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Vietnam Food-Processing-Industry Trade and Investment Promotion Delegation Visit to Korea in 2016

VIETRADE - Established by the Governments of ASEAN country members and Korea, ASEAN-Korea Center (AKC) aims to strengthen trade, investment, tourism and culture promotion activities between these countries. The Government of Vietnam assigns Vietnam Ministry of Industry and Trade (MoIT) to be the national focal point to coordinate with relevant ministries to join AKC activities, and Vietnam Trade Promotion Agency, on behalf of MoIT, is the focal agency to implement related activities.

 

Within the framework of 2016 cooperation program, Vietnam Trade Promotion Agency (VIETRADE) together with ASEAN-Korea Center, Vietnam Trade Office in Korea and other relevant ministries have co-organized an Investment and Trade Promotion Delegation visit to Korea, led by Mr. Ta Hoang Linh, Deputy Director General of VIETRADE, from May 30th to June 3rd, 2016. The delegation includes 38 representatives from Vietnam Ministry of Planning and Investment (MPI), and Ministry of Agriculture and Rural Development (MARD), Vice Chairman of Vinh Long Provincial People’s Committee (PPC) - Mr. Tran Hoang Tuu, Vice Chairman of An Giang Provincial People’s Committee - Mr. Lam Quang Thi, and leaders from other departments and sectors: Department of Industry and Trade, Department of Planning and Investment and industrial zone management boards, etc., as well as enterprises of 4 provinces who are looking for investment partners in food and beverage industry.

 

During this visit, a conference “Investment and Business Environment of Food and Beverage Industry in Vietnam” was held in the morning of June 1st, with the participation of Mr. Tran Anh Vu – Deputy Ambassador of Vietnam to Korea and Mr. Kim Ki-Hong – Deputy Secretary General of AKC. The conference witnessed the presence of more than 100 Korean enterprises working in the food processing industry. At the conference, experts from Vietnam MoIT, MPI and MARD introduced to Korean investors and enterprises about the investment environment and encouraging policies to attract investments and investment opportunities in food processing industry in Vietnam, meanwhile called for Korean investments in Vietnamese potential projects. In addition, a number of speeches covering different topics were also presented, including speeches by An Giang and Vinh Long representatives to introduce the provinces’ investment potentials and preferential policies, a speech on legal regulation regarding investment in the form of mergers and acquisitions (M&A) by Logos Law company’s representative, and a speech sharing investment experience in Vietnam by the representative of Korean CJ Group – who has invested US$400 million in Vietnam since 2011. Particularly, by the end of 2015, the business size of CJ Group has expanded 2.6 times, with total revenue of US$620 million.

In the conference, a Memorandum of Understanding (MoU) on trade promotion was signed by VIETRADE and the post-FTA business support agency under the Korea Ministry of Trade, Industry and Energy (MOTIE) to support enterprises in the implementation of Vietnam-Korea FTA. The signing ceremony was attended and witnessed by leaders of Vietnam Trade Promotion Agency, Korea post-FTA business support agency, ASEAN-Korea Center, Vietnamese Embassy in Korea, Vietnam MPI and MARD, and representatives of Vinh Long and An Giang provinces.  This event will create a platform for the two countries to foster trade cooperation activities, establish channels for information exchange, opportunity seeking and bilateral support in trade and investment promotion, which enable both countries’ enterprises to make use of Vietnam-Korea FTA as well as together overcome challenges in FTA implementation progress.  

MoU Signing Ceremony between Vietnam Trade Promotion Agency under Vietnam Ministry of Industry and Trade and the post-FTA business support agency under the Korea Ministry of Trade, Industry and Energy.

Representative from Vietnam Trade Promotion Agency: Mr. Ta Hoang Linh – Deputy Director General

Representative from post-FTA business support agency: Mr. Lee Ho-Dong – Deputy Director

 

After speeches and the signing ceremony, the Vietnam delegation and more than 100 Korean enterprises conducted various meetings, introducing each other and seeking for investment and trade opportunities. On May 31st and June 2nd, the Vietnam delegation paid 3 visits to industrial zones and production lines of CJ Group and Lotte Group, as well as worked with Korea Foods Industry Association. Besides, provinces and enterprises also set up some trade promoting activities in some other locations in Korea.

With such meaningful activities, the visit of Vietnam Trade and Investment Promotion Delegation to Korea is not only a good opportunity to introduce Vietnam’s investment environment and encouraging policies to Korean investors and enterprises, but also an opportunity to call for investments from Korea into industrial zones of Vietnam.


Vietnam-Korea cooperation have recently gained strong development in many fields, especially in investment and trade.

As for investment, after 27 years from the first FDI project and 23 years of establishing diplomatic relation, Korea has become the biggest foreign investor in Vietnam, in terms of both project numbers and total investment capital. By the end of 2015, there have been 4,970 Korean FDI projects in Vietnam, mainly focusing on manufacturing, real estates and construction, with a total registered capital of more than US$45 billion, accounting for more than 16% of total FDI capital in Vietnam.

 

As for trade, Korea was the 3rd biggest trade partner of Vietnam (after China and USA), and the 4th biggest export market of Vietnam (after USA, Japan and China) in 2015. The total export turnover between Vietnam and Korea reached US$36.5 billion in 2015 (US$8.9 billion and US$27.6 billion for import and export, respectively), taking up around 11.2% of two-way trade turnover between Vietnam and all countries in the world.

 
© 2011 Vietnam Trade Promotion Agency - VIETRADE
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