93 percent of Korean firms satisfied with investments in Vietnam

Up to 93 percent of the businesses from the Republic of Korea (RoK) are satisfied with their investments in Vietnam, according to a recent survey conducted by the Korea Trade and Investment Promotion Agency (KOTRA).

The agency said Korean firms have high hopes for Vietnam’s growth potential and highly evaluate the skills and diligence of workers.

Vietnam is considered a favourable investment destination, and the RoK’s wave of investment is continuing, KOTRA said.

It revealed that about 90 percent of the RoK-invested projects are carried out by small-and medium-sized enterprises, focusing on the processing and manufacturing industry, garment-textile, and footwear.

According to Naturon Co., Ltd, an RoK garment-textile company, Vietnam has posted high and stable economic growth for many years, and has a young and dynamic population.

It added that the RoK’s New Southern Policy has determined the Association of Southeast Asian Nations in general and Vietnam in particular as priority markets.

Since the Vietnam-Korea Free Trade Agreement (VKFTA) took effect in 2015, two-way trade has increased remarkably.

Bilateral cooperative ties have been enhanced, not only in trade but also in investment and services.

The RoK’s investment has also expanded to other fields such as retail, finance, green energy, agriculture, real estate, and food processing.

Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vo Tan Thanh said the Vietnamese Government will focus on improving policies to attract foreign investment while protecting that investment and intensifying state management.

Vietnam will also offer preferential mechanisms for projects that use modern and environmentally-friendly technology, he added./

                                                       (Vietnam News Agency, December 31, 2019)