RoK and UK business associations support consumption of Vietnamese goods abroad

The signing ceremony was held  virtually on October 18 in order to clearly demonstrate the companionship of overseas Vietnamese entrepreneurs and intellectuals towards the nation, whilst also celebrating the 17th anniversary of Vietnamese Entrepreneurs' Day on October 13.

This therefore represents an opportunity for foreign entrepreneurs and businesses who are co-operating, investing, and doing business in the nation, the Republic of Korea and the UK to exchange their experience and promote business co-operation across a variety of fields.

Tran Hai Linh, member of the Central Committee of the Vietnam Fatherland Front, and VKBIA shared, “It has been 29 years since the establishment of diplomatic relations. In 1992, the relationship between Vietnam and the Republic of Korea has seen strong developments in multiple fields such as politics, national defence, security, economy, science and technology, culture, tourism and, people-to-people exchange.

Regarding economic co-operation, on the basis of the Vietnam-Korea Free Trade Agreement (VKFTA), which took effect in 2015, the two sides need to further expand trade and investment activities, striving to increase trade turnover to US$100 billion,” Linh stated.

Along with boosting trade balance through the RoK’s increased import of key local products, the nation desires for the RoK to continue encouraging their businesses to invest in the Southeast Asian nation, thereby creating opportunities for Vietnamese enterprises to engage in the global production and supply chain.

According to Hoang Viet Phuong, chairman of the VBUK, bilateral trade between country and the UK has surged by approximately 10 times, from between US$600 million and US$700 million in 2007 to US$6.5 billion at present.

During 15 years of operation, the VBUK has succeeded in connecting the business community in the country  with that of the UK, whilst simultaneously supporting many businesses in both the UK and Europe to associate and enter into joint ventures alongside other domestic businesses.

The VBUK Executive Board for the 2021 to 2026 term has set a target of expanding and developing the connection between the local business community in the UK and Vietnamese businesses both at home and abroad. This is being done to promote trade between the Vietnamese business community around the world and develop the community moving forward.

 Speaking at the signing ceremony, Kim Seok-pil, vice president of the VKBIA Association and former General Director - CEO of Samsung Group in Europe, said that VKBIA will co-ordinate efforts to ramp up co-operation between Vietnamese and Korean partners, as well as those in other nations.

The two sides will also strive to redouble efforts to boost all-around activites in seeking multilateral co-operation opportunities in Vietnam, the RoK, and the UK. This will be done through connecting networks of overseas businesses and entrepreneurs, agencies, and organisations of numerous countries, whilst increasing the use of partner networks in accessing different markets with specific objectives, he said.

Simon Jeong, vice chairman of the VKBIA Association, expressed his belief that in the near future, VKBIA and VBUK will launch a range of practical activities as a means of supporting Vietnamese businesses and localities. These efforts will help them to boost trade exchanges with agencies and relevant partners of the three nations and other countries.