One of the reasons for the increasing Korean interest is the recently concluded free trade deal recently ratified by the Korean National Assembly. This FTA will benefit South Korean firms looking to expand their business in Vietnam. Vietnamese firms also consider this as a chance to become distributors for Korean partners and to ACCESS new technology.
Korea is currently the largest foreign investor in Vietnam. Total trade turnover between the two countries in 2014 reached $28.9 billion USD. This has the potential to climb to $70 billion with the FTA, according to a Ministry of Industry and Trade estimate. Events such as this, creating chances for businesses from Vietnam and Korea to meet and expand their markets will pave the way for further economic development in the future.
