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South Korea trade to top $10 billion
Bilateral trade between Viet Nam and Korea could top US$10 billion this year, Ju-Tae Lee, chairman of the Korea Importers Association (KOIMA) told a business matching event in HCM City on Tuesday.
The event was attended by a delegation of 20 leading South Korean companies which is visiting Viet Nam to seek business opportunities. They operate in construction materials and machinery, telecom, electronics, agriculture, and other sectors.
Since establishing diplomatic ties in 1992, the two countries have developed co-operation in many fields like trade, investment, culture and education, Ju-Tae said.
After Viet Nam joined the World Trade Org-anisation and the Free Trade Agreement between ASEAN and Korea came into effect in 2007, the two countries posted rises in bilateral trade of over 40 per cent in 2007, 2008 and 2009, from $7.2 billion in 2008 to $9.5 billion last year, he said.
Both governments target bilateral trade turnover of $20 billion in 2015, he added. Kim Sang Yoon, Korean Consul General in HCM City, said with more than 2,495 projects worth a total registered capital of $22.4 billion, South Korea is Viet Nam's second largest foreign investor.
There are more than 1,400 Korean enterprises operating in HCM City and neighbouring provinces, employing more than 250,000 local labourers, he said.
The event will be a bridge for businesses from both countries to meet, and find partners to boost trade and investment co-operation, he said.
Ju-Tae said the two countries are currently discussing the signing of a Free Trade Agreement, hopefully this year. Bilateral trade then is expected to increase strongly, he said.
Bui Thi Thanh An, a representative of the Viet Nam Trade Promotion Agency in HCM City, said South Korea is an important trade and investment partner of Viet Nam.
Viet Nam exports crude oil, processed seafood, coffee, rubber, garments, electronic components, furniture, footwear, steel and coal to South Korea.
It imports garments and textiles, machinery and equipment, automobile, petrol products, and others.
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