Hanoi (VNA) - Vietnam encouragesbusinesses from the Republic of Korea (RoK) to make investment in specialized industrialparks targeting Korean firms and Vietnamese small- and medium-sizedenterprises.

Deputy Prime Minister Vuong Dinh Hue made the callwhile receiving Chairman of the Korea Federation of Small and MediumEnterprises (KBIZ) Kim Ki-mun in Hanoi on September 5.

He asked the KBIZ to work with Vietnam’s Ministryof Planning and Investment and concerned localities to select locations andmethods to implement such projects.

The Deputy PM also proposed the KBIZ helpVietnam to improve skills for local workers.

He said the RoK is one of the biggest foreign investorin Vietnam with total registered capital of 65 billion USD. Two-way trade reached 64 billion USD in 2018, and isexpected to hit 100 billion USD by 2020, he noted.

Deputy PM Hue informed his guest that thePolitburo of the Communist Party of Vietnam had issued Resolution 50-NQ/TW mappingout orientations to improve the country’ institutional system and policies toincrease the quality of foreign investment cooperation through 2030. He added thatthe Government will have an action plan to implement the resolution for thenext 10 years.

The Government will continue to attract foreigninvestment and offer high incentive mechanisms for projects using modern andenvironmentally-friendly technology, and investors with good management skillsand willing to connect with domesticbusinesses, he revealed.

He added that the Government will submit therevised Law on Investment to the National Assembly at the legislature’supcoming session in October 2019, focusing on improving policies to attractFDI, protect investment, strengthen State management, promote foreigninvestment and international integration.

Kim Ki-mun said the RoK’s Government isconducting the construction of RoK industrial parks in other countries based onits New Southern Policy.

Besides Myanmar, Vietnam is a destination thatKorean firms want to invest in building such industrial parks, he said.

Noting that some 47,000 Vietnamese workers areworking in the RoK, Kim said Vietnamese workers need to further improve theirskills. He also asked the Vietnamese Government to relax rules on overtimeworking hours to meet the needs and interests of both employers and workers.

Deputy PM Hue said the Vietnamese Government hasproposed the National Assembly consider extending overtime working hours forsome industries such as garment-textile, footwear, and processing seasonalagricultural products as well as raise the retirement age of both male andfemale employees.-VNA