Vietnam-RoK businessmen association establishes chapter in Gyeonggi province

The Vietnam – Korea Businessmen and Investment Association (VKBIA) held a ceremony in Seoul on December 21 to announce a decision to establish its chapter in Gyeonggi province, a move to expand its membership and enhance Vietnam – Korea investment connectivity.

December 22, 2019 | 21:27

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vietnam rok businessmen association establishes chapter in gyeonggi province

At the event (Photo: VNA)

Speaking at the event, VKBIA Chairman Tran Hai Linh briefed VKBIA’s outstanding activities 2019, including promoting cooperation between Vietnamese and Korean firms and adopting Korean technologies in Vietnam’s agricultural products, thus bringing more Vietnamese farm produce to the Republic of Korea (RoK) and the world.

Linh expressed wish to expand its network to Asan, Daegu, Daejeon, adding that VKBIA plans to debut its chapters in the north, central and south of Vietnam in January – February 2020.

The Gyeonggi provincial chapter will be led by Phan Thi Hoa.

Investment Counsellor at the Vietnamese Embassy in the RoK Dinh Thi Tam Hien introduced the Vietnamese government’s investment incentives to foreign investors, including those from the RoK in particular.

The VKBIA was founded on September 25. It now has the Gyeonggi provincial chapter and the first chapter in the south (Busan – Cheollanamdo region) that was set up on November 21.

Vietnam and the RoK set up diplomatic ties in 1992, and the two countries upgraded the relationship to the level of “comprehensive partnership in the 21st century” in 2002 before lifting to a strategic cooperative partnership in 2009.

RoK has always taken the lead in foreign direct investment (FDI) in Vietnam and ranked second in provision of official development assistance (ODA) and third in trade and tourism cooperation with the country.

Vietnam is also the RoK’s fourth largest trading partner with two-way trade expected to hit 67 billion USD this year, making up 40 percent of total trade revenue between the ASEAN and the RoK.

During a State visit to Vietnam by President Moon Jae-in in March 2018, the two countries agreed to promote trade cooperation in an equal and sustainable manner, aiming to raise the bilateral trade to 100 billion USD in 2020.

Trade between the ten-member group and the RoK increased from 10.3 billion USD in 1990 to 160 billion USD last year./.

VNA

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