KOTRA to shift regional headquarters to Hanoi

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.

Theo VNS