PM Dung holds talks with Korean businesses

(VOV) -The Government of Vietnam welcomes and creates the best possible conditions for Korean firms to expand business operation in Vietnam.

Prime Minister Nguyen Tan Dung made the commitment during talks with 40 representatives of Korean businesses in Busan on December 10 as part of his current visit to the Republic of Korea (RoK) to attend a commemorative summit marking the 25th anniversary of ASEAN-RoK Dialogue Relations at the invitation of President Park Geun-Hye.

He emphasized that Vietnam is improving its business climate on par with other ASEAN member countries to facilitate operation of foreign businesses, including those from the RoK.

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PM Dung was welcomed at Gimbae airport, Busan
on Dec. 10

At present, around 4,000 Korean firms are investing in Vietnam, which has cultural  similarity and time-honoured relations with the RoK in all fields. Particularly, Dung said, the two countries have signed strategic partnership.

Currently, the RoK is a largest foreign investor in Vietnam with total capitalization of approximately US$37 billion. The RoK is also the second largest provider of official development assistance (ODA) and the third biggest trade partner of Vietnam, with two-way trade turnover recording an annual growth of 20%, he underscored.

As scheduled, Dung said President Park Geun-Hye and himself would witness a ceremony on December 10 evening to complete negotiations on the Vietnam-RoK free trade agreement (FTA), which is expected to take effect early next year. The FTA would help boost trade, investment and tourism between the two countries, he added.

The PM appreciated Korean firms’ keen interest in the Vietnamese market and answered their questions on business opportunities in Vietnam. Regarding Busan Bank’s proposal to operate in Vietnam, Dung pledged to create favourable conditions for those from Busan to run business in the S-shaped country. “In principle, I agree to Busan Bank’s plan to open office in Vietnam. The bank will receive license to operate in Vietnam next week if it sends around 100 customers to invest in Vietnam,” he stated.

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Dung reiterated Vietnam’s policy on giving incentives to Korean businesses, especially those who operate in the fields of shipbuilding and maintenance, wastewater treatment, and clean water supply. “The Vietnamese Government is considering adjustments to regulations on international money transfer and visa exemption in order to attract more foreign investors and tourists,” he noted.

Honorary Consul General of Vietnam to the Republic of Korea’s Busan city, Park Soo Kwan, who is also leader of a big Korean footwear firm, highlighted Vietnam’s investment attraction thanks to skilled workers and simplified administrative procedures.

He revealed that around 300 businesses from Busan and Keangnam are operating in Vietnam and they are using financial services of Seoul-based banks. Therefore, he asked the Vietnam Government to allow Busan Bank to run in Vietnam in support of Busan businesses.