Thursday, August 23, 2007

Korea to maintain investor leadership position in Vietnam

RoK to keep position as first foreign investor in Vietnam

VNECONOMY updated: 22/08/2007

The current trend of investment from the Republic of Korea (RoK) into Viet Nam will continue in the future, ensuring the RoK remains Viet Nam’s leading foreign direct investor.

The remark was made by Choe Hyoung-Chan, Economic Counsellor at the RoK Embassy in Viet Nam on the sidelines of the “International Symposium on the history of Korean-Vietnamese relations,” the first of its kind, in Ha Noi on August 20.

According to the official, with over US$2.4 billion of direct investment capital in 2006, the RoK has overcome many countries and territories to become No.1 foreign investor in Viet Nam.

The RoK’s investment focuses on many areas, including textile and garment, shoe leather, electronics, apartment buildings and infrastructure. Projects developing apartment buildings and infrastructure construction have made an important contribution to increasing investment from the country.

Choe Hyoung-Chan told a reporter from Viet Nam news agency that he saw no obstacle that would change this trend in the near future. So the RoK will certainly hold onto the top place among foreign investors in Viet Nam, he stressed.

During the symposium, the official commented that the RoK and Viet Nam have a lot in common, especially in term of history and culture, which are “the most important factor for the development of relations between the two countries.”

“The similarities make Koreans, who are living in Viet Nam, feel as comfortable as in their home country,” said the official, adding that this is one of the reasons explaining why there are more and more RoK enterprises coming to the Southeast Asian country, “the best destination” for their investments, he noted.

According to statistics from the Ministry of Planning and Investment, investment capital from the RoK businesses into Viet Nam has continued to grow. By July 2007, the total direct investment from the RoK reached over US$10.3 billion.