VN paves way for more Korean in­vest­ment

Viet Nam News - - FRONT PAGE -

HAØ NOÄI — Vieät Nam pledged to de­velop ef­fec­tive poli­cies and cre­ate the most favourable en­vi­ron­ment for for­eign in­vestors, in gen­eral, and those from the Repulic of Korea (RoK), in par­tic­u­lar, to suc­cess­fully do busi­ness in Vieät Nam, Na­tional Assem­bly (NA) Chair­woman Nguyeãn Thò Kim Ngaân said.

Ngaân stressed this while speak­ing at the Vieät Nam – RoK Trade and In­vest­ment con­fer­ence in Seoul yesterday – the fi­nal day of the Viet­namese leg­is­la­tor’s four­day of­fi­cial visit to the RoK.

The con­fer­ence, co-or­gan­ised by the Vieät Nam Min­istry of Plan­ning and In­vest­ment, the Viet­namese Em­bassy to RoK and the Korea Cham­ber of Com­merce, was also at­tended by the Speaker of the RoK Na­tional Assem­bly Moon Hee-sang to­gether with hun­dreds of firms from the two coun­tries.

Ngaân urged busi­nesses to bring into play ad­van­tages in the co-op­er­a­tion be­tween Vieät Nam and the RoK and con­trib­ute to deep­en­ing the re­la­tion­ship be­tween the two coun­tries.

“Our doors are al­ways open to Korean firms to do busi­ness in Vieät Nam. Your suc­cess is our suc­cess,” Ngaân said.

“Vieät Nam is com­mit­ted to build­ing a busi­ness-friendly en­vi­ron­ment fol­low­ing in­ter­na­tional stan­dards,” Ngaân said, adding that the coun­try’s ecomic re­struc­tur­ing was fo­cus­ing on three pil­lars - pub­lic in­vest­ment, Sta­te­owned en­ter­prises ( SOEs) and credit in­sti­tu­tions -to­gether with three strate­gic break­throughs in the de­vel­op­ment of the mar­ket econ­omy, high-qual­ity hu­man re­sources and in­fras­truc­tures to cre­ate room for pri­vate and for­eign com­pa­nies to en­hance co­op­er­a­tion for de­vel­op­ment.

The in­vest­ment cli­mate in Vieät Nam was im­prov­ing and be­com­ing at­trac­tive to for­eign in­vestors as the coun­try was now a mem­ber of 10 free trade agree­ments to­gether with the Com­pre­hen­sive and Pro­gres­sive Agree­ment for Trans-Pa­cific Part­ner­ship (CPTPP) and the Euro­pean Union – Vieät Nam FTA that take ef­fect soon, she said.

The coun­try was also striv­ing to en­hance na­tional com­pet­i­tive­ness in the global value chain and pro­mote links be­tween the pri­vate and FDI sec­tors.

Ngaân said Vieät Nam was con­sid­er­ing poli­cies to at­tract for­eign in­vest­ment in pro­cess­ing and man­u­fac­tur­ing, parts sup­plies, new ma­te­ri­als, agri­cul­ture-food pro­cess­ing, IT, en­ergy, in­fra­struc­ture de­vel­op­ment, the en­vi­ron­ment, smart cities, health­care, high-qual­ity ser­vices and the pri­vati­sa­tion of SOEs.

Ngaân ap­pre­ci­ated the RoK gov­ern­ment’s New South­ern Pol­icy aimed at pro­mot­ing peace and com­mon pros­per­ity.

RoK is now the largest inves- tor in Vieät Nam with to­tal reg­is­tered cap­i­tal of US$62.2 bil­lion, ac­cord­ing to statis­tics from the Vieät Nam For­eign In­vest­ment Agency.

With re­gards to trade, Ngaân said that Vieät Nam ex­pected the RoK to con­tinue to cre­ate con­di­tions for the en­try and ex­port ex­pan­sion of Viet­namese prod­ucts such as farm pro­duce, gar­ments, wood and elec­tron­ics prod­ucts, adding that Vieät Nam was will­ing to im­port prod­ucts in­clud­ing elec­tronic com­po­nents and parts.

This is an ef­fort to boost bi­lat­eral trade be­tween Vieät Nam and RoK to $100 bil­lion by 2020. A mem­o­ran­dum of un­der­stand­ing on ac­tion plan to lever­age bi­lat­eral trade to $100 bil­lion by 2020 was signed be­tween the Vieät Nam Min­istry of In­dus­try and Trade and RoK Min­istry of Trade, In­dus­try and En­ergy in Seoul on Thurs­day.

“Vieät Nam and the RoK are sig­nif­i­cant trade partners with ex­port prod­ucts rarely con­flict­ing,” Ngaân said.

Two-way trade reached $64 bil­lion last year.

Speaker Moon Hee-sang said that he ex­pected both Viet­namese and Korean firms to ac­tively pro­mote eco­nomic co-op­er­a­tion to con­trib­ute to the pros­per­ous de­vel­op­ment of the two coun­tries in par­tic­u­lar and Asia in gen­eral.

He said that RoK would cre­ate favourable con­di­tions for the op­er­a­tion of firms from the two coun­tries.

He stressed that Vieät Nam was the lead­ing partner of RoK in many sec­tors, adding that half of Korean firms in­vest­ing in ASEAN were op­er­at­ing in Vieät Nam.

At the con­fer­ence, Korean firms showed in­ter­est in the pri­vati­sa­tion of Viet­namese SOEs via merg­ers and ac­qui­si­tions, re­new­able en­ergy, the en­vi­ron­ment, in­fra­struc­ture, fi­nance and bank­ing.

Af­ter the con­fer­ence, Ngaân re­ceived representatives of sev­eral Korean eco­nomic groups, in­clud­ing CJ, Lotte, VN One and the Korea Fed­er­a­tion of SMEs. Ngaân said she ex­pected Korean firms to con­tinue to ex­pand their in­vest­ment in Vieät Nam, es­pe­cially in smart cities, tourism, trans­port in­fra­struc­ture de­vel­op­ment, lo­gis­tics and ed­u­ca­tion ser­vices.

Korean firms said they wished to in­vest long-term in Vieät Nam, and ex­pand pro­duc­tion and op­er­a­tions to con­trib­ute to the de­vel­op­ment of Vieät Nam.

Dur­ing the fo­rum, Vi­et­jet also an­nounced that the air­line would launch its new in­ter­na­tional route con­nect­ing Phuù Quoác is­land in south­ern Kieân Giang Prov­ince with Seoul later this month. — VNS

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