South Korean companies seek greater cooperation and investment opportunities in Hanoi, according to Park Jae Hyun, director general of South Korea’s Global Management Research Institute (GMRI), in Hanoi.
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Park made the statement in a meeting between GMRI and a delegation of 26 South Korean companies with Hanoi’s Planning and Investment Department on July 2.
Truong Viet Dung, vice director of the municipal department, expected South Korean businesses in Hanoi to continue promoting capital inflow from South Korea to Hanoi, contributing to the capital’s further economic development.
Hanoi is committed to supporting foreign investors, including those from South Korean, to do business in the city, Dung said.
According to Dung, Hanoi has maintained high economic growth of 7.4% in the 2011 – 2018 period.
For the first time since the launch of the provincial competitiveness (PCI) index report in 2005, Hanoi has been ranked among the top 10 nationwide in 2018, claiming the 9th rank out of 63 provinces and cities with a score of 65.40.
In the 2016 – 2018 period, Hanoi attracted US$14.05 billion in FDI, and US$5.03 billion in the first six months of 2019, ranking as the top investment destination in Vietnam.
In addition to the recent signing of the EU – Vietnam Free Trade Agreement (EVFTA), Vietnam has participated in 12 other free trade agreements (FTA), including the Vietnam – South Korea Free Trade Agreement (VKFTA), laying strong foundation for foreign companies to invest in the country.
The relations between Hanoi and South Korea have been growing strongly over the past few years, particularly in trade and investment.
South Korea is currently the third largest investor in Hanoi with registered capital of nearly US$5.6 billion.
Meanwhile, Hanoi’s export turnover to South Korea in the first five months this year reached US$228 million, accounting for 3.9% of the city’s total exports, while importing goods worth US$978 million from South Korea, or 7.5% of the total.
