IT, semiconductor among top potential sectors for cooperation between Việt Nam and RoK

Korean-invested Hana Micron Vina in Bắc Giang Province. Information technology (IT)/semiconductor is selected to be a priority sector for cooperation between Việt Nam and the Republic of Korea (RoK). — VNA/VNS Photo Danh Lam

HÀ NỘI — The information technology (IT) and semi conductor sectors are a priority for cooperation between Việt Nam and the Republic of Korea (RoK), say businesses from both countries.

According to a survey from the Korean Chamber of Commerce and Industry (KCCI), Korean firms selected green energy to be the second most attractive cooperation sector, while Vietnamese firms selected finance and fintech.

The results of the survey, conducted during the Việt Nam – RoK Business Forum held on July 1 on the occasion of the Vietnamese Prime Minister Phạm Minh Chính’s visit to RoK, were announced on Thursday.

For the sector which has generated the highest economic value in the cooperation between the two countries, enterprises from both sides selected the electricity and electronic industry. Distribution and logistics is ranked second, followed by garment and textiles, auto, steel and metals by Korean firms, while Vietnamese firms selected machinery and equipment, then clothes and textiles.

The survey also found that trade and investment expansion (selected by 42.3 per cent of Korean firms) and the stability of supply chain (29.1 per cent) have positive impacts on the economic operation within their own economy. Vietnamese firms regarded job generation and industrial restructuring as the most positive impacts.

Regarding the impact of economic cooperation on enterprises, Korea firms said that reduction of production cost (39.7 per cent), stability of supply chain (25.9 per cent), new business sector and market expansion (21.2 per cent) are among the most positive. From the side of Vietnamese firms, the most positive impact is technology development (35.3 per cent).

KCCI said that Korean firms invest in Việt Nam with the aim of reducing costs and stabilising the supply chain.

Vietnamese firms expect improvements in the domestic industrial structure through increasing technology capacity and exploring new business opportunities through cooperation with Korean firms.

Korean firms expect the Vietnamese Government to expand investment incentives and removing difficulties for enterprises, while Vietnamese firms expected the Korean Government to create favourable conditions for Vietnamese firms to seek for business partners and expand investment incentives.

KCCI’s Deputy Chairman Park Il-jun said that there is significant potential to enhance economic cooperation between the two countries. KCCI will work with Vietnamese sides to seek for specific projects to expand the bilateral economic cooperation. — VNS