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Daily News

South Korean Firms Make Profit in Vietnam
Oct 8, 2004
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South Korean President Roh Moo-hyun and a delegation of CEOs of the country’s major companies headed to Vietnam to improve local investment opportunities for Korean companies already doing business there.

Kim Young-woong, general director of the Korea Trade Investment Promotion Agency (KOTRA), said that Korea regards Vietnam, now second after China in terms of attracting Korean investment, as a very important trading partner.

“Currently, 55.6 percent of Korean companies in Vietnam are making profit, while the remainder is also expected to start making a profit soon,” Mr. Young-woong said. “The quality of labor in Vietnam is also high.”

In a summit with Vietnamese President Tran Tuc Luong, the Korean delegation is seeking a reduction of foreigners’ income tax and call for support from the Vietnamese government in the construction of infrastructure and basic industries to facilitate Korean investment in Vietnam.

Korean companies have been actively engaged in business in Vietnam. LG Electronics has been operating production corporations in Hanoi for televisions and computer monitors, and air-conditioners, washing machines, and refrigerators in Hai Phong. Hai Phong also serves as a primary seaport for the country’s northern region.

Since 1992, LG Household and Healthcare also has strong business relations in Vietnam, establishing a co-venture with the largest state-run household products company in Vietnam in 1997. (The Korea Times)

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