Ho Chi Minh City, RoK’s Daegu enhance trade and investment cooperation

Monday, 2017-11-13 09:48:57
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Vice Chairman of Ho Chi Minh City People’s Committee Le Thanh Liem speaking at the forum (Credit: thanhuytphcm.vn)
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NDO – Ho Chi Minh City and Daegu city from the Republic of Korea (RoK) have great potential for enhancing the trade and investment cooperation in the coming time.

The statement was made by Vice Chairman of Ho Chi Minh City People’s Committee Le Thanh Liem at the ‘Ho Chi Minh City – Daegu Business Forum’ held in the City on November 13.

Speaking at the forum, he emphasised that the strategic partnership between Vietnam and the RoK has strongly developed in many fields. The RoK is currently the largest foreign investor and one of three largest trading partners of Vietnam.

The Vice Chairman also noted that on the basis of the Vietnam – RoK free trade agreement, Vietnam will remove tariffs on imported products from the RoK in the near future, products such as raw materials and components, as well as reduce taxes for some consumer goods including small household appliances and cosmetics, helping RoK products enter Vietnamese markets.

In contrast, Vietnam will have more opportunities to expand the exports of key products, including agricultural products, seafood, textile and garment, to the RoK market, he added. The two sides’ efforts to boost the economic and trade cooperation will significantly contribute to achieving the goal of bringing Vietnam – RoK bilateral turnover to US$70 billion by 2020.

Regarding local cooperation, Vice Chairman Liem affirmed that the economic cooperation between Ho Chi Minh City and the RoK has brought positive results. The RoK has over 1,400 investment projects to the City, with total capital of over US$4.6 billion.

Ho Chi Minh City and Daegu city signed a partnership programme in 2015 and have effectively boosted business links, trade promotion and investment through business forums held in both localities.

According to Kwon Young Jin, Mayor of Daegu, a direct air route connecting Daegu with Ho Chi Minh City will soon be launched, contributing to strengthening the trade and investment cooperation between the two cities.

He also said that Daegu Chamber of Commerce and Industry and banks will open their branches and representative offices in Ho Chi Minh City.

Introducing investment and business environment in Ho Chi Minh City, Director of the Centre for Trade Promotion and Investment Pham Thiet Hoa emphasised that the City is the largest economic and financial centre in Vientnam and one of the most dynamic cities in ASEAN.

The City is committed to enhance the administrative reform, simplify and publicise procedures for foreign investors, creating favourable condition for the RoK enterprises, particularly from Daegu city.