Heo Yoon, a Professor from Sogang University Graduate School of International Studies and President of the Korean Association of Trade and Industry Studies, addresses the seminar on Friday. — VNS Photo Linh AnhViet Nam News HÀ NỘI — Over the past 25 years, the economic ties between Việt Nam and South Korea have flourished, but the trade imbalance between the two countries has reached an alarming level. Bark Tae Ho, South Korea’s former Minister of Trade, spoke on the topic during a seminar in Hà Nội on Friday. The seminar – themed “Future prospects for Việt Nam-South Korea investment-trade ties” – was organised by the Global Commerce Institute Lee & Ko, South Korea’s Trade-Investment Promotion Agency and the Việt Nam Chamber of Commerce and Industry. At the event, delegates assessed achievements in Việt Nam’s bilateral trade ties after three years of the Việt Nam-South … [Read more...] about Việt Nam-Korea trade up but deficit grows
Korea trade investment promotion agency
Vietnam-Korea FTA gives boost to two-way trade, investment
Le An Hai, Deputy Director of the Vietnamese Ministry of Industry and Trade (MOIT)’s Department of Asia and Africa Markets, made the statement at a seminar held in Hanoi on May 9. Vietnam is currently the fourth largest recipient of foreign direct investment (FDI) from the RoK, while the East Asian country is the biggest foreign investor in Vietnam with total registered capital of more than 58 billion USD, Hai stressed. The Vietnam-Korea Free Trade Agreement (VKFTA) has played an important role in attracting investments from the Republic of Korea to Vietnam. Photo: tapchitaichinh Park Chulho, General Director of the Korea Trade-Investment Promotion Agency (KOTRA) in Hanoi, said that the free trade deal with Vietnam has opened opportunities for RoK businesses to expand their market. The seminar would help enterprises of both nations to share experience and take advantage of preferential policies offered by the VFKTA, he said, adding that the move will foster … [Read more...] about Vietnam-Korea FTA gives boost to two-way trade, investment
Vietnam and Korea trade and investment ties will grow strongly
Vietnam and Korea trade and investment ties will grow strongly Dug Gyou Bok, deputy director/Asia & Oceania Team and ASEAN specialist of the Korea Trade Investment Promotion Agency (KOTRA), says Vietnam has made use of the ASEAN-Korea Free Trade Agreement (FTA) to spur exports and attract investments from Korea. The Saigon Times Daily spoke with him about FTA-related issues. The Saigon Times Daily: What is the FTA policy of Korea? - Dug Gyou Bok: Korea is very active with other countries. We have FTAs with more than 40 countries. Recently we signed FTAs with the United States and European Union which itself consists of a lot of countries. We should promote our country because, as you can see, the import-export rates from ASEAN to Korea and from Korea to ASEAN are too different. In the first case, the rate is around 50% and 10-15% in the latter case. We just wondered why and eventually realised that many Asian people do not recognize AK-FTA yet. That’s why the Korean … [Read more...] about Vietnam and Korea trade and investment ties will grow strongly
South Korean trade official kidnapped in Lybia released
(VOVworld)- Han Seok-woo, Head of the Libya unit of the Korea Trade-Investment Promotion Agency (KOTRA), was set free 3 days after being abducted by gunmen in Libya. Han Seok-Woo is being protected by the Libyan government and will be handed over to the South Korean Embassy. He was kidnapped in the capital city of Tripoli while returning home from work on January 19. Libya has been in a state of chaos and violence since former leader Muammar Gaddafi was ousted in October, 2011. … [Read more...] about South Korean trade official kidnapped in Lybia released
Despite growth, trade deficit rises with S Korea
HCM CITY — Two-way trade value between Viet Nam and South Korea has been increasing but this also created a growing trade deficit, despite continuous growth of Vietnamese exports. South Korea is the second biggest foreign investor in Viet Nam, just after Taiwan. It is also Viet Nam's fifth biggest exporter, according to the Ministry of Planning and Investment. Viet Nam-South Korea trade revenue growth in the last 10 years was over 20 per cent. It saw a sharp rise, especially after the ASEAN-South Korea Free Trade Area Agreement (AKFTA) took effect in 2007. The two-way trade recorded growth at 39.8 per cent in 2007, 34.4 per cent in the following year, and 42.2 per cent last year. The financial turbulence turned growth down to 2.1 per cent. Last year, Vietnamese export growth reached a record high of 49.8 per cent, the highest in a decade, with revenue reaching over $3 billion for the first time. The kind of goods exported to South Korea, however, did not have a remarkable … [Read more...] about Despite growth, trade deficit rises with S Korea