More RoK businesses eye Vietnam’s market
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Vietnam is a new phenomenon in economic development in the world and it is a potential market for RoK businesses, affirmed a representative of the Korea Importers Association (KOIMA).
KOIMA President Ju Tea Lee made the remark at a Vietnam-RoK trade seminar in Hanoi on Monday, which was attended by 24 businesses from the RoK.
The businesses, which operate in garment and textiles, furniture, fashion accessories and construction materials came to Vietnam to seek business opportunities, reflecting their interest in Vietnam’s market, he said.
Ju Tea Lee spoke highly of bilateral trade cooperation since both countries set up their diplomatic ties in 1992. Two-way trade rose from US$2 billion in 2000 to $9 billion in 2008 and the figure is expected to hit a record $12 billion this year.
According to Deputy Head of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Department Do Xuan Ha, the Republic of Korea now ranks fourth among Vietnam’s 10 most important trade partners after China, the US and Japan.
By the end of October this year, the RoK became the biggest foreign investor in Vietnam with 2,605 investment projects capitalized at $22.9 billion.
At the seminar, Deputy Head of the MoIT’s Asia-Pacific Department Chu Thang Trung asked the RoK to recognize Vietnam’s quarantine results in farm produce and allow RoK businesses to import Vietnam’s fruits such as dragon fruits, longans and mangoes. He also suggested more seminars and contacts among the two countries’ businesses.
KOIMA and the Vietnam National Vegetable, Fruit and Agricultural Product Corporation signed a farm produce export agreement at the seminar.
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