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South Korea investors reroute investment to Vietnam from China
Linh Pham 15:39, 2018/11/22
Investment in Vietnam accounted for 17.7% of South Korea’s overseas financing in 2017, compared to 3.7% in 1990.
More South Korean manufacturers have poured money into Vietnam and many of them have shifted their investment to the Southeast Asian country from China, Vietnam News reported. 
 
A trade promotion conference between Vietnam and South Korea. Photo: Internet
A trade promotion conference between Vietnam and South Korea. Photo: Internet
In 2017, South Korean small and medium manufacturers invested a total of US$720 million in Vietnam, compared to US$430 million in China, the Federation of Korean Industries (FKI) said in a report released on November 22.  

Investment in Vietnam accounted for 17.7% of South Korea’s overseas financing in 2017, compared to 3.7% in 1990. Meanwhile, the ratio in China fell to 27.6% in 2017 from 44.5% in 2000s, the report showed.

The FKI attributed the increasing investment in Vietnam to better business environment and favorable policies. Vietnam has offered tax exemption to foreign invested enterprises working in hi-tech sectors and removed foreign investment limits. 

Whereas, China has imposed a corporate tax of 25% on both domestic and foreign companies since 2008, applied a wide range of items banned from being manufactured, and hiked salaries.

Foreign direct investment from South Korea in Vietnam reached US$8.49 billion in 2017, making the Northeast Asian country the second largest investor in the latter, only behind Japan with US$9.11 billion, according to the Vietnamese investment ministry.
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