rok market info 10 jul 2

(VET-07-06-2001)- Over 30 Korean business leaders from the Korean city of Gympo are now in HCM City on their business mission aimed to explore investment and trading opportunities; and they are scheduled to meet with potential partners in HCM City at a conference organised by Vietnam Chamber of Commerce's HCM City branch

The Korean delegation represents businesses in the machinery, electronics, packaging, stationary and home appliance industries.

Korea is the fourth biggest foreign investor in Vietnam with 283 projects capitalised at US $3.1 billion

Bilateral trades between Vietnam and Korea are estimated at US$1.5 - 1.8 billion annually on average. The two trades are said to be in Korea’s favor..

Information key to cracking RoKmarket
(VNS)- Vietnamese traders need moreinformation and encouragement to tap into the lucrative market in the Republic of KoreaRoK, according to a trade promotion official.

TheRoK holds strong potential for Vietnamese seafood and agricultural produce, but firms arenot yet capitalising on these opportunities, said Tran Manh Hung, Vietnamese CommercialCounsellor to the RoK. Ensuring hygiene standards are critical to success in this market.

Vietnamese authorities are working with RoK officials toimprove the packaging and extend the shelf-life of farm produce. The project, which willdraw to a close next year, will make it possible to preserve litchi for 35 days instead ofthe current five to 10. This should greatly enhance the quality and saleability of farmproduce, particularly fruits and vegetables, for export.

Hung said Vietnamese companies can find information aboutKorean partners through websites. Korean businesses and exporters post their catalogues atwww.kotra.or.krlenglcompanylmain.php3. Another website, www.coex.co.kr englishle -mainbody.htm, gives information on annual exhibitions and trade fairs in the RoK. TheVietnamese embassy's trade section also regularly announces export opportunities forVietnamese firms and Hung said it will continue trying to provide up-to-date market news.

But Hung urged local firms to make proper use of theembassy's resources, including providing information that can help supplement the Viet NamChamber of Commerce and Industry's Business Directory. He wants to see a website set up toencourage information exchanges between Vietnamese trade promoters and local firms."Local firms should develop e-catalogues in English to showcase their goods,especially those for export. The web page designing fee can be counted as trade promotionfee and covered by the Ministry of Trade, or can be shared among the businesses," hesaid.

"It costs US$5,000-10,000 for an enterprise to goabroad and exhibit goods for a week. A website costs much less and may create long-lastingopportunities for the company." Viet Nam exports 20 kinds of products to the RoK,earning US$196 million in the first half, Trade Department figures show. Though Korea'simports may fall by 13 per cent this year, Vietnamese exporters are tipped to ride out thefall. In the first five months of this year, Viet Nam's exports to Korea increased by 13.8per cent over the same period last year.

The fastest growing goods were fruits and vegetables, up66.7 per cent; rubber, 59.2 per cent; coffee, 46.6 per cent; and garments, 26.9 per cent.Meanwhile, Viet Nam's imports from Korea increased by 12.9 percent. Imports of automobileparts recorded the fastest growth, up 283.9 per cent, petrol and oil, up 279.6 per cent;and complete-built-unit automobiles, 176 percent. Pharmaceuticals, with growth of 64.9 percent; and machine and equipment, up 64.6 per cent, were next in line. The RoK is Vie tNam's fourth largest trade partner.

Vietnam-SouthKorea build up partnership
(SGT-weekly-31-08-2001)-Vietnam and South Korea will strive to bringbilateral relations to a new height, considering each other asstrategic economic partners in the new century.

Themessage was contained in the joint statement "Comprehensivepartnership in the 21st century" that was announced during StatePresident Tran Duc Luong's visit to South Korea last week at theinvitation of his South Korean counterpart Kim Dae-Jung. Thestatement, which sets the framework for bilateral cooperation,contains a wide range of provisions to promote bilateral trade,investment, cultural cooperation and youth exchange. President Luongvowed that Vietnam would support the Inter-Korea Summit and theconciliation process for peace in the Korea Peninsula while the SouthKorean President said he would back Vietnam's efforts to join the WTO.The two heads of state witnessed the signing of three agreements onSouth Korea's US$19-mil-lion loan for a solid waste treatment plant inHaiphong; fisheries cooperation, and cooperation in plant and animalquarantine.

TheAug. 25-28 visit, the first by a Vietnamese head of state since thetwo countries established diplomatic relations in 1992, also includestours of several major South Korean businesses such as SK Telecom, LGTelecom, Hyundai Motors and Huyndai Heavy Industries.

SouthKorea is the fourth largest foreign investor in Vietnam with more than300 projects worth US$3.2 billion by the end of May 2001. 70% of SouthKorean investment is in industry. Light industry lures 158 projectsworth US$ 1 billion, mainly in shoe and garment production; and heavyindustry 66 projects worth US$861 million. Other projects go to officebuildings, hotels, infrastructure, transport, telecom and agriculture.South Korean investors have earned over US$4.2 billion in sales,including US$2.5 billion from exports. In the first seven months,South Korea had 39 projects worth US$54 million licensed in Vietnam.

SouthKorea is also the fifth largest trading partner of Vietnam. Last year,two-way trade reached over US$2 billion and is expected to double inthe years to come. Customs figures show that Vietnam suffers largedeficit in trade with Korea. In the first seven months, Vietnam'sexports to South Korea reached US$230 million while imports wereUS$1.08 billion

Korea hasclimbed to the fourth place out of the 34 countries and territories present in the countryfrom the sixth place among 39 last year,

Since 1988, the republic has had 362 licensed projectswith combined registered capital of US$3.8 billion, placing it fourth among the 59countries and territories which have invested in Vietnam at one time or another.

All but 59 of these are still going with combinedinvestment capital of US$3.2 billion and employing nearly 70,000 people.

Light industry accounts for 158 projects, or 52 percent ofthe total, with combined investment capital of US$1 billion, or 31percent of the total,according to investment officials. Major projects in this sector are export garments andshoes.

Heavy industry has attracted 66 licensed projects withcombined investment capital of US$861 million, or 27 percent of the total. To date, 94percent of the projects capitalized at US$806 million are up and running.

Other fields of interest are office buildings, hotels,infrastructure, transport, post and telecommunications, agriculture and forestry.

President Tran Duc Luong will discuss policies tofacilitate Korean investment during his coming visit to Korea, said officials from theMinistry of Planning and Investment.

Although two-way trade is now more than US$2 billion a year, PM Lee said the two countries' co-operation has yet reached its potential