While receiving RoK Minister of Commerce, Industry and Energy Kim Young-ju in Hanoi on July 2, Mr Dung expressed his hope for a long-term, equal and mutually beneficial cooperation with the RoK. 

The RoK Minister said he was impressed by Vietnam’s steady development in recent years and said in the eye of RoK businesses, Vietnam is considered a favourite destination for long-term investment.

The same day, Minister of Transport Ho Nghia Dung met with Minister Kim Young-ju, who is leading a 120-member business delegation to Vietnam to explore investment opportunities.

They discussed the possibility of cooperation in the RoK’s ODA-funded projects, including construction of Lach Huyen port in northern Hai Phong city and the development of Cai Mep port in southern Ba Ria-Vung Tau province. They also discussed the RoK’s possible involvement in building the north-south rail route, a cargo terminal in Tan Son Nhat international airport and the Nhon Trach-Thu Duc highway.

More RoK businesses eye Vietnamese market

The first session of the Vietnam-RoK joint working group and the 9th session of the Vietnam-RoK joint economic committee were also held in Hanoi on July 2.

Visiting RoK Minister Kim Young-ju said with a stable political environment, abundant natural resources, a young and skilled labour force, Vietnam is attracting foreign investors. He said the presence of 120 leading RoK business leaders in Vietnam is expected to spark a new investment wave from the RoK into the Southeast Asian country.

Vietnamese Minister of Industry Hoang Trung Hai noted that the RoK leading firms such as Posco, Daewoo, Dosan, Huyndai and Samsung are already successfully operating in Vietnam.

President of the Vietnam Chamber of Commerce and Industry Vu Tien Loc said the RoK continues to be Vietnam’s important trade and investment partner. The RoK currently ranks first among 78 countries and territories investing in Vietnam with more than 1,400 projects worth US$9.3 billion. Two-way trade last year hit US$4 billion, making the RoK one of the country’s top five partners.

In the first-half of 2007, Vietnam attracted 166 projects from RoK businesses, worth over US$733 million.