Vietnam's supporting industries has proved attractive to Korean businesses (Photo: VNA)Hanoi (VNA) – More and more businesses from theRepublic of Korea (RoK) are coming to Vietnam to operate in supportingindustries.
Tens of Korean firms took part in the Saigon Autotech& Accessories 2019 in Ho Chi Minh City in late May. Aside from introducingthe latest products and technologies, they also came to seek partners to expandtheir production and business activities.
Tommy Ji, CEO of the auto spare part andcleaning product manufacturer JCWORKS, said the potential of the Vietnamesemarket is huge.
The company’s products are suitable fordifferent weather conditions, while the climate in the RoK and Vietnam issimilar, he said, expressing his confidence that the company will develop wellin the Vietnamese market.
Justin Kim, a representative of the DesiKhancompany, expressed his optimism about a bright outlook of the Vietnamesemarket, noting that as a leading producer of desiccants for car and motorbikelamps in the RoK, his firm is planning to expand operations in Vietnam.
He added many major Korean brands like Hyundaiand Daewoo have set up factories in Vietnam while the Vietnamese carmakerVinFast is expected to sell its cars from this year. Therefore, the Vietnamesemarket is promising for his company, which hopes to find out potential partnersin the country to promote production and sale.
Meanwhile, CEO of the Ktecrober company Dae HeyKang said he and executives of tens of other Korean firms came to HCM City inlate May to seek new opportunities. They specialise in technologies andsolutions for smart city building.
They plan to organise a workshop in late June tointroduce new smart city technologies. After that, they will continue learningabout the local investment environment to carry out projects, he said.
According to a leader of the Saigon Hi-TechPark, after Samsung raised the investment capital of its project in the park to2 billion USD in 2015, many of its Korean suppliers have come to build factories,most of which are in supporting industries.
The newly-licensed Korean investors pledged toestablish research and development centres for new Samsung products which areset to employ Vietnamese workers and transfer technology to local partners.
Lee Jonggun, Director General of the KoreaTrade-Investment Promotion Agency (KOTRA), said in just the first half of May,more than 100 Korean enterprises told KOTRA that they hope to be connected toinvest in Vietnam.
He added Vietnam currently ranks first among theinvestment destinations of Korean businesses. To assist them, KOTRA isscheduled to hold an investment forum in central Quang Nam province later thisyear.
The RoK is now one of the top foreign directinvestors in Vietnam with about 7,000 valid projects worth almost 64 billionUSD.-VNA
VNA
