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South Korean enterprises recognize training needs

Released at: 15:14, 22/01/2016

South Korean enterprises recognize training needs

VET workshop hears calls from South Korean enterprises for assistance in the training of human resources.

by Quynh Nguyen

In addition to focusing on expanding production investment, South Korean enterprises in Vietnam also attach great importance to training local human resources, Mr. Ryu Hang Ha, Chairman of the Korea Chamber of Business in Vietnam (KorCham) told a workshop held by Vietnam Economic Times on January 22 on the opportunities to push trade between Vietnam and South Korea, adding that enterprises hope for support from the Vietnamese Government in such training.

He stressed that South Korean enterprises recognize that Vietnam has major potential for development, with political stability and dynamism in global integration.

Vietnam is also more attractive in the eyes of South Korean enterprises because of its young, abundant, and low-cost labor. In his 14 years at Doosan Heavy Industry Vietnam he has found Vietnamese workers to be diligent and quick learners.

Technical expertise, however, remains weak. “The training of highly-quality engineers is very important but this training is lacking,” he said. “Many South Korean companies recruit workers then have to take time to hold training courses. The Vietnamese Government does not have a truly effective policy to develop talent, so a long-term policy is necessary that should focus on key areas and meet market demand.”

Many enterprises represented at the workshop also emphasized the importance of the VKFTA for banking and financial markets. Mr. Nguyen Thanh Binh, Deputy General Manager of Shinhan Bank Vietnam, Hanoi Branch, asked how foreign banks like Shinhan Bank would benefit from the agreement.

In response, Mr. Le An Hai from the Ministry of Industry and Trade, who was directly involved in negotiating the VKFTA, said that the financial sector is closely tied to investment activities. During the negotiations the Ministry of Finance committed to offering preferences and detailed a schedule for the opening up of Vietnam’s banking and finance sector to foreign investors. “Vietnam wants a long-term structure for a healthy financial system, especially in restructuring capital market and financial markets,” Mr. Hai said.

The commitments in the VKFTA do not create additional legal conditions for investment activities by foreign banks. The agreement provides the conditions for foreign banks to open more branches, and credit institutions like Shinhan Bank will be able to expand and grow.

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