The Korea International Trade Association
(KITA) on September 7 inaugurated its representative office in Ho Chi Minh City,
aiming to further develop economic cooperation between Vietnam and the Republic
of Korea (RoK).
The office will also help to expand trade
cooperation between the RoK and the Greater Mekong Sub-region countries such as
Cambodia, Laos, Myanmar and Thailand.
Addressing the opening ceremony, KITA Chairman
Sa Kong-il said that Vietnam’s strong economic growth over the past five years
and a population of almost 100 million people would offer potential for market
development.
Hong Sung-hae, head representative of KITA in
Ho Chi Minh City said that the RoK has chosen Vietnam as an important
production market, adding that if Mekong economic resource development projects
were carried out effectively, there would be many new RoK businesses projects
investing in Vietnam.
On the occasion, KITA and the Department of
Trade Promotion under the Ministry of Industry and Trade hosted a seminar to
review trade cooperation and development between the two countries over the
past years and propose orientations for bilateral economic cooperation in the
future.
In 1992, bilateral trade between Vietnam and
the RoK was worth $500 million, and rose to $13 billion in 2010. This year,
this figure is estimated at $15 billion. At present, RoK is the country posting
the largest investment in Vietnam, with a total investment of $23 billion.
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