Vietnam technology gets help from Korea

Vietnam technology will be upgraded by over 150 machines and equipment in 2015. This support contributes more to the trading relationship between Vietnam and Korea. In the future, FTA between Vietnam and Korea will be finished.

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In the next years, Korea will transfer to Vietnam enterprises technologies related to mechanical manufacturing, textile - footwear, automobile and electrical - electronics. Department of Heavy Industry (Ministry of Industry and Trade) has published a list of 167 technologies to be transferred from South Korean to Vietnam businesses. This program is a part of the industrial cooperation between the Ministry of Industry and Trade and the Ministry of Commerce, Energy and Industry of Korea. By dint of this, Vietnam technology is increasingly improved to meet the demand of production and economic development.

The technologies transferred belong to four main groups: mechanical manufacturing (53), textile - footwear (51), automobile (35) and electrical - electronics (28). In particular, there is a number of newly emerging technologies such as production process of polyester fiber containing antibacterial component, automatic transmission technology, actively driving technology for auto, mobile terminal capacity, production methods to increase productivity of substrate from chip, etc. South Korea is one of the leading and significant trade and investment partners in Vietnam. Over the past two decades, two-way trade turnover between Vietnam and Korea has increased 55 times, from US$ 500 million in 1992 to US$ 27.3 billion in 2013. Last year, South Korea was the third largest trading partner of Vietnam. And, Vietnam is the sixth greatest export market of South Korea.

One of the most outstanding highlights in Vietnam and Korea relation on trade is clearly complementary and not competitive directly commodity structure of imports and exports. South Korean exports mainly machines and equipment, textile raw materials, footwear to Vietnam and imports more seafood, textiles, footwear, wooden furniture, and agricultural Vietnam products. Currently, the two countries are negotiating a Free Trade Agreement (FTA) with the goal of being completed in late 2014. If the negotiation is successful, it will help to promote two-way trade turnover between the two countries. First 9 months of 2014, South Korea is a country having the biggest amount FDI in Vietnam with a total of nearly US$ 3.6 billion. Many experts predicted that South Korea will hold the throne of the No.1 investor in Vietnam in 2014 when the Korean authorities continued having positive assessments about Vietnam investment environment.

In the first 8 months of the year, there were 51 countries and territories having invested in Vietnam. South Korea ranked first with a total investment capital of newly registered and additional of US$ 3.22 billion, accounting for 31.5% of total investment in Vietnam. Japan ranked second with a total investment of US$ 1.27 billion, accounting for 12.5%. Hong Kong ranked third with US$ 1.19 billion, accounting for 11.7%, followed by Singapore with approximately US $ 972.8 million (9.5%) of the total investment in Vietnam.

According to the evaluation of Minister of Korean Commerce, Energy and Industry - Yoon Sang Jik, Vietnam is one of the most attractive markets for Korean businesses today. He also stressed that after the FTA signed by the two countries (expected at the end of this year). There will be a new wave of enterprises, especially medium-sized and small units from Korean to invest in Vietnam. In the immediate future, according to South Korean leaders, two countries should further strengthen cooperation in the fields of agriculture, forestry, and fisheries. Vietnam should promote the development of infrastructure, especially transport to facilitate and attract investments.