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     Aug 20, 2005
Korean eye on Vietnam

HANOI - Over 200 Korean businesses attended a seminar on investing in Vietnam, which was held in Pusan, South Korea, on August 18, by the Ministry of Planning and Investment, the Korea Foreign Trade Promotion Agency and the Vietnamese Embassy in South Korea.

Addressing the seminar, Deputy Minister of Planning and Investment Nguyen Ngoc Phuc affirmed that because it has much potential and an open policy to attract investment, Vietnam has become a promising destination for foreign investors, including those from South Korea.

The participants said they are very interested in Vietnam's market, particularly because Vietnam is to join the World Trade Organization (WTO) and the ASEAN-China Free Trade Area in the near future.

Having a total population of more than 80 million people, Vietnam is an attractive market, said South Korean entrepreneurs. Products made in Vietnam can be exported to a third country.

In an interview with a Vietnam News Agency correspondent in Seoul, Phuc noted that South Korean companies can comply with Vietnam's requirements for investment. South Korea has many advantages in technology, markets and experiences in mechanical engineering, electronics, food, agriculture and aquaculture, he said.

South Korea is a major trading partner for Vietnam, and bilateral trade reached more than US$3.9 billion in 2004.

Currently, South Korea has 943 valid projects in Vietnam with a total investment capital of over $4.8 billion, ranking fourth among countries and territories investing in the country. South Korea has also granted aid and preferential loans to Vietnam to help upgrade infrastructure facilities, transport, education and training establishments.

(Asia Pulse/VNA)



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