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VET holds Vietnam-South Korea Friendship Seminar

Released at: 17:19, 28/09/2016

VET holds Vietnam-South Korea Friendship Seminar

Photos: Viet Tuan

Economics, trade and investment the focus of discussions at seminar on September 28.

by Hai Van - Nguyen Quynh

Vietnam and South Korea are in the same boat and need more effort for the development of both sides in the future, Ambassador of the Republic of Korea to Vietnam, H.E. Lee Hyuk, told the Vietnam-South Korea Friendship Seminar held by Vietnam Economic Times on September 28 in Hanoi.

The seminar was held to celebrate South Korea’s National Foundation Day on October 3 and was an opportunity for enterprises from both sides to discuss their relationship, especially in economics, trade and investment.

“Relations between the two countries are flourishing,” said Professor Dao Nguyen Cat, Editor-in-Chief at Vietnam Economic Times. “We are honored to hold the Vietnam-South Korea Friendship Seminar to mark South Korea’s National Foundation Day and to welcome Ambassador Lee Hyuk as he begins his new term as Ambassador in Vietnam.”

Speaking at the seminar, the Ambassador Lee Hyuk said after established diplomatic relationship, political, economics, culture relations of both parties have been many breakthroughs. “Korea now is the leading investor in Vietnam with investment capital is about $50 billion, showing an amazing development in the two countries,” he said. “Export from Korea to Vietnam far exceeds Japan, a result that few people think about.”

Relation between Vietnam and South Korea is summed up in two words: essential and effective, according to Mr. Le An Hai, Deputy Director of the Asia Pacific Market Department under the Ministry of Industry and Trade (MoIT). “For over 24 years, South Korea has accompanied Vietnam in many fields,” he said.

“South Korea opened for Vietnam’s agricultural products, raw materials, minerals and construction materials, of which processing products continues to play an important role helps export turnover from Vietnam to Korea maintain growth momentum,” Mr. Hai said.

At the conference, most participants believed that cultural and human similarities between Vietnam and South Korea are solid foundation for the development of the two countries. “Currently, there are about 150,000 Korean people living and working in Vietnam, create a widely people exchange between the two countries,” said Mr. Ryu Hang Ha, Chairman of the Korea Chamber of Business in Vietnam (KorCham).

The seminar was attended by the Ambassador of the Republic of Korea to Vietnam, H.E. Lee Hyuk,  Mr. Ryu Hang Ha, Chairman of the Korea Chamber of Business in Vietnam (KorCham), Mr. Lee Chul, Minister Counsellor. Korea Embassy in Vietnam, Mr. Choiwoo Hyuk, Korean Commercial Counsellor in Vietnam, Mr. Lim Chung Hyun, Head Representative KCCI Vietnam, Mr.  Park Chul Ho, Director Kotra Hanoi, Mr. Choi Hak Soo, Korea President of Environmental Protection and Health Association.

For Vietnam side, there are presence of Mr. Vu Quang Minh, Minister Assistant Head of General Economic Department under Ministry of Foreign Affairs, Mr. Mac Quoc Anh, Deputy Chairman of the Association of Hanoi Small and Medium Enterprises, Mr. Le An Hai Deputy Director of the Asia Pacific Market Department under MoIT.

KORCHAM and HanoiSME signed an MoU of information support cooperation and business links on the sidelines of the seminar, inked by Mr. Anh and Ryu Hang Ha.

Mr. Anh told VET that South Korean enterprises had invested about $50 billion in Vietnam as at the end of 2015. The MoU will bring many opportunities to the two parties and will raise Vietnam’s competitiveness and human resources.

“We are determined to promote economic cooperation between Vietnam and South Korea with specific plans, including trade exchanges and using inexpensive investment capital from Vietnamese and South Korean banks to invest bilaterally and train human resources managers,” he added.

Mr. Ryu Hang Ha spoke of economic relations between Vietnam and South Korea. In the past only large South Korean enterprises invested in Vietnam but in the future there will be more small and medium-sized enterprises cooperating with Vietnamese enterprises.

“South Korea is Vietnam’s largest investor, second-largest bilateral development partner, and third-largest trading partner, while Vietnam is South Korea’s fourth-largest trading partner.” Ambassador Lee Hyuk told VET.

The FTA between the two is a next generation agreement for Vietnam, according to Mr. Hai. “The two countries have worked under the FTA between ASEAN and South Korea but found it necessary to expand their cooperation via a specific FTA,” he said.

Trade relations between the two countries are on the increase and a great deal of potential lies ahead given the number of trade agreements Vietnam and South Korea have signed, Exports from Vietnam to South Korea in the first seven months of this year reached $6 billion, primarily silk and textiles and phones and equipment. Meanwhile, imports from South Korea in the first half reached $17.5 billion, mostly raw materials, computers and equipment, and other electronic products.

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