About 50 businesses from South Korea are seeking Vietnamese partners, especially in the field of robotics and automation.
The information was released at a workshop on promoting robotics and automation held by the Ministry of Planning and Investment’s Foreign Investment Agency, Asean-Korea Centre and Vietnam Association of Supply Industry in Hanoi on Friday.
Asean-Korea Centre secretary-general Lee Hyuk said South Korean firms expected to share information and technology, and develop cooperation with Vietnamese businesses in the field of robotics.
South Korea is a leader in the production and application of robots in industrial production on a global scale. This is a strength contributing to economic development of the country, creating famous products favoured by consumers.
Lee said Korean achievements in the research, manufacturing, application of robots and automation industry were expected to be key lessons for Vietnamese partners to promote this field in the near future.
South Korea is one of Vietnam’s leading partners, ranking first in terms of investment, second in official development assistance (after Japan), and third in trade (after China and the EU). South Korea has invested in 7,700 projects in Vietnam with total investment of $64 billion. The trade turnover of the two countries last year reached $62.6 billion.
On the basis of the Vietnam-Korea Free Trade Agreement, which took effect in 2015, it has opened up many opportunities for trade and investment cooperation, bringing the estimated trade turnover to $100 billion by next year.
Vietnam encourages enterprises to invest in the country in the fields of infrastructure development, high technology, renewable energy, focusing on technology transfer, developing auxiliary industries, creating opportunities for Vietnamese enterprises to participate in global production and supply chains.
‘Strategic production base’
Deputy Minister of Planning and Investment Vu Dai Thang said Vietnam was a country with stable politics and security, with many impressive economic development achievements, high and stable growth, in addition to integration in trade and investment, attractive investment policy, improved investment and business environment.
Thang said Vietnam had been implementing the Science and Technology Development Strategy for 2011-20, in which it gave top priority to the 4.0 revolution. The demand for robots and automation had been increasing in Vietnam as businesses realised the importance of using advanced technology to increase competitiveness and integration with the international economy.
“Vietnam has been transforming itself into a strategic production base of international corporations. There are now 130 foreign partners with $346.5 billion registered capital in the country, in which over $180 billion flows directly into key economic sectors such as manufacturing industry, infrastructure development, construction, energy, services and tourism,” Thang said.
FDI enterprises are an important component and driving force for economic development, innovation of growth model, improving Vietnam’s competitiveness,” he said.
At the workshop, delegates discussed and evaluated the situation of Vietnam-Korea trade and investment cooperation in the past as well as proposed solutions to solve difficulties and remove obstacles, especially in the field of industrial robotics and automation.
They also discussed the trends and orientations to further promote cooperation between the two countries in the future. VIET NAM NEWS/ANN