Vietnam expects huge investment inflows from RoK

The enforcement of the Vietnam-Republic of Korea (RoK) free trade agreement (FTA) in the near future is likely to trigger a massive influx of RoK investments into the Southeast Asian country, Korean entrepreneurs have said.

The executives from leading RoK groups doing business in Vietnam such as Doosan, CJ, Teakwang, Lotte, Posco, and Samsung had meetings with visiting Vietnamese Prime Minister Nguyen Tan Dung in Busan on December 11.

While Doosan is keen on expanding power turbine factories, Posco and Teakwang are interested in building major thermal power plants and steel refining facilities in Vietnam. Samsung pledged to complete a smartphone manufacturing complex in Thai Nguyen province in mid-2015 and create jobs for some 100,000 workers in the country.

Apart from the industrial sector, RoK entrepreneurs also proposed a number of projects relating to stem cell research, vocational training, high-quality agricultural production, construction, film production, and television and digital development.

They also expressed their willingness to take part in the equitisation of Vietnamese State-owned enterprises.

At the meetings, PM Nguyen Tan Dung welcomed the proposals, adding that RoK companies have proved their capability through profitable projects in Vietnam.

Once the bilateral FTA is signed and enforced, RoK businesses will gain more opportunities to expand their operation and reap success, he added, committing to supporting RoK projects with the best possible conditions. 

The leader also said he hopes during their operation in Vietnam, RoK firms will pay attention to applying advanced and environmentally friendly technologies, developing support industries, exporting Vietnamese goods to the RoK, as well as giving intensive training and better working and living conditions to local labourers.

On December 10, Vietnam and the RoK signed a minutes on the conclusion of negotiations of their FTA in Busan. 

Prime Minister Nguyen Tan Dung is in the RoK for a working visit and to attend the commemorative summit marking 25 years of the ASEAN-RoK dialogue partnership.-VNA

Source: http://en.vietnamplus.vn/