09:15 | 20/08/2014 Cooperation
(VEN) - Vietnam and the Republic of Korea (RoK) will make greater efforts to sign the Vietnam-Korea Free Trade Agreement (VKFTA) by the end of this year. The signing will create a powerful investment wave and offer cooperation opportunities for investors.
RoK Minister of Trade, Industry and Energy Yoon Sang Jik (left) and Head of the Vietnam Communist Party Central Committee’s Economic Commission Vuong Dinh Hue
RoK Minister of Trade, Industry and Energy Yoon Sang Jik when addressing a meeting with Head of the Vietnam Communist Party Central Committee’s Economic Commission Vuong Dinh Hue said that VKFTA would be signed by the end of this year.
At a meeting, Yoon Sang Jik and Vuong Dinh Hue said that the two countries should enhance further cooperation in the fields of economy, trade and investment to be commensurate with potential and advantages of each country.
The two sides also agreed to promote cooperation in the support industries and organize training programs in human resources at different levels for Vietnam, contributing to strengthening links between the two countries in the development of the global and regional value chains. In addition, the two countries will create favorable conditions for small and medium-sized enterprises to promote cooperation.
According to RoK Minister of Trade, Industry and Energy Yoon Sang Jik, Vietnam remained an attractive destination in the eyes of RoK investors. Together with favorable conditions in terms of tax incentives after the signing of VKFTA, RoK businesses would promote cooperation and investment with Vietnamese partners.
In addition to the industrial sector, RoK corporations and businesses are demanding greater investment in the agriculture, forestry and fisheries sector, especially in the Mekong Delta. The Vietnamese government should promote the development of infrastructure in order to attract more investment.
“When VKFTA is signed, Vietnam would see a powerful investment wave from RoK businesses, especially small and medium-sized enterprises,” Yoon Sang Jik said.
Head of the Vietnam Communist Party Central Committee’s Economic Commission Vuong Dinh Hue said that Vietnam had actively and positively accelerating the negotiation process and would make greater efforts to sign VKFTA by the end of this year. The signing is consistent with Vietnam’s international integration strategy.
Vuong Dinh Hue proposed to the RoK government to add a high-tech industrial park in Vietnam’s northern province and promote investment in garment and textile businesses.
By June 20, RoK remained Vietnam’s second largest investor with 3,827 valid projects with total registered capital of US$31.2 billion. In terms of trade, total bilateral trade turnover totaled US$27.3 billion in 2013. In the first six months of this year, trade turnover between the two countries reached an estimated US$13.5 billion.
VKFTA underwent five sessions and the two sides had made progress in many areas such as tariffs, rules of origin, services, investment, institution, sanitary and phytosanitary measures (SPS) and technical barriers to trade (TBT)./.
The visit of Vietnamese high-level delegation to RoK aimed at promoting and strengthening the strategic partnership between Vietnam and RoK in all sectors. Head of the Vietnam Communist Party Central Committee’s Economic Commission Vuong Dinh Hue had meetings with RoK Minister of Trade, Industry and Energy Yoon Sang Jik, Financial Supervisory Service Governor Choi Soo-yun and Korea International Co-operation Agency (KOICA) Vice President Kim In.
By Hung Cuong