Update: 09:47 | 19/11/2020
The Republic of Korea (ROK) has approximately 8,900 valid projects in Vietnam with a total registered capital of about US$70.4 billion as of October 2020, becoming the largest foreign investor in Vietnam in terms of both registered capital and number of projects.
According to the Ministry of Planning and Investment, ROK investors continue to be an important component of the Vietnamese economy, contributing about 30% to Vietnam’s total export value in the first nine months of 2020.
Workers at Samsung Vietnam.
Meanwhile, Vietnam has only 49 investment projects in the ROK with total investment capital of US$35.24 million. These projects all have a small scale and are mainly in the areas of science and technology, mining, manufacturing and the processing industry.
Amid the serious impacts of the Covid-19 pandemic, Vietnam-ROK trade revenue in the first three quarters of 2020 has declined compared to the same period last year.
Total import and export revenue between Vietnam and ROK reached US$47.5 billion in the first nine months of 2020, down 5.1% over the corresponding period in 2019. Of which, Vietnam’s export revenue to the ROK posted at US$14.5 billion, down 2.1% and import revenue reached US$33 billion, down 6.5%.
In the future, Vietnam will continue to ask the ROK to facilitate the settlement of import procedures regarding Vietnamese agricultural products and food and suggest the country stop applying anti-dumping duties on plywood products imported from Vietnam. The two countries also expect to raise bilateral trade revenue to US$100 billion in the future.