Permanent Deputy Prime Minister Truong Hoa Binh toured the Hwanghae Free Economic Zone (FEZ) on November 19, as part of his ongoing official visit to the Republic of Korea (ROK).

Addressing a working session with the leaders of the Hwanghae FEZ, the deputy PM spoke highly of the rapid and effective growth in the trade relations between Vietnam and the ROK, with a lot of significant achievements having been recorded, especially since the signing of the Vietnam-ROK Free Trade Agreement in 2014.

He expressed his admiration for the ROK’s superior economic development over the past few years, which, he said, has made the East Asian country a “dragon” in Asia, particularly in the construction of FEZs aiming to attract foreign investment.

Deputy PM Truong Hoa Binh speaks at the working session.

At present, Vietnam is also piloting the establishment of special administrative and economic zones, Binh said, stating that, via researching the model of the Hwanghae FEZ, Vietnam will gain further experience during the implementation process within the country.

At the meeting, representatives from Vietnamese ministries and sectors discussed many issues related to the current organisational and operational structure of the Hwanghae FEZ.

Representatives from the Hwanghae FEZ exchanged their views with the Vietnamese delegation on a number of issues. The ROK Government has identified Hwanghae as a general free economic development zone that enjoys different regulations from other zones in the ROK, including tax exemptions and financial support, aimed at attracting foreign investment.

Since November 2014, the ROK has surpassed Japan to become the largest foreign investor in Vietnam and has been operating more than 6.320 projects in the Southeast Asian country with a total registered capital of US$55.8 billion.

The ROK is currently the third largest trade partner of Vietnam, while Vietnam is the fourth largest trade partner of the East Asian nation./.

( VNF/NDO )