Korea Tops FDI List In Vietnam
Within two decades, bilateral relations between Vietnam and Korea have achieved remarkable progresses. Trade turnover between the two countries, which reached only $500 million in 1992, increased 26 times to $13.7 billion in 2010 and $18.1 billion in 2011.
Korean investments in Vietnam have increased significantly. As of November 20, 2011, Korea has become the leading country in foreign direct investment (FDI) to Vietnam with total registered capital up to $23.65 billion for 3,072 projects.
Korean investments in Vietnam have increased significantly. As of November 20, 2011, Korea has become the leading country in foreign direct investment (FDI) to Vietnam with total registered capital up to $23.65 billion for 3,072 projects.
Bilateral economic relations between Korea and Vietnam have been developing very fast thanks to factors such as geographical proximity, cultural similarity and economic structure. In addition, it is also thanks to the positive efforts of the Korean government to improve economic structure and investment environment in Vietnam as well as build a solid foundation for mutual benefit cooperation through Program of Official Development Assistance (ODA) for Vietnam.
Especially, the support from the Economic Development Cooperation Fund (EDCF) through the Export-Import Bank of Korea has actively contributed in improving the bilateral relations of two countries. This fund has promoted the economic development of Vietnam through the active and effective support for the projects to upgrade infrastructure such as roads, bridges, power plants, hospitals, schools and facilities for urban development, etc.
So far, Korea is the second largest ODA donor for Vietnam. In fact, 20% of $8.1 trillion of funds to support EDCF, or about $1.6 trillion, is invested in Vietnam, demonstrating the favour of Korea to Vietnam as an important counterpart for economic cooperation. – Vietbiz24