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제목 <제임스의 경제 칼럼 183>
작성자 xntree
작성일자 2022-11-29
조회수 1544

<제임스의 경제 칼럼 183>

 

 

"Korean investment trends in Vietnam and strategic ways to promote capital flows into Vietnam"

 

I would like to express my deepest respect to all the government officials and all involved in TechFest who invited me to the largest startups festival in Vietnam.

 

I am Yoon Woo-geun, the chairman of the XnTREE Ventures. And I would like to say a few things that might be helpful to both you and Korea.

 

This year marks the 30th anniversary of diplomatic ties between Korea and Vietnam. Samsung Electronics Vietnam's subsidiaries generate sales in Vietnam that account for 25 percent of Vietnam's GDP, and Shinhan Vietnam Bank has established itself as the largest foreign bank in Vietnam.

 

As is well known from 1988 to September 2022, Korea's cumulative registered FDI capital is over US$80.5 billion, with more than 9,400 operating projects. In the first nine months of 2022, South Korea ranked second among 97 countries and regions investing in Vietnam with 290 projects valued at more than $3.8 billion.

 

Initially, South Korea started investing in Vietnam's basic manufacturing sector and real estate, and now Korean investors are investing capital in high tech industries, energy, finance, services, and M&As.

 

In this close process, Vietnam became the epicenter of the Korean Wave in Southeast Asia, and I am convinced that the Korean Wave in Vietnam will further spread in Southeast Asia and served as a background for Korean companies to achieve high growth in ASEAN.

 

As such, Korea has experienced the strongest cooperation with Vietnam in the world, and it is still in the process of being more advanced, and I believe that it will become even closer in the future.

 

Now, the world is facing an unprecedented difficulty due to the US interest rate hike policy called big step & giant step, the King Dollar, and protectionist trade.

 

Despite these global inflation and economic downturn, Vietnam is showing the best performance in the world in terms of the overall macro economy, including the current account balance, foreign exchange reserves, and

exchange rates.

 

 

Thanks to this friendly relationship and mutual development between the two countries, Korean companies and investors are considering investing more in Vietnam, but it is also true that there are some concerns.

 

First, the two countries recently consolidated the Free Trade Agreement (FTA) Trade Remedy Implementation Committee.

 

Trade Remedy is an import control measure that is invoked to protect domestic industries and correct unfair trade practices when there is or is likely to cause damage to the domestic industry even in unfair trade practices or fair trade.

 

Considering the fact that Korean companies and investors are watching these measures with concern, I believe that if Vietnamese government suggest improvement measures, our Korean investor will invest more in Vietnam.

 

Another problem is that establishing a corporation in the name of a Vietnam local person, the establishment of a borrowed-name corporation, and tax problems are excessively unreasonable for foreigners. I think Vietnam can attract more investment from Korea if the government lower the barriers to establishing a foreign-invested company from the beginning.

 

This concludes my simple speech.

 

Thank you very much for listening till the end.

 


Xin Cam On

2022.11.28

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