AloTrip

Where do you travel?

trustpilot

Vietnam technology gets help from Korea

Thu, 16 Oct 2014. Last updated Fri, 08 May 2015 13:42

Related stories

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.

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.

Automobile manufacturing line

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.

The ceremony of FTA between Vietnam and Korea

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.

  • View
    3348
  • Share
    0
  • Comment
    0
  • 0
  • 0
  • 0
Korea invests 24 billion USD in Vietnam processing industry
Korea invests 24 billion USD in Vietnam processing industry

According to the statistic of Foreign Investment Department - Ministry of Planning and Investment, Vietnam processing industry has attracted more than US$ 24 billion from Korean investors.

Vietnam coffee price strongly increases
Vietnam coffee price strongly increases

Coffee output of Brazil falls sharply, which will be a great chance for Vietnam coffee to surpass world coffee market. By dint of this, the price of Vietnam coffee will increase significantly, creating benefit for farmers planting coffee in Vietnam.

Vietnam market attracts Japanese investors
Vietnam market attracts Japanese investors

Japanese investors are showing their interest in IPO shares of Vietnamese companies. They have scheduled to participate in IPO deals in Vietnam market in the near future.

Vietnam Investment Forum 2014 held in Ho Chi Minh City
Vietnam Investment Forum 2014 held in Ho Chi Minh City

With the theme of “the rise of emerging market and opportunities for Vietnam?”, Vietnam Investment Forum has been held in Ho Chi Minh City on June 19th for foreign investors to boost investment in Vietnam.

TPP - Positive outlook for Vietnam economy
TPP - Positive outlook for Vietnam economy

According to WTO, Vietnam will have a series of advantages from joining the TPP, EU FTA, and AEC 2015... By dint of this, Vietnam economy will be developed in a new phase, contributing to the comprehensive national growth.

Vietnam Best Place To Work 2014
Vietnam Best Place To Work 2014

According to the annual survey of Anphabe in coordination with Nielsen, Microsoft Vietnam continues to be IT Company having the best environment to work in Vietnam. The survey is conducted by Anphabe and Nielsen.

HCM City attracts most FDI in Vietnam in first 10 months
HCM City attracts most FDI in Vietnam in first 10 months

By October 2014, HCM City approved investment certificates for many foreign investors in Vietnam. And, Ho Chi Minh becomes the leading city appealing most FDI in Vietnam.

Vietnam economy with opportunities and challenges in 2015
Vietnam economy with opportunities and challenges in 2015

2015 is considered to be an important year of the further and greater international integration of Vietnam economy. This is a not only the golden time of FTA between Vietnam and other countries but also an important milestone of establishing AEC.

Vietnam - Korea Free Trade Agreement signed
Vietnam - Korea Free Trade Agreement signed

The Vietnam - Korea Free Trade Agreement has been signed successfully between representatives of Vientam and South Korea on May 5. The agreement has a significant meaning in the development of Vietnam economy and society in the region.

Vietnam ranks 2nd in ASEAN appealing foreign investment
Vietnam ranks 2nd in ASEAN appealing foreign investment

Vietnam is one of ASEAN countries appealing most foreign investors, especially American ones. The country attracts a large number of US investors by its available and low-cost human resource, along with a stable social security.

Issue stamp collection on Hung Kings Worship
Issue stamp collection on Hung Kings Worship

On the occasion of Hung Temple Festival 2015, the Ministry of Culture and Information will coordinate with Phu Tho People's Committee and Vietnam Post to issue a special stamp collection on Hung Kings Worship.

Phu Quoc Island appeals more investment
Phu Quoc Island appeals more investment

In 2015, Phu Quoc Island is expected to appeal more investors to develop in the fields of economy, infrastructure and tourism. In the time to come, the island will attract more investors and tourists to come here to invest and travel.

Vietnam - India cultural and educational cooperation boosted
Vietnam - India cultural and educational cooperation boosted

To strengthen Vietnam - India relation more comprehensively, Vietnam - India cultural and education cooperation is boosted. In addition, fields of training, society, and communication are enhanced.

40th Anniversary of Vietnam - New Zealand relation
40th Anniversary of Vietnam - New Zealand relation

In the afternoon of February 5th, 2015, a press conference on a subject of “New Zealand - Open to the New" was held to kick off the 40th Anniversary of Vietnam - New Zealand relations. The press conference was organized by New Zealand Embassy.

England supports Vietnam Newton Program
England supports Vietnam Newton Program

Among various cooperative fields between Vietnam and UK, recently science and technology in Vietnam is support by UK with Vietnam Newton Program. The project will concentrate on upgrading the research capacity and scholarships in terms of technology.

VASCO flights exploited in Mekong River Delta
VASCO flights exploited in Mekong River Delta

From January 26, 2015, VASCO flights are exploited in region of Mekong River Delta, which replaces some flights of Vietnam Airlines here. This is a great and significant opportunity for VASCO to become an important carrier in Vietnam.

How the world travel is after Covid 19 pandemic
How the world travel is after Covid 19 pandemic

More and more countries applied travel bans and blockages due to nCoV. It is hard to predict the world travel scenario after the Covid 19 pandemic.

Most modern expressway in Vietnam opens
Most modern expressway in Vietnam opens

In the morning of February 8th, Prime Minister Nguyen Tan Dung declared the opening of Vietnam's most modern expressway HCMC – Long Thanh – Dau Giay. This landmark is hoped to reduce congestion and establish connection between HCMC and other provinces.

Great potentials seen in Vietnam automotive industry
Great potentials seen in Vietnam automotive industry

It is estimated that there are approximately 4% Vietnamese people owning a private car. According to a forecast of EuroCham, with impressive economic growth rate, Vietnam automotive industry has enormous potentials to develop.

Bai Choi singing deserves to be intangible heritage
Bai Choi singing deserves to be intangible heritage

Bai Choi singing, a unique folk cultural forms of Vietnamese people. The art performance is one the line of becoming intangible cultural world heritage. Recently, there was a conference on analyzing Bai Choi’s features to propose UNESCO to recognize.

Landmark 81 – the highest building in Vietnam
Landmark 81 – the highest building in Vietnam

On December 13th, an 81-storey skyscraper named The Landmark 81, which belongs to luxury urban area Vinhomes Central Park was started construction by Vingroup. It is expected that this highest building in Vietnam will be inaugurated in 2017.

Starbucks Vietnam opens three stores in Hanoi
Starbucks Vietnam opens three stores in Hanoi

Starbucks will open its three coffee shops in Hanoi in the effort to conquer the demanding palates of residents in this city. According to a representative of Starbucks Vietnam, the first three stores will be opened in prime locations of Hanoi.

Ho Chi Minh City opens 2nd McDonalds restaurant
Ho Chi Minh City opens 2nd McDonalds restaurant

After the success of the first restaurant on Dien Bien Phu Street, District 1, McDonalds Ho Chi Minh City will open the second on May 16th. The new restaurant is located near Ben Thanh Market, on Tran Hung Dao Street.

Da Nang becoming the most worth-living city in Vietnam
Da Nang becoming the most worth-living city in Vietnam

39 years after the Vietnam Liberation Day, Da Nang has developed significantly in all aspects. More importantly, Da Nang City has leave impression on tourists and residents as the most worth-living city in Vietnam.

Vietnam economy forecasted to grow in 2014
Vietnam economy forecasted to grow in 2014

As global economy is having positive changes, Vietnam economy will be definitely boosted. It is expected to increase 5.6 percent in this 2014 thanks to the recovery of the United States and Eurozone in banking reforms.

Vietnamese middle class increases most rapidly in Asia
Vietnamese middle class increases most rapidly in Asia

According to a recent survey conducted by ANZ, it is reported that Vietnamese middle class increases most rapidly in Asia, about 2 million Vietnamese joining the middle-class of Vietnamese society every year.

Asia Park Da Nang begins forthcoming operations
Asia Park Da Nang begins forthcoming operations

Sun Group Corporation recently has celebrated groundbreaking ceremony to construct Asia Park Da Nang cultural park and recreation on 2/9 street with a total investment of $ 200 million.

Thu Thiem new urban area of Ho Chi Minh City in future
Thu Thiem new urban area of Ho Chi Minh City in future

Ho Chi Minh City decided to expand center area including the whole Thu Thiem new urban area. There are accordingly some changes in Ho Chi Minh districts as well as the city urban area.

Ho Chi Minh Vincom Center will open Kids World
Ho Chi Minh Vincom Center will open Kids World

The second Kids World will be opened on Dong Khoi Street by Ho Chi Minh Vincom Center, on April 25th. With a scale of more than 5000 square meters, Kids World is expected to be the paradise for children.

Attractive activities for Children Day in Hanoi
Attractive activities for Children Day in Hanoi

June 1st has been chosen as the International Children’s Day since 1950. On this occasion annually, a large number of attractive activities for Children Day in Hanoi will be celebrated in several attractions and amusement parks across the city.