16:43 | 17/07/2015 Economy
Vietnam is committed to improving its market economy institutions, developing human resources and building infrastructure to continue attracting investment from the Republic of Korea (RoK), said Nguyen The Phuong, Deputy Minister of Industry and Trade.
Processing seafood for export (Source: VNA)
The RoK has become Vietnam’s largest foreign investor and the two signed a free trade agreement (FTA) in May 2015, he added.
The RoK currently has 4,459 projects in Vietnam with a total registered capital of 39.1 billion USD. Trade between the two countries reached 30 billion USD last year and both sides target to increase the value to 70 billion USD in 2020.
According to Do Nhat Hoang, Head of the Vietnam Foreign Investment Agency, the implementation of the Investment Law and Enterprise Law from July 1, 2015 will create more favourable conditions for foreign investors, including those from the RoK.
Meanwhile, RoK’s Ambassador to Vietnam Jun Dae Joo hailed the strong economic ties between the two countries, besides cooperation in social and cultural development.
This year to May, export-import turnover between Vietnam and the RoK surpassed 14.66 billion USD.
Currently, Vietnamese businesses are running 24 projects in the East Asian country./.