09:51 | 28/07/2016 Investment
Samil CTS Vina Co., Ltd of the Republic of Korea (RoK), which specialises in producing computers and computer peripherals, inaugurated a plant and a research and development (R&D) center in the Yen Phong industrial park, northern Bac Ninh province on July 22.
The launching ceremony (Source: VNA)
The same day, representatives from the firm and the Vietnam-Korea Technological Innovation Center for standards, metrology and quality (Incentech) under the Ministry of Science and Technology’s Directorate for Standards, Metrology and Quality signed a memorandum of understanding (MoU) on enhancing cooperation in the future.
Under the MoU, Incentech will support Samil CTS Vina in implementing its projects in Vietnam. The two sides will work closely to develop products and expand market in other ASEAN nations.
Speaking at the signing ceremony, Deputy Director of the Directorate Nguyen Nam Hai highlighted the significance of the events and increasing production and investment activities of RoK enterprises in Vietnam in recent times.
He said that his agency and the Korea Trade-Investment Promotion Agency also signed a cooperation agreement two months ago with a view to supporting the implementation of the Vietnam-RoK Free Trade Agreement (FTA), which was signed in 2015.
The formation of Incentech aims to promote trade cooperation between the two counties, he noted.
Cooperation between Incentrech and Samil CTS to set up the R&D center will lay a foundation for the two sides to provide greater support for Vietnamese and Korean businesses , thus contributing to socio-economic development in the two nations, Hai stressed.
For his part, Commercial Attaché of the RoK Embassy in Vietnam Choi Jong Won said the opening of the plant and R&D Incentech-Samil center in Bac Ninh will be the first steps for Samil CTS to enter into the Southeast Asian market.
The signing of Vietnam-RoK FTA contributes to stepping up trade and economic connection between the two countries, he stressed, expressing his belief that R&D Incentech-Samil center will serve a economic and creative model, helping boost links between the two sides’ businesses.
Deputy Head of the Department of Heavy Industry under the Ministry of Industry and Trade Pham Anh Tuan hoped Samil CTS’s plant in Bac Ninh would help Vietnam realise its goal of supporting industry development.
Vietnam is now a strategic partnership of the RoK, with a number of Korean companies building plants in Vietnam. RoK firms have invested 485 billion USD in Vietnam so far./.