also spoke about the opportunities and challenges from the EU-Viet Nam FTA and the Comprehensive, Progressive Agreement for Trans-Pacific Partnership, and the US-China trade war.

Ngoc spoke about investment procedures in Viet Nam, tax breaks offered to priority sectors and projects for which investment is solicited.

Source: VNS

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