Vietnam and Korea sign 16 agreements worth $15 billion

16 memoranda of understanding (MoU) on corporation and investment agreements worth $15 billion were signed in the framework of the Vietnam – Korea Business Forum on December 6.

 

The forum was organised as part of the official visit of President Nguyen Xuan Phuc to South Korea. Ministries, related authorities and localities of the two countries also signed eight MoU on promoting bilateral co-operation.

The event attracted over 500 representatives of businesses from the two countries, including Korean enterprises operating in infrastructure, electronics, finance, transport, and education that expressed their interest in the Vietnamese market.

Along with these sectors, permanent deputy prime minister Pham Binh Minh encouraged Korean firms to expand investment in Vietnam in digital technology, electronics, infrastructure, and industrial zones.

Previously on December 5, President Phuc received representatives of large enterprises from South Korea, such as LG, Samsung, CJ, Lotte, Hyundai Motor, and Daewoo E&C. Many of them committed to investing additional billions of dollars in Vietnam.

Regarding Vietnamese businesses, they also prepared “solid nests” to welcome these large groups.

Dang Thanh Tam, chairman of KinhBac City Development Holding Corporation (KBC), who participated in the delegation of businesses visiting Korea on this occasion, said that KBC completed the land clearance and compensation for the 300-hectare land plots in Trang Due Industrial Zone of Haiphong to welcome LG’s expansion and its satellite firms.

In the first eleven months of this year, Korea ranked third for investing in Vietnam with above $4.1 billion, accounting for 16.4 per cent of the total investment capital inflow to the country. Notably, there were 375 newly-registered projects worth $930.7 million, 330 existing projects with added capital worth 2.73 billion, and 1,124 projects of paid-in capital worth $456.4 million.

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