Investors from the Republic of Korea (RoK) involved in the electronics industry in Vietnam will receive many incentives as part of the Government’s growing focus on the field for national industrial development, officials announced at a conference held in Seoul on June 8.
The conference was held by Korea Trade-Investment Promotion Agency (Kotra) and Vietnam Trade Promotion Agency (Vietrade), in coordination with the Vietnamese Embassy in the RoK.
Its aim was to promote cooperation between the two countries in the electronic and mechanical industries and to introduce the investment advantages for RoK companies in Vietnam.
Sun Seok-gi, deputy chairman of Kotra, praised Vietnam for supporting firms in taking advantage of opportunities offered by the bilateral trade agreement which came into force at the end of 2015. He said that the conference provided an opportunity for participants to address difficulties encountered by firms and suggest measures to promote cooperation.
Vietnamese Ambassador to the RoK Nguyen Vu Tu said the Government of Vietnam has placed electronic component manufacturing at the focus of its industrial development, adding that RoK firms would be eligible for incentives when investing in the sector.
Vietnam’s rapid international integration and active participation in a growing number of free trade agreements will also benefit RoK firms investing in Vietnam to penetrate and expand regional and global markets, he said.
Deputy Director of Vietrade Bui Huy Son said that to promote trade and investment, the two sides should focus on their relative advantages. For example, Son said the Vietnamese Government recently issued a support programme for parts-supplying industry development.
The RoK has been the top foreign investor in Vietnam since 2014, with 70 percent of its investments going into manufacturing and processing.
According to Tran Kim Oanh from Vietrade, Vietnam holds a number of advantages for RoK investors, such as social and macro-economic stability, a young population, large consumption market, advantages in exports, and attractive investment incentives.
Nhandan Online News, Aug 2017