KOCHAM: Vietnam retains its appeal among investors

Vietnam remains an attractive destination for foreign investors, including those from the Republic of Korea (RoK), according to Chairman of the Korea Chamber of Business in Vietnam (KOCHAM) Hong Sun.

Speaking at a workshop on May 8 on trade and investment between Vietnam and the RoK, he said the Vietnamese Government has secured goodwill in attracting FDI and South Korean businesses feel comfortable when investing in Vietnam.

The RoK currently tops Vietnam in terms of FDI, with total capital of $80.5 billion. It also ranks second in development, tourism, and labor cooperation with the country and third in trade cooperation, with two-way trade turnover reaching $88 billion in 2022.

However, he noted that after the Covid-19 pandemic, there have been difficulties relating to certain investment procedures in Vietnam and the implementation of some projects remains slow.

Time, meanwhile, remains important for foreign investors. Slow administrative procedures and licensing will affect the implementation plans of businesses, according to Mr. Hong Sun.

There are also difficulties relating to visas and work permits, he said.

In order to promote trade and investment cooperation between the two countries, he proposed that Vietnam promote the reform of the legal environment and speed up administrative reform.