South Korea is fourth largest investor in HCMC

To mark the 20th anniversary of bilateral diplomatic ties between Vietnam and the Republic of Korea, a meeting was held in Ho Chi Minh City on December 25.

Hua Ngoc Thuan, Vice Chairman of the HCMC People’s Committee delivered a speech on the occasion and reviewed recent productive developments in Vietnamese-South Korean relations in fields such as politics, trade, investment, culture and tourism.

Thuan announced that South Korea is now the fourth largest foreign investor in Ho Chi Minh City, with US$24.6 billion in total capital.

Ho Chi Minh City has become a leader in strengthening the Vietnamese-South Korean relations, with last year’s two-way trade turnover reaching nearly US$18 billion. This figure is expected to hit US$20 billion by 2015.

Oh Jae Hack, Consul-General of South Korea in HCMC, expressed his pleasure at the mutually beneficial bilateral relationship, noting the potential for cooperation created by reciprocated trust and understanding.

Meanwhile in Hanoi, an agreement to this effect was signed by Vietnamese Minister of Planning and Investment Bui Quang Vinh and Republic of Korea’s Ambassador to Vietnam, under which South Korea will provide a US$1.2 billion preferential loan for development work in Vietnam in 2012–2015.

The loan will be used to support the implementation of projects and programs in high priority areas that include transport, water supply and drainage, renewable energy, information technology, health care, human resource development, agriculture and rural development.

Between 2008 and 2011, the South Korean Government provided Vietnam with US$1 billion in preferential loans, the majority of which was channeled into 28 projects in the country.

Source SGGP, translated by MT

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