At the Trade Connection Conference for Exporting Goods from the South-Central Region to South Korean Businesses, organized by the People’s Committee of Ninh Thuan in collaboration with the Vietnam-Korea Business and Investment Association (VKBIA) on the afternoon of September 24, 18 memorandums of understanding (MOUs) were signed between South Korean enterprises and businesses from localities in the South-Central region. This opens up numerous opportunities for enhanced cooperation in exports and investments shortly.
Specifically, South Korean companies signed 15 MOUs with Ninh Thuan Province, one MOU with Khanh Hoa Province, and two MOUs with Binh Dinh Province. The content of these agreements mainly focuses on the export of agricultural products, aiming to promote trade and cooperation between South-Central provinces in Vietnam and South Korea in the coming years.
Trinh Minh Hoang, Vice Chairman of the People’s Committee of Ninh Thuan, expressed that the signing of these agreements between the businesses of both sides presents an opportunity for Vietnamese and South Korean enterprises to enhance exchanges, cooperation, and connect supply and demand, facilitating investment in the region shortly.
In addition, South Korean businesses had the opportunity to explore the potential and seek investment opportunities in the South-Central region, particularly in Ninh Thuan province, benefiting both sides. They also gained a better understanding of Vietnam’s government policies, local support, and investment incentives, creating favorable conditions for boosting exports and ensuring sustainable development.
From South Korea's perspective, after studying the investment potential in Ninh Thuan and other South-Central provinces, South Korean enterprises highly value the advantages this region offers. Jeon Do Hyun, General Director of Osan Logistics Business Services (South Korea), shared his impression of the local government's proactivity and the dynamism of the businesses in the area.
Looking ahead, Jeon Do Hyun expressed his hope for more opportunities to connect, allowing businesses from both countries to understand each other better and thereby promote investment cooperation across various fields and increase trade exchanges.
Similarly, Tran Hai Linh, Chairman of the Vietnam-Korea Business and Investment Association (VKBIA), noted that strengthening trade connections between South Korean businesses and the South-Central region has created opportunities for various forms of cooperation such as B2B (business-to-business), B2C (business-to-consumer), and B2G (business-to-government), fostering the growth of the business communities in both countries.
In the first eight months of 2024, South Korea's registered FDI in Vietnam reached over 1.84 billion USD with 276 newly approved projects. As of the end of August 2024, South Korea remains the leading foreign investor in Vietnam with 10,048 active projects and a total investment of over 87.78 billion USD.
Bilateral trade between the two countries in the first eight months of this year amounted to 53.66 billion USD. Vietnam primarily imports items such as chips, machinery, equipment, computers, electronic products and components, pharmaceuticals, health supplements, and cosmetics from South Korea. Conversely, Vietnam exports goods such as textiles, components, seafood, furniture, machinery, footwear, vehicle parts, and textile fibers to South Korea.
Additionally, South Korea has signed several bilateral and multilateral trade agreements with Vietnam, including the ASEAN-Korea Free Trade Agreement (AKFTA), the Vietnam-Korea Free Trade Agreement (VKFTA), and the Regional Comprehensive Economic Partnership (RCEP). These agreements provide favorable conditions for boosting exports, especially products from the South-Central region, to South Korea in the coming years.
