Vietnam ministry urges further economic cooperation with Korea
Cao Viet Sinh, Deputy Minister, Ministry of Planning & Investment: "Korea and Vietnam have both contributed greatly to developing each other’s economies for the past 20 years. The trade volume between Korea and Vietnam has risen 20 to 25 percent every year. The volume of Vietnamese exports and imports to Korea was valued at 18 billion U.S. dollars last year, and that is 36 times higher than 20 years before. Korea is also an important partner country in terms of the development of the Vietnamese economy as its assistance to Vietnam, which stood at around 15-million dollars in 1993, has risen continuously through the present. Korea’s total assistance to Vietnam was approximately 410-million dollars last year." Reporter: "So, this year marks the 20th anniversary of Korea-Vietnam diplomatic ties. How do you evaluate the past 20 years of the ties?
Reporter: "Korea and Vietnam have launched FTA talks. What does Vietnam expect from the bilateral trade pact and what can it offer to Korea?
Cao Viet Sinh, Deputy Minister, Ministry of Planning & Investment: "The free trade agreement will create a better environment for Korean companies to do business in Vietnam. Accordingly, once the FTA goes into effect, more Korean companies are expected to invest in the Vietnamese market. This will benefit both Korea and Vietnam."
Reporter: "Vietnam is one of the fast developing newly-emerging countries. How can stronger economic ties with Vietnam benefit Korea?
Cao Viet Sinh, Deputy Minister, Ministry of Planning & Investment: "Vietnam is a populous country. The purchasing power per person is valued at up to 34-hundred dollars. This is a good market for Korean investors. Vietnam is building infrastructure to modernize the country and this also presents an opportunity, especially for Korean construction companies."
Reporter: "Korean companies invest heavily in Vietnam. What kind of impact do Korean companies have on the country’s local economy?
Cao Viet Sinh, Deputy Minister, Ministry of Planning & Investment: "Around 3-thousand companies are doing business in Vietnam. These companies have created 600-thousand jobs in the country. This helps raise the income of the Vietnamese people and invigorates the local economy. The Vietnamese government and Korean companies are working on many projects together and I believe these projects have helped boost economic development in Vietnam."
Reporter: "Thank you for the interview sir."
