Forum on July 14 brought together government leaders and enterprises from both countries.
The Vietnam - Korea Investment Forum, which was held on July 14, presented a range of opportunities for investment in electronics and high value-added support industries, according to the General Secretary of the ASEAN-Korea Centre (AKC), Mr. Kim Young Sun, and contributed to the comprehensive economic relations between Vietnam and South Korea.
The Forum was organized by the Ministry of Planning and Investment (MPI) and the AKC and was attended by Deputy Minister of Planning and Investment Nguyen The Phuong, South Korean Ambassador to Vietnam H.E. Jun Dae Joo, representatives from the Foreign Investment Agency and the Investment Promotion Department under MPI, and many South Korean and Vietnamese electronics businesses.
Mr. Kim Young Sun said that Vietnam has great potential for economic growth, given its “golden” population structure and fondness for learning.
Trade turnover between Vietnam and South Korea reached $30 billion in 2014, a 30-fold increase compared to 20 years ago when diplomatic relations were established. There are now 4,400 South Korean enterprises investing in Vietnam and accompanying the country in expanding to global markets.
The two countries have been cooperating mostly in garments and textiles, shoes, and light industries, and continue to enhance cooperation in high value-added support industries, electronics, and information technology, aiming for trade turnover of $70 billion by 2020.
South Korea is Vietnam’s largest foreign direct investment (FDI) partner, with total investment standing at $39.16 billion in registered capital, of which 240 projects in the electronics industry are worth $16 billion.
According to a representative from the Foreign Investment Agency, Vietnam’s electronics industry has attracted 600 FDI projects with $20 billion in registered capital, producing cell phones, electronic components, internet equipment, electronic spare parts, and others, with export value of $35 billion, for approximately 23 per cent of the total.
MPI also made a commitment at the Forum to maximize support to South Korean enterprises investing in Vietnam, especially those in the electronics industry.