Vietnamese and RoK businesses seek measures to stay firm

Vietnamese businesses and their partners from the Republic of Korea (RoK) met in Ho Chi Minh City on April 8 to discuss measures to prevent economic slowdown.

The aim was to share experiences with foreign businesses operating in industrial and processing zones to deal with difficulties arising from the current global economic recession.

The head of the management board of HCM City’s industrial and processing zones, Vu Van Hoa, who is also chairman of the Vietnam-RoK Friendship Association chapter in HCM City, confirmed the determination of the State and the city to apply incentive policies for foreign investors in Vietnam concerning recruitment of workers, tax reductions and subsidised interest rates. He also suggested that RoK businesses should hold talks with their workers, adhere to labour laws, and ensure social insurance for workers.

During the event, RoK businesses expressed concern about Vietnam’s customs procedures, labour law and technical infrastructure, such as the internet and telephone networks. Most of them were optimistic about their long-term business operations in Vietnam as they would maintain their current full-time staff in the country.

At present, RoK companies in HCM City employ more than 30,000 workers and have invested nearly US$120 million. Over the past 20 years, the total investment made by RoK businesses in Vietnam has reached US$12.3 billion.

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