Investment in Vietnam accounted for 17.7% of South Korea’s overseas financing in 2017, compared to 3.7% in 1990.
More South Korean manufacturers have poured money into Vietnam and many of them have shifted their investment to the Southeast Asian country from China, Vietnam News reported.
In 2017, South Korean small and medium manufacturers invested a total of US$720 million in Vietnam, compared to US$430 million in China, the Federation of Korean Industries (FKI) said in a report released on November 22.
Investment in Vietnam accounted for 17.7% of South Korea’s overseas financing in 2017, compared to 3.7% in 1990. Meanwhile, the ratio in China fell to 27.6% in 2017 from 44.5% in 2000s, the report showed.
The FKI attributed the increasing investment in Vietnam to better business environment and favorable policies. Vietnam has offered tax exemption to foreign invested enterprises working in hi-tech sectors and removed foreign investment limits.
Whereas, China has imposed a corporate tax of 25% on both domestic and foreign companies since 2008, applied a wide range of items banned from being manufactured, and hiked salaries.
Foreign direct investment from South Korea in Vietnam reached US$8.49 billion in 2017, making the Northeast Asian country the second largest investor in the latter, only behind Japan with US$9.11 billion, according to the Vietnamese investment ministry.
A trade promotion conference between Vietnam and South Korea. Photo: Internet
|
Investment in Vietnam accounted for 17.7% of South Korea’s overseas financing in 2017, compared to 3.7% in 1990. Meanwhile, the ratio in China fell to 27.6% in 2017 from 44.5% in 2000s, the report showed.
The FKI attributed the increasing investment in Vietnam to better business environment and favorable policies. Vietnam has offered tax exemption to foreign invested enterprises working in hi-tech sectors and removed foreign investment limits.
Whereas, China has imposed a corporate tax of 25% on both domestic and foreign companies since 2008, applied a wide range of items banned from being manufactured, and hiked salaries.
Foreign direct investment from South Korea in Vietnam reached US$8.49 billion in 2017, making the Northeast Asian country the second largest investor in the latter, only behind Japan with US$9.11 billion, according to the Vietnamese investment ministry.
Trending
-
Vietnam's tourism sees 58.2% increase in int’l visitors
-
Vietnamese people flock to Dien Bien Phu to commemorate resounding victory
-
Art exhibition combining tradition and modernity
-
Hanoi strives to ensure smooth high school exams
-
Carnaval Ha Long 2024 woos tourists with fireworks and drone light shows
-
Affordable, quality tours offered at Hanoi Tourism Festival 2024
-
Introduction of community tourism area in Hanoi herb kingdom
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
IT training urged to focus on semiconductors