10:25 | 12/05/2018 Companies
The Korea Trade-Investment Promotion Agency (KOTRA) said on May 10 it would relocate its Southeast Asia headquarters from Singapore to the Vietnamese capital of Hanoi.
|KOTRA currently operates 10 local head offices and 127 business centres in 86 countries around the world — Photo: nineoclock.ro|
The move is aimed at supporting Korean companies doing businesses in the fast-growing Vietnamese market.
“The regional headquarters will be shifted to Hanoi where Korean companies are increasingly making a presence,” Kwon Pyung-oh, CEO of KOTRA, was quoted by the online Yonhap News Agency.
According to KOTRA, bilateral trade between Vietnam and the Republic of Korea (RoK) reached US$63.9 billion in 2017. Vietnam is currently the fourth-largest trading partner of RoK, while the latter is Vietnam’s second-largest trade partner.
The agency also plans to open new business centers in Ahmedabad, an industrial city in western India, and in Da Nang, a commercial hub in Vietnam’s central region.
KOTRA will expand business centers in promising markets to keep up with the changing trade environment, Pyung-oh said.
The agency currently operates 10 local head offices and 127 business centers in 86 countries around the world.
Vietnam and RoK are working to raise two-way trade to US$100 billion by 2020. In 2017, RoK ranked first among 125 countries and territories investing in Vietnam, with a total registered capital of US$57.7 billion.