RoK-funded investment information project launched
VOV.VN - The Republic of Korea has pledged to provide Vietnam with US$5.5 million in non-refundable aid in order to upgrade the national investment information system.
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| At the ceremony (Photo: vietnamplus.vn) |
This commitment was made by the Republic of Korea (RoK) side at a ceremony held in Hanoi on March 28. The event marked the launch of a project dedicated to developing the National Investment Information System (NIIS) for the private sector.
Upon addressing the event, Vu Dai Thang, Deputy Minister of Planning and Investment, thanked the Korea International Cooperation Agency (KOICA) for the aid, which is expected to make significant contributions to the country’s e-Government building and administrative reforms.
In addition, the system is hoped to help increase transparency in investment procedures, thus better serving foreign investors’ operations in Vietnam.
Thang proposed that ministries, agencies, and localities closely co-ordinate with the Ministry of Planning and Investment for the sake of the effective implementation of the project.
Kim Jin Oh, KOICA Country Director for Vietnam, said that the NIIS project is one of the RoK’s top priorities given to realizing its New Southern Policy. The policy aims to dramatically improve co-operative ties with ASEAN member countries, including Vietnam - one of the RoK’s key partners.
The non-refundable aid is projected to help Vietnam create better administrative procedures for private investments and add an online consulting feature to the system, the Korean director said.
The RoK is currently Vietnam’s largest foreign direct investment partner with the total registered capital aggregating nearly US$64 billion, as well as the latter’s third largest trading partner.
Both sides are focused on lifting the bilateral trade turnover from US$65.7 billion in 2018 to US$100 billion by 2020.
Under the RoK’s cooperation strategy with Vietnam for the 2016-20 period, the RoK has given priority to boosting bilateral partnership in four fields, including transportation, public administration, health, and education.
The NIIS project is subjective to the prioritised cooperation in public administration. It looks to develop analysis tools for foreign investors seeking investment and business opportunities in Vietnam as well as local firms in search for overseas investments.
