Vietnamese-RoK B2B trade on the rise

09:32 | 26/11/2019 Cooperation

(VEN) - More than 100 Vietnamese enterprises and 15 enterprises from the Republic of Korea (RoK), operating in the fields of software, medical equipment, technology solutions and applications, and construction, had business-to-business (B2B) transactions on October 23 in Hanoi. The event was organized by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Korea Chamber of Commerce and Industry (KCCI) to support businesses from both countries in investment and trade cooperation.

vietnamese rok b2b trade on the rise

Lawyer Nguyen Van Thuy from Nhquang & Associates said that RoK investors have high technological, financial and management capabilities that benefit Vietnamese businesses.

Some giant Korean enterprises, including Samsung and LG, have been successful in Vietnam. Bilateral cooperation especially economic, trade and investment relations have been growing well, and RoK investors have tended to increase and/or expand investment in Vietnam.

RoK investors want to cooperate with Vietnamese partners in support industries, and promotion and sales of Korean products and services in Vietnam and Vietnamese products and services in the RoK. Vietnam has a high demand for developing its support industries, while RoK businesses are strong in this field.

Keun Mo Kim, Director of the SonyYoung Company (operating in the field of market access consultancy) said many RoK businesses have been successful in Vietnam, contributing to economic development in the country. The multifaceted Vietnamese-RoK cooperation has been growing well, he said. Foreign investors are interested in the Vietnamese business environment. Bilateral trade is expected to grow strongly in the next 10 years. Vietnamese enterprises must have certificates according to signed commitments upon exporting their products to the RoK, and SonyYoung can cooperate with and provide assistance for them in this field, he added.

A number of Vietnamese businesses have discussed cooperation opportunities with SonyYoung, said Keun Mo Kim.

Lan Ngoc