KOTRA Holds Investment and Market Entry Briefing with Vietnam Trade Promotion Agency

Introduction to the Vietnamese Government's Supply Chain Strategy and Investment Environment
Promotion of One-on-One Consultations with 12 Industrial Complexes

[Asia Economy Reporter Han Yeju] KOTRA and the Vietnam Trade Promotion Agency announced on the 20th that they will hold the '2022 Vietnam Investment Promotion Seminar in Response to Supply Chain Restructuring.'

This seminar will be attended by about 100 domestic companies in promising sectors such as electronics and textiles entering Vietnam. It will consist of a presentation on Vietnam's supply chain restructuring response strategy and investment environment, as well as one-on-one consultations on entering Vietnamese industrial complexes, providing insights into the Vietnamese market for Korean companies.

Representatives from the Vietnam Trade Promotion Agency and officials from four local provinces will attend the investment seminar. They are expected to present the Vietnamese government's response strategies and key incentive promotion directions amid the global supply chain restructuring.

Due to prolonged COVID-19, US-China conflicts, and the Russia-Ukraine war causing disruptions in existing supply chains and parts supply interruptions, countries are reexamining supply chains and promoting diversification of global production bases. In this context, Vietnam's role in the global supply chain is strengthening, and overseas direct investment in Vietnam, which had slowed due to COVID-19, is recovering. Factors such as ▲young and abundant labor force ▲high economic growth rate ▲various tax benefits for foreign investment ▲multiple Free Trade Agreements (FTAs) contribute to the stable increase in investment in Vietnam.

Analyzing the investment status of Korean companies in ASEAN over the past 10 years (2012?2021), Vietnam accounts for the highest proportion. During this period, $23 billion in investment was made, with manufacturing investments accounting for more than 50%. Initially, Vietnam's entry was centered on the textile industry, but the entry of large companies and partners in the electrical and electronics sectors is gradually increasing.

In the one-on-one consultation, representatives from 12 major industrial complexes located throughout Vietnam will directly introduce the industrial complex's occupancy environment and resolve questions related to investment incentives such as item-specific tax benefits.

Additionally, KOTRA plans to conduct promotional activities for the 2030 Busan Expo bid targeting Nguyen Vu Tung, the Vietnamese Ambassador to Korea attending the event, local government officials, and Vu Ba Phu, head of the Trade Promotion Agency.

Jang Sanghyun, CEO of KOTRA Invest Korea, said, "Vietnam has established itself as Korea's fourth-largest trading partner and the largest trade and investment target country within ASEAN," adding, "At this important time when global supply chain restructuring is actively underway, we will support Korean companies to enhance their understanding of the Vietnamese market and improve global competitiveness through this event."

This content was produced with the assistance of AI translation services.