10:08 | 04/07/2016 Economy
(VEN) - By the end of this April, South Korean businesses had invested in almost 5,000 projects with total registered capital of US$44.9 billion, according to the Ministry of Planning and Investment. South Korea currently leads the 114 countries and territories investing in Vietnam.
The Samsung Group has increased their investment in Vietnam
Wealth of large-scale projects
At a seminar held recently in Hanoi to discuss how to increase exports and deliver higher-increased value for South Korean businesses, Deputy Minister of Industry and Trade Tran Quoc Khanh said that South Korean investment has increased in recent years pushing the country from the fifth in 2012-2013 to first in 2014 both in terms of number of projects and total registered capital.
Several giant projects were launched by global groups like Samsung investing in Bac Ninh and Thai Nguyen, LG in the northern port city of Hai Phong and Posco in Ba Ria-Vung Tau Province. The projects have contributed tremendously to export growth and socioeconomic development in Vietnam.
The Ministry of Industry and Trade’s Export and Import Department Deputy Director Tran Thanh Hai said that Samsung’s projects in Vietnam turned over more than US$30 billion worth of exports in 2015 accounting for almost 20 percent of Vietnam’s total export revenues. Apart from exports, the group has attracted a large number of Vietnamese small and medium-sized enterprises which have made component parts and accessories for the group. In doing so, the group has provided a big opportunity for the development of Vietnamese support industries.
A big hope
Vietnam’s recently concluded FTAs, such as the ASEAN-Korea FTA, Korea-Vietnam FTA and the upcoming Regional Comprehensive Economic Partnership Agreement will open up great investment and export opportunities for both Vietnam and South Korea according to Tran Quoc Khanh.
Tran Quoc Khanh also spoke highly of South Korean projects in Vietnam and underlined Vietnam’s top priority for increasing the added-value of exports. Vietnam wants South Korean companies to further contribute their strengths to the development of support industries and economic growth in the country.
“The Vietnamese government wants South Korean investors to focus on the deep processing of agricultural products and seafood, making the most of Vietnam’s advantages as a farming country. It is expected that South Korean businesses will strengthen their links with the domestic sector and make it more able for Vietnamese businesses to join the global value chain,” the deputy minister said.
Deputy Minister of Industry and Trade Tran Quoc Khanh:
South Korean investment projects have been appreciated for their serious implementation and environmental protection.
Nguyen Hoa & Nguyen Phuong