Vietnam is an attractive destination for investment, with many companies from the Republic of Korea (RoK) planning to invest in the country, said Hong Sun, General Secretary of RoK Business Association in Vietnam.
Hanoi (VNA) – Vietnam is an attractive destination for investment, with manycompanies from the Republic of Korea (RoK) planning to invest in the country,said Hong Sun, General Secretary of RoK Business Association in Vietnam. Ina talk with the Dau Tu (Investment) newspaper, Hong Sun said he believed thatthe surge of investment from the RoK will continue as several companies want toexpand their operation in Vietnam to meet the increasing demand of majorindustrial groups already operating in the country, particularly Samsung andLG. Henoted that major industrial groups, including Samsung, LG, Posco, Lotte, CJ andDaesang Corp, are also planning to expand their businesses in Vietnam. Accordingto the businessman, the trend is attributable to positive impacts of the Vietnam-KoreaFree Trade Agreement (VKFTA) which came into force in late 2015 and theestablishment of a centre to support the deal in March of the following year. Hepointed to the fact that while the VKFTA facilitates investment in variousfields, current Korean-invested projectsin Vietnam mainly focus on the processing industry, industrial production, realestate and construction. Withthe VKFTA’s plan to lower taxes along with Vietnam’s preferential policies, thecountry’s energy sector would be able to attract more RoK investors, he said. TheRoK was the leading foreign investor in Vietnam in the first three quarters of2016 and Vietnam is currently the fourth largest foreign investment partner ofthe RoK. Accordingto Hong Sun, besides geographical advantages, Vietnam boasts a youngpopulation, hardworking labourers and stable economic development. Vietnam is amarket where businesses of the RoK can flourish because of similarcharacteristics in culture and education of the two countries. Vietnamesepeople also have high demand for products from the RoK. However,inconsistent policies and complicated administrative procedures in Vietnam posedifficulties for foreign investment. Therefore, the Vietnamese Governmentshould promote economic reform and improve the investment environment, he said.-VNA
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