Vietnamese firms to have more chances to increase exports to the RoK: official

Vietnamese businesses, especially those operating in technology and electronics, have many favourable conditions and big opportunities to export their products to the Republic of Korea (RoK), according to Pham Viet Tuan, First Secretary in charge of investment at the Vietnamese Embassy in the RoK.

The two countries have set a target of raising two-way trade to US$100 billion by 2023 and US$150 billion by 2030.

To that end, the RoK has affirmed its efforts to boost bilateral cooperation, address the trade imbalance by increasing the import of Vietnamese products, encourage investment and technology transfer, and intensify collaboration in science and technology.

Tuan said that 30 years after the establishment of bilateral diplomatic ties, Vietnam is currently one of the RoK’s important partners, and the two countries are looking towards the upgrade of the ties to a comprehensive strategic partnership, which will open up more opportunities for Vietnamese enterprises.

However, if Vietnam wishes to raise its position in a world power in information and communications, it is important for the country to improve its human resources, especially as the RoK is short of the workforce, he noted.

Trade value between Vietnam and the RoK recorded a nearly 160-fold rise, from US$500 million in 1992 to US$80.7 billion last year.

The RoK has for years been Vietnam’s largest investor. By the end of this year, the country’s investment in Vietnam is expected to hit US$90 billion, accounting for one-third of the capital it pours in Southeast Asia.