HCM City helping RoK businesses to tackle difficulties

Chairman of the municipal People’s Committee Nguyen Thanh Phong told the dialogue that since diplomatic ties were set up in 1992, Vietnam and the RoK have seen rapid development in bilateral relations, becoming strategic cooperative partners in 2009.

Economic cooperation has always been an important pillar in the bilateral relations, and the RoK has been a key economic partner of Vietnam for many years.

As of the end of 2020, the RoK had over 8,900 valid investment projects in Vietnam totalling US$70.65 billion, ranking it first among 139 countries and territories investing in the country, in terms of both capital and project numbers.

Last year, the RoK was Vietnam’s third-largest trading partner, with two-way trade hitting US$66 billion.

For HCM City, the RoK was the fifth-largest export market and third-largest import market, with turnover reaching US$1.8 billion and US$2.8 billion, respectively.

In the first two months of 2021, the city and the RoK saw two-way export and import value of US$366 million and US$701 million, up 30.3% and 47.3% year-on-year, respectively.

Addressing the dialogue via videoconference from Hanoi, RoK Ambassador to Vietnam Park Noh-wan said his country’s enterprises always pay attention to and hope to participate in large-scale infrastructure projects, such as the city’s smart city planning and the Long Thanh International Airport project.

Kim Heung Soo, President of the Korean Business Association in Vietnam, proposed simplifying and improving administrative procedures related to foreign investment.

Simplifying administrative procedures can help reduce time and costs for businesses, thus contributing to directly increasing business competitiveness, improving the city’s business and investment environment and attracting more foreign investment, Kim said.

Phong requested local departments and sectors collect ideas and recommendations from RoK for submission to higher levels for settlement.