Vietnam – South Korea relations built on high level of mutual trust: Amb.
South Korea remained Vietnam’s top investor, posting annual registered capital of FDI in range of US$7 – US$9 billion over the last five years.
Vietnam – South Korea relations are built on high level of mutual trust, and the two countries share similarities in culture and history, according to South Korea Ambassador to Vietnam Kim Do Hyon.
Overview of the conference. Source: Ngoc Thuy.
|
Meanwhile, the ongoing trade friction between the US and China has triggered an investment inflow to Vietnam, Kim stated, requiring Vietnam to have flexible economic and financial policies in place to grasp this opportunity.
Kim expected Vietnam to maintain supporting policies and create favorable conditions for foreign financial organizations investing in Vietnam.
The South Korean ambassador believed Vietnam has huge potential and advantages in fintech, and noted that South Korean companies are suitable partners for Vietnam in developing fintech and applying new technologies of the Fourth Industrial Revolution.
At the conference, Deputy Finance Minister Tran Xuan Ha said after 25 years of establishing diplomatic ties, the Vietnam-South Korea relations are growing strongly.
As of present, South Korea is Vietnam’s second largest trading partner, and Vietnam is South Korea’s fourth biggest one. Bilateral trade turnover in 2018 reached US$65.7 billion, of which Vietnam’s exports to Korea amounted to US$18.2 billion, up 22.8% year-on-year and imports US$47.5 billion, up 1% year-on-year.
Top investor
Notably, South Korea remained Vietnam’s top investor, posting annual registered capital of FDI in range of US$7 – US$9 billion over the last five years, Ha said.
According to Ha, South Korea is one of Vietnam’s major donors with total 55 loan agreements to date worth US$2 billion.
Ha informed more than 6,600 South Korean investors and six securities companies are participating in Vietnam’s stock market.
“South Korea remained top in terms of investment in Vietnam’s stock market,” said Ha.
In the insurance sector, companies such as Hanwha Life, Mirae, Samsung Vina, Seoul Guarantee, among others, have contributed positively to the development of Vietnam’s insurance market, Ha continued.
Vietnam is also an ideal investment destination for multinational companies, including South Korean conglomerates such as Samsung, LG or Lotte. Over the last 30 years, Vietnam has received 27,000 foreign invested projects with registered capital of over US$335 billion, of which US$185 billion has been disbursed.
“Foreign invested companies have become an indispensable part of Vietnam’s economy,” Ha stressed.
In the coming time, Vietnam continues to reforming legal framework and stabilizing macro-economy, while pushing forward with global economic integration, Ha added.
Nguyen Kim Anh, deputy governor of the State Bank of Vietnam (SBV), said South Korea has the most banks among others countries operating in Vietnam, consisting of two wholly-owned banks, eight foreign bank branches, six representative offices and two finance leasing companies.
Deputy Chairman of the National Financial Supervisory Commission Ha Huy Tuan urged South Korean investors to take advantage of Vietnam’s ongoing privatization process, banking sector’s restructuring, and the surge of fintech in Vietnam.
“Fintech is a viable option to realize financial inclusion in Vietnam, mainly thanks to the country’s young population, adequate internet infrastructure and growing middle-class,” Tuan said.
18:45, 2024/11/28
Vietnam, Hesse (Germany) promote high-tech cooperation
Bilateral trade between Vietnam and Hesse has reached around EUR1 billion (US$1.05 billion) annually, accounting for one-tenth of total trade between Vietnam and Germany.
15:34, 2024/11/27
Big discounts on offer at Hanoi's November Promotion Festival
The event is part of the Hanoi Concentrated Promotion Program 2024, held in May, July, and November, attracting up to 2,000 businesses.
17:23, 2024/11/26
Hanoi unveils 150 most popular Vietnamese products and services for 2024
The "Most Popular Vietnamese Products" voting program is part of the city's broader efforts to encourage the consumption of local goods.
16:50, 2024/11/23
Hanoi hosts the Vietnam Regional Specialties Fair 2024
This year's fair will contribute to the promotion of trade and the expansion of typical regional products, especially agricultural and food products that meet export standards.
14:06, 2024/11/20
Hanoi strengthens export competitiveness and trade protection measures
Hanoi will work with the Ministry of Industry and Trade to ensure that businesses and manufacturers are ready for new challenges.
10:49, 2024/11/16
US reiterates Vietnam is not manipulating currency
The US Treasury Department’s positive evaluation underscores Vietnam’s progress in balancing its economic and monetary policies while fostering strong bilateral relations with the US.
- Vietnam, Brazil: Building bridges through shared history and new partnerships
- Hanoi to attract tourists by showcasing local specialties at wholesale markets
- National E-commerce Week, Vietnam Online Shopping Day 2024 set to kick off
- Vietnamese goods in rising demand among Hanoi residents
- Hanoi unveils 2024 rural industrial plans
- Hanoi advances supporting industries for hi-tech services