At the confernce on the expansion of investment between the RoK and central localities of Vietnam. (Photo: VNA) Addressing the event, the RoK’s Consul General in Da Nang KangBoo-sung noted that since Vietnam and the RoK established diplomaticrelations in 1992, their partnership has developed strongly in a variety of fields, especially in the economy.
Two-way traderose 160 times in the past 30 years to 81.1 billion USD in 2022, said thediplomat, adding that the two sides are currently each other’s third largesttrade partner.
Kang held that positive economic cooperation is a premisefor the two sides to promote their ties to a comprehensive strategicpartnership in 2022.
Particularly, about 8,000 Korean firms are operating inVietnam, mostly in the northern and southern region. However, thanks to attractiveinvestment attraction policies of central localities, 250 Korean firms have so far invested in the central region of Vietnam, he noted.
Kang said that the Consulate General of the RoK in Da Nangwill work closely with regional localities to support Korean firms during theiroperation in the region, while helping deepen the economic partnership betweenthe RoK and Vietnam’s central region.
Standing Vice Chairman of the People’s Committee of Da NangHo Ky Minh introduced the investment environment in Da Nang and centrallocalities of Vietnam, as well as incentives in tax, land rent, labour andequipment that the localities are offering to foreign investors, along withtheir efforts to reform administrative procedures to provide optimal support toinvestors.
Da Nang is home to 1,016 FDI projects worth 4.2 billion USD,including 268 Korean-funded projects with a combined capital of over 362million USD, making the RoK the fifth largest among 45 countries andterritories investing in the central city.
A representative of neighbouring Quang Ngai province, which is home to 15projects invested by Korean firms with a total investment of over 360 millionUSD, said that Quang Ngai hopes to set up twinning relations with Koreanlocalities, and strengthen exports to the RoK, and promote cooperation with thecountry in labour.
Leaders of central localities also pledged to provide bestconditions for foreign investors to secure long-term operations and healthilycompete with other economic sectors for common benefits./.
VNA
