President Calls on RoK Fund to Help Vietnamese Firms Join Global Supply Chains

President Nguyen Xuan Phuc has suggested that the Korea Credit Guarantee Fund assist Vietnamese businesses to join global supply chains.
April 15, 2022 | 07:42
President Calls on RoK Fund to Help Vietnamese Firms Join Global Supply Chains
President Nguyen Xuan Phuc (right) and Chairman and CEO of Korea Credit Guarantee Fund Yoon Dae-hee. Photo: President Office

President Nguyen Xuan Phuc hosted a reception for Chairman and CEO of Korea Credit Guarantee Fund Yoon Dae-hee in Hanoi on April 14, according to Vietnamplus.

The President noted that the Republic of Korea (RoK) has been the largest investor in Vietnam, while trade between the two countries is expected to reach US$100 billion next year and US$150 billion in 2030, with RoK firms in Vietnam playing a significant role in realising the goals.

He added that the success of Korean investors is a reliable channel to promote Vietnam’s investment environment and attract more investors to the country.

Last year, the RoK was Vietnam’s second largest investor with total capital reaching $7.4 billion, a rise of 85% from 2020.

The RoK continued to be Vietnam’s second biggest development assistance supplier with a commitment of $1.5 billion in 2016-2020.

Photo: President Office
President Nguyen Xuan Phuc hosted a reception for Chairman and CEO of Korea Credit Guarantee Fund Yoon Dae-hee in Hanoi on April 14. Photo: President Office

The State leader hailed the fund’s opening of its representative office in Hanoi to support Korean firms, including small and medium-sized enterprises, in making investment, as well as its efforts to promote cooperation with Vietnamese authorised agencies in finance and credit.

He noted that only around 600 Korean investors have operated in the northern provinces of Bac Ninh, Bac Giang and Quang Ninh, far below the potential of cooperation between the two sides in the field, and suggested that the fund make surveys on economic potentials and investment opportunities in these localities, thus laying foundation for businesses from the RoK to make investment there.

He affirmed that Vietnam wants to attract not only large businesses from the RoK but also small and medium-sized ones, as they are the major force in supporting industries and the source of high technology inventions, which is in line with Vietnam’s national development direction.

For his part, Yoon Dae-hee said that right after Covid-19 was put under control, Vietnam is the first foreign country that he has visited. He thanked the Vietnamese Government for backing the fund in opening its representative office in Vietnam.

He said that the fund is the largest of its kind in the RoK, which is a favourable condition for it to support Vietnamese small and medium-sized enterprises as well as Korean businesses investing in Vietnam in credit guarantee./.

President Calls on RoK Fund to Help Vietnamese Firms Join Global Supply Chains
A production line of Nexcon Vietnam in Bac Ninh province. Photo: VNA

The Korea Credit Guarantee Fund (KODIT) was founded in 1976 by the Korea Credit Guarantee Fund Act. Its objective is to lead the balanced development of the economy by extending credit guarantees for SMEs that have future prospects but lack tangible collateral and by stimulating sound credit transactions through the efficient management of credit information.

KODIT is a public financial institution providing comprehensive support for SMEs. With its capital fund of $3.2 billion, KODIT provides 11 types of general credit guarantees and P-CBO guarantee.

RoK’s President-elect Invites the Vietnamese President to Visit in 2022

RoK’s President-elect Invites the Vietnamese President to Visit in 2022

President-elect of the Republic of Korea invited the Vietnamese leader to visit the RoK in 2022.

Vietnamese Communities in South Korea Celebrates 30th Anniversary of Bilateral Relations

Vietnamese Communities in South Korea Celebrates 30th Anniversary of Bilateral Relations

The Association of Vietnamese Communities in Korea has recently held a meeting to plan for the 30th anniversary of diplomatic relations between Vietnam and the ...

Party Chief Congratulates New RoK President, Party leader

Party Chief Congratulates New RoK President, Party leader

Party General Secretary Nguyen Phu Trong on March 12 extended his congratulatory message to President-elect of the Republic of Korea (RoK) Yoon Suk-yeol and Lee ...

Rosy Huong

Insider

UBO: Vietnam’s 2022 GDP to Expand 7% Economy

UBO: Vietnam’s 2022 GDP to Expand 7%

The United Overseas Bank (UOB) has revised up Vietnam’s 2022 GDP growth forecast to 7.0% from 6.5%, assuming no further severe domestic disruptions from Covid-19, and projected growth of around 7.6 – 7.8% in the second half of the year (H2).
07:23 | 01/07/2022
Phiên bản di động