Vietnam encourages RoK investors in hi-tech areas

Deputy Prime Minister Trinh Dinh Dung speaks at the forum - Credit: VGP

Deputy Prime Minister Trinh Dinh Dung made the remarks at the Vietnam-RoK Maekyung Forum held in Hanoi on December 6.

The forum was jointly held by the RoK-based Maekyung Media Group and the Vietnam Chamber of Commerce and Industry (VCCI) to mark the 25th anniversary of the diplomatic ties between Vietnam and RoK.

Deputy PM Dung stated that the strategic partnership between Vietnam and RoK has witnessed impressive development in all areas, particularly in regards to trade, investment and official development assistance (ODA) cooperation.

RoK is currently the largest investor and the third largest trade partner of Vietnam with the two-way trade revenue estimated at over US$56 billion in the first 11 months of 2017.

RoK has also become the largest foreign direct investor (FDI) in Vietnam with a total investment capital of nearly US$60 billion in more than 6,300 projects, accounting for about 18% of total FDI capital in Vietnam, Dung noted.

The Deputy PM emphasised that the two countries should foster cooperation to effectively implement the Vietnam-RoK Free Trade Agreement (VKFTA), which would contribute to lifting the bilateral trade revenue to US$100 billion by 2020.

Vietnam wishes to expand the exports of agricultural, forestry and fishery products to RoK including rice, tropical fruits and pork in addition to consumer goods, electronic products and spare parts, Dung said.

"The Government of Vietnam pledges to create clear, favourable and fair business and investment environment for foreign investors, including RoK investors to meet the requirements of international integration and international practice in a new development stage," Dung emphasised.

RoK Ambassador to Vietnam Lee Hyuk stressed the necessity of outlining a mutual vision for the relationship between the two countries in the next 25 years, noting that cultural cooperation is a development potential and an important link to connect peoples of the two countries.

Chang Dae-Whan, Chairman of the RoK-based Maekyung Media Group said that Vietnam's agricultural sector should promote the model of smart farm and smart factory to further foster bilateral cooperation between the two countries.

He added that with experience in developing smart city, RoK wishes to cooperate with Vietnam to create a social foundation of information technology and artificial intelligence (AI).

Meanwhile, VCCI Chairman Vu Tien Loc suggested RoK enterprises boost supporting industry in Vietnam and share its experiences in building giant corporations and world's leading brands.