Joining the WTO will help the emerging economy minimize unstable factors and receive much more overseas investment, said the institute. The Vietnamese government will accelerate its reforms and open door process to remove barriers against foreign investment. The country, therefore, will become an attractive destination for Korean investors, who want to access a cheap source of labour and a consumption market of 83 million people.

Meanwhile, the Korea Trade-Investment Promotion Agency (KOTRA) said that the RoK now tops the list of countries and territories that invest in Vietnam. The RoK’s investment in the country this year is three times more than last year’s figure (US$770 million).

Many RoK major groups such as Posco, Samsung, Lotte and Kumho Asiana, have boosted their investment in Vietnam, considering the country a strategic market in Asia.