Hanoi seeks to tighten trade, investment links with RoK

Organised by the Hanoi administration in coordination with the Embassy of Vietnam in the RoK and the Bae, Kim & Lee law firm, the event attracted numerous Korean companies, including major investors in Vietnam. It aimed to introduce Hanoi as an attractive and safe investment environment and foster stronger investment and trade relations with Korean partners.

In his opening remarks, Chairman of the municipal People's Committee Tran Sy Thanh highlighted Vietnam's position as a secure and potential destination for foreign investors, noting that the organisation of promotion activities abroad, particularly in the countries that are major partners of Vietnam and Hanoi in particular, aims to make use of opportunities to promote mutually beneficial cooperation with potential markets like the RoK.

As of September 2024, Hanoi had attracted US$12.8 billion in FDI from Korean investors whose key sectors include real estate, hospitality, processing - manufacturing, wholesale - retail, vehicle repair, and construction, according to the official.

Hanoi views the RoK as a crucial and reliable partner, and is committed to supporting foreign businesses by improving the local investment environment and providing the best possible conditions for their operations, he stated.

Lawyer Yi Joon-ki of Bae, Kim & Lee highlighted the strong economic and cultural ties between the two countries, and that Vietnam has become an important partner as well as an ideal destination for Korean businesses.

Hanoi, as an industrial hub of Vietnam, will continue developing and further strengthening its cooperation with the RoK, thereby contributing to the two countries' economic partnerships, he added.

Also on October 21, Thanh had meetings with large Korean businesses such as Lotte, Daewoo E&C, Booyoung, Charmvit, and Logis Valley Group S&D, focusing on areas like construction, high technology, and smart city building.