Korean investment encouraged in Vietnam

RoK Ambassador to Vietnam Jun Dae Joo made the statement at an international workshop jointly held in Hanoi on September 12 by the Vietnamese Ministry of Planning and Investment (MPI) and the Korea International Cooperation Agency (KOICA).  

He hailed Vietnam’s administrative reform result in recent times, and said the RoK will work with other donors to reexamine development aid for Vietnam.

Participants discussed and compared the development experiences of the RoK and Vietnam and proposed measures to step up their bilateral cooperation.

MPI Deputy Minister Nguyen The Phuong noted the RoK–one of Vietnam’s largest international donors—has also been a source of technological assistance and incentive loans.

He said its increased development aid has made a significant contribution to Vietnam’s socio-economic development.

Hoang Viet Khang, Head of the MPI’s External Economics Department, said the RoK has extended Vietnam US$71 billion in preferential loans over the past two decades. The 2013 financial aid total is expected to reach US$5–6 billion.

He reported Vietnam received US$58 billion or about 72% of committed figure so far, and disbursed around US$37 billion.

KOICA Chief Representative Kim In praised the effectiveness of the RoK-Vietnam cooperative model. He said he believes Vietnam could still fine-tune its business environment and increase the efficiency of its aid spending.

The RoK is one of Vietnam’s four largest foreign investors, with total registered capital totalling nearly US$26 billion.

Two-way trade turnover hit US$21 billion last year, mostly in the processing and manufacturing industries.