Sunday, January 19, 2020 8:36:28 AM - Markets open
VN-INDEX 978.96 +4.65/+0.48%
HNX-INDEX 103.88 -0.43/-0.42%
UPCOM-INDEX 55.41 -0.04/-0.07%
VN, South Korea trade, investment ties on strong footing: seminar
Vietnam News - 7/17/2019 1:04:44 PM
 (0 ratings. You must sign in to rate.)
South Korea has increased investment in Việt Nam in the last few years, and this trend is expected to continue, a seminar heard in HCM City on Tuesday.
Nguyễn Thị Huyền Ngọc, head of the investment promotion division at the Investment Promotion Centre in the south, said South Korea had been the biggest foreign investor in Việt Nam for many years, investing over US$64.5 billion mainly in manufacturing (74.1 per cent), real estate (13.3 per cent) and construction (4.3 per cent).
With its stable political situation, rapid economic growth, clear and transparent investment policies, large workforce, improved infrastructure, and regional and global economic integration, Việt Nam is an attractive investment destination, including for Korea, according to Ngọc.
Its ceiling income tax rate of 20 per cent is equal to or lower than that of other Southeast Asian countries, except Singapore, which is also an important factor.
Kim Hyung-Joo of the South Korean Ministry of Trade, Industry and Energy said more than 6,200 Korean firms had invested in Việt Nam and the number would increase in future.
Korea is now Việt Nam's fourth largest trade partner and largest foreign investor after their trade expanded rapidly over the years.
“Việt Nam is an important investment and trade partner for South Korea, especially in our New Southern Policy that is based on the '3Ps' of People, Peace and Prosperity.”
Since establishing diplomatic ties in 1992 the two countries had developed close ties, with trade going up from just $500 million in 1992 to $68.3 billion last year, he said.
The Việt Nam-Korea Free Trade Agreement that took effect in 2015 had contributed greatly to boosting investment and trade ties between the two sides, he said.
His ministry had inaugurated the VKFTA Support Centre in Hà Nội and HCM City to enable businesses from the two countries to make use of the FTA, he said.
Choi Dae-Kyoo, certified customs consultant at Shinhan Customs Service Inc, said Việt Nam had two trade deals with Korea, the ASEAN-Korea FTA and the VKFTA, and trading companies could choose either.
However, businesses must make good preparations to better utilise FTAs, he said.
The seminar also spoke about the opportunities and challenges from the EU-Việt Nam FTA and the Comprehensive, Progressive Agreement for Trans-Pacific Partnership, and the US-China trade war.
Ngọc spoke about investment procedures in Việt Nam, tax breaks offered to priority sectors and projects for which investment is solicited. — VNS
Read original article here
Newer News
17/01 Việt Nam increases coal, ore and mineral imports from Australia
12/01 PM orders faster disbursement of public funds
08/01 Vietnam’s GDP to ease slightly in 2020: Fitch Solutions
04/01 Pork prices put pressure on CPI in 2020: experts
04/01 Origin fraud hurt Vietnamese steel in the long run
04/01 Domestic cybersecurity products on the rise
01/01 VN to evaluate business reform results
30/12 Economic milestones of Vietnam in 2019
29/12 Investment in agricultural sector remains modest
28/12 Tây Ninh promotes safe agricultural products, foodstuff in HCM City
Older News
13/07 Japanese multi-sector group to expand operation in Vietnam
12/07 CPTPP boosts export opportunities in Japan
11/07 Việt Nam’s forestry sector targets US$11 billion in export
10/07 MoIT tightens supervision to avoid trade sanctions
05/07 Investment promotion conference held in London
04/07 Deputy PM requests control of CPI
03/07 CPTPP opens up opportunities for agricultural products
02/07 Dialogue spotlights EU-Vietnam free trade, investment protection pacts
01/07 More chances for stronger Vietnam-Canada investment ties
30/06 CPTPP gives Vietnamese firms a chance to invest in Canada
Newsletter Signup
Top Stories
Reference exchange rate up 1 VND on January 17
Reference exchange rate up 1 VND on January 15
Reference exchange rate up 8 VND on January 9
Vietnam’s GDP to ease slightly in 2020: Fitch Solutions
Reference exchange rate down at week’s beginning
Market Update
Last updated at 3:10:01 PM
VN-INDEX 978.96 +4.65/+0.48%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.