Deputy Prime Minister Vuong Dinh Hue (R) and Hyundai Vice Chairman (Photo: VNA) Seoul (VNA) – Deputy Prime Minister Vuong Dinh Hue unveiledadvantages in investing in Vietnam during a meeting in Seoul, the Republic ofKorea (RoK) with local securities investors at the headquarters of the KoreaFinancial Investment Association (KOFIA) on June 20.
Hue noted that the RoK is now the biggest investor and thethird largest trade partner of Vietnam. The two countries set the goal ofraising two-way trade to 100 billion USD by 2020.
With high economic growth, low inflation, macro-economicstability, Vietnam will soon announce a foreign investment attraction strategyfor the next decade with attention paid to high and eco-friendly technology, theenvironment, health care and connectivity with Vietnamese firms, he said.
The revised Investment Law and Corporate Law will besubmitted to the National Assembly later this year while the Securities Lawwill also be considered by the legislature during the upcoming session, withamendments to policies favourable for foreign investors.
The Deputy PM announced that Vietnam will issue policies tolure more capital into the securities market, including issuinggovernment-guaranteed shares. The Hanoi Stock Exchange and Ho Chi Minh StockExchange will be merged to better facilitate transactions.
He pledged that the Vietnamese government will createfavourable conditions for RoK investors, and hope that more of them will arrivein the country.
KOFIA Chairman Kwon Yong-won said roughly 7,000 RoKcompanies are operating in Vietnam with a total registered capital of 62.2billion USD.
Last year, RoK firms poured 4.5 billion USD into Vietnamesesecurities market, more than doubling the figure in 2008. Several RoK financialcompanies are also joining in Vietnam’s infrastructure projects.
During a working session the same day with the Federation ofKorean Industries (FKI), the Vietnamese Deputy PM asked the FKI to encourageits members to invest in Vietnam in fields of battery, food processing,information technology, environment, health care, environment protection and equitisationof State-owned enterprises.
He said the Vietnamese government wants to attract more foreigninvestment in modern and eco-friendly technology in line with the country’seconomic restructuring orientations.
FKI Chairman Chang Soo-huh said Vietnam is an indispensableand important partner of the RoK in its New Southern Policy.
During his working trip to the RoK, Deputy PM Hue also receivedleaders of several banks and financial companies, and Hyundai Vietnam andSamsung Vietnam in Seoul.
Executives of Shinhan Financial Group and Alliex company expressedtheir interest in investing in intermediary and cashless payment, andpeer-to-peer lending in Vietnam.
Shinhan Chairman revealed an ambition to become the leadingfinancial group in Vietnam in the near future. Meanwhile, KDB and IBK bankswant to set up branches in the country.
The Deputy PM informed them that Vietnam plans to designateJune 16 every year as Cashless Day and has assigned agencies concerned to buildlegal framework for the use of telecom accounts for payment and develop digitalbanks.
As Vietnam is restructuring financial and banking system,the government will not license the establishment of foreign-invested banksuntil the end of 2020, Hue said, recommending that RoK banks could considerbuying restructured banks such as Ocean Bank, GP Bank and CBank or a financialcompany.
Receiving Jin Hyng-chung, Hyundai Vice Chairman in charge ofHyundai Engineering & Construction (Hyundai E & C) Company, Hue spokehighly of the group’s infrastructure projects in Vietnam and suggested thecompany should prepare documents to participate in international bidding forthe eastern section of the north – south highway.
The same day, the leader held a working session withVinacapital and several Korean enterprises about investment issues. -VNA
Hue noted that the RoK is now the biggest investor and thethird largest trade partner of Vietnam. The two countries set the goal ofraising two-way trade to 100 billion USD by 2020.
With high economic growth, low inflation, macro-economicstability, Vietnam will soon announce a foreign investment attraction strategyfor the next decade with attention paid to high and eco-friendly technology, theenvironment, health care and connectivity with Vietnamese firms, he said.
The revised Investment Law and Corporate Law will besubmitted to the National Assembly later this year while the Securities Lawwill also be considered by the legislature during the upcoming session, withamendments to policies favourable for foreign investors.
The Deputy PM announced that Vietnam will issue policies tolure more capital into the securities market, including issuinggovernment-guaranteed shares. The Hanoi Stock Exchange and Ho Chi Minh StockExchange will be merged to better facilitate transactions.
He pledged that the Vietnamese government will createfavourable conditions for RoK investors, and hope that more of them will arrivein the country.
KOFIA Chairman Kwon Yong-won said roughly 7,000 RoKcompanies are operating in Vietnam with a total registered capital of 62.2billion USD.
Last year, RoK firms poured 4.5 billion USD into Vietnamesesecurities market, more than doubling the figure in 2008. Several RoK financialcompanies are also joining in Vietnam’s infrastructure projects.
During a working session the same day with the Federation ofKorean Industries (FKI), the Vietnamese Deputy PM asked the FKI to encourageits members to invest in Vietnam in fields of battery, food processing,information technology, environment, health care, environment protection and equitisationof State-owned enterprises.
He said the Vietnamese government wants to attract more foreigninvestment in modern and eco-friendly technology in line with the country’seconomic restructuring orientations.
FKI Chairman Chang Soo-huh said Vietnam is an indispensableand important partner of the RoK in its New Southern Policy.
During his working trip to the RoK, Deputy PM Hue also receivedleaders of several banks and financial companies, and Hyundai Vietnam andSamsung Vietnam in Seoul.
Executives of Shinhan Financial Group and Alliex company expressedtheir interest in investing in intermediary and cashless payment, andpeer-to-peer lending in Vietnam.
Shinhan Chairman revealed an ambition to become the leadingfinancial group in Vietnam in the near future. Meanwhile, KDB and IBK bankswant to set up branches in the country.
The Deputy PM informed them that Vietnam plans to designateJune 16 every year as Cashless Day and has assigned agencies concerned to buildlegal framework for the use of telecom accounts for payment and develop digitalbanks.
As Vietnam is restructuring financial and banking system,the government will not license the establishment of foreign-invested banksuntil the end of 2020, Hue said, recommending that RoK banks could considerbuying restructured banks such as Ocean Bank, GP Bank and CBank or a financialcompany.
Receiving Jin Hyng-chung, Hyundai Vice Chairman in charge ofHyundai Engineering & Construction (Hyundai E & C) Company, Hue spokehighly of the group’s infrastructure projects in Vietnam and suggested thecompany should prepare documents to participate in international bidding forthe eastern section of the north – south highway.
The same day, the leader held a working session withVinacapital and several Korean enterprises about investment issues. -VNA
VNA
