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RoK Government holds roundtable with companies operating in Vietnam
The Republic of Korea (RoK)’s Ministry of Trade, Industry, and Energy on November 25 organised a roundtable with Korean businesses operating in Vietnam to discuss strategies to respond to potential changes in US trade policies under the incoming administration of President-elected Donald Trump.
According to the ministry, the meeting, held in Seoul, came amid potential shifts under the second Trump administration, including the implementation of blanket tariffs on all imports, which are expected to impact Korean firms operating overseas as well.
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Production of electronic components at Doosung Tech Vietnam Co., Ltd., an 100% Korean invested firm, in Luong Son Industrial Park in Hoa Binh province. |
Trade Minister Cheong In-kyo said at the meeting that the RoK Government plans to utilise communication channels with Vietnam, including the joint committee on the bilateral free trade agreement scheduled for next month, to minimise uncertainties for Korean firms operating in the Southeast Asian country.
The ministry said that Vietnam is the RoK’s third-largest trading partner, with 9,000 Korean companies currently operating in the country in industries including electronics, semiconductors, and textiles.
The RoK will continue to closely monitor the global trade environment and maintain active communication with industries to proactively address potential changes, the ministry added.
The Government of the Republic of Korea (RoK) has generously committed 1 million USD to the United Nations Development Programme (UNDP) to support recovery efforts under the “Inclusive Early Recovery and Reconstruction Programme After Typhoon Yagi”.
Investment of the Republic of Korea (RoK) in Vietnam has gradually expanded from heavy industries to a wide range of high-tech industries, significantly contributing to the development of the manufacturing industry and high technology transfer between the two countries, according to the Korean Chamber of Commerce in Vietnam (KOCHAM).
The Republic of Korea (RoK)’s Lotte Group announced on September 24 that it will donate 160 million KRW (about 120,000 USD) to help Vietnam's northern provinces to overcome the consequence of typhoon Yagi and subsequent flooding.
Vietnam’s Ministry of Planning and Investment (MPI) and the Republic of Korea (RoK)’s Ministry of Small and Medium size Enterprises (SMEs) and Startups convened the first meeting of their bilateral cooperation committee in Hanoi on August 28, aiming to enhance collaboration between the two countries' SMEs and startups.
The Republic of Korea (RoK)'s Ministry of Interior and Safety (MOIS) on August 26 announced that its emergency alert app, "Emergency Ready," will now support alerts in five languages, including Vietnamese.
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