This information was heard from Vice President of the Korea Financial Investment Association (KOFIA) Chang Soo Han when he made an evaluation of business opportunities in Vietnam at a workshop held in Seoul on December 15.
According to Mr. Chang Soo Han, the Vietnam-RoK free trade agreement, which came into effect at the end of 2015, has contributed to expanding the bilateral economic cooperation. The acceleration of equitizing State-owned enterprises in Vietnam will create brilliant opportunities for the RoK’s firms, he added.
Speaking at the conference, Vietnamese Ambassador to the RoK Pham Huu Chi said after 30 years of renovation, Vietnam has developed into a middle-income country. In the period from 2011 to 2015, Vietnam enjoyed an annual average gross domestic product (GDP) growth of about 6 percent with the following years higher than previous ones.
He said that the Vietnamese Government is exerting every effort to improve the market economy institution, legal framework, and administrative procedures as well as increase quality of human resources and infrastructure under the public-private partnership (PPP) model.
Despite global economic crisis, Vietnam has maintained its average annual economic growth of 5-6 percent. The Vietnamese Government is enacting a number of measures to attract foreign financial investment such as removing the foreign ownership limits in the stock market which have helped improve the local investment environment.
In addition, the signing of the Trans-Pacific Partnership (TPP) agreement and the engagement in the ASEAN Economic Community (AEC) has made Vietnam become a big potential investment destination, Mr. Chang Soo Han underlined.
The RoK is one of the biggest overseas investors in Vietnam with 5,656 projects worth 51.5 billion USD.
