A nominee for South Korea's Finance Minister, Hong Nam-ki attends a meeting at the National Assembly in Seoul, South Korea in November 2018 - Yonhap via REUTERS/File Photo “Recently our economy’s overall growth momentum appears to be weakening, although indicators are mixed between sluggish investment and employment and solid consumption and exports,” Hong Nam-ki said in written answers to questions from parliament’s strategy and finance committee. “It is difficult to expect any improvement over the near term in the environment surrounding living standards, such as employment and income distribution, because there are various factors including structural ones involved,” Hong said. Reuters obtained a copy of Hong’s answers. Hong, who was appointed by the presidential office last month, is scheduled to appear before the committee on Dec. 4. The committee’s approval of Hong’s nomination is not legally required, but his testimony … [Read more...] about South Korea’s incoming finance minister says economy losing momentum
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Vietnam welcomes South Korea’s new visa policy for Vietnamese citizens
The Hanoitimes - South Korea expects the change will attract more travelers from the region. At the regular press conference on December 6, Spokesperson of the Ministry of Foreign Affairs Le Thi Thu Hang said Vietnam welcomes the decision by South Korea to grant visa of five year validity to dwellers of Hanoi, Ho Chi Minh City and Da Nang. Illustrative photo “We hailed the South Korean decision, which would favor the people-to-people exchange and communication between the two countries; contributing to enhancing the two-way tourism, trade and investment cooperation”, Hang said. According to media reports, the South Korean government will issue multi-entry visas to eligible nationals from some Asian countries, including Vietnam. Highly qualified professionals are considered to be granted 10 year validity visa. The multi-entry visa allows holders to come and go while the document is valid. Cam Anh … [Read more...] about Vietnam welcomes South Korea’s new visa policy for Vietnamese citizens
Vietnam, South Korea agree to boost bilateral trade to US$100-billion by 2020
The Hanoitimes - The MoU is part of broad agreements between leaders of the two countries at the Asia-Pacific Economic Cooperation (APEC) meetings in Da Nang in November 2017. Vietnam’s Minister of Industry and Trade Tran Tuan Anh on December 6 signed a memorandum of understanding (MoU) with South Korea’s Minister of Trade, Industry and Energy Sung Yunmo for an action plan to bring bilateral trade to US$100-billion by 2020 towards a better balance, the governmental portal reported. Vietnam’s Minister of Industry and Trade Tran Tuan Anh on December 6 signed a memorandum of understanding (MoU) with South Korea’s Minister of Trade, Industry and Energy Sung Yunmo. Source: VNA The legal document is part of broad agreements between leaders of the two countries at the Asia-Pacific Economic Cooperation (APEC) meetings in Da Nang in November 2017. Under the MoU, from now on until 2020, South Korea would support Vietnamese enterprises to … [Read more...] about Vietnam, South Korea agree to boost bilateral trade to US$100-billion by 2020
Better business environment could spur South Korea investment in Vietnam
The Hanoitimes - South Korea takes the lead among Vietnam’s investors with US$60 billion as of 2018 with the operations of giant corporations namely Samsung, LG, Hyundai Motor, SK, Lotte, POSCO, CJ, Hanwha, LH Corp, Shinhan, Kumho, and Hyosung. South Korean firms are seeking to expand investment in Vietnam as they see evident improvement in the business environment which is largely created by effective policies over the past years. Deputy PM Trinh Dinh Dung meets Head of EDCF Kim Tae Soo in Seoul on Dec 4. Photo: Chinh Phu Good policies have translated into better macroeconomic indicators which serve as motivation for other sectors, mostly investment, to grow, South Korea officials and executives said at a meeting with Vietnamese Deputy Prime Minister Trinh Dinh Dung in Seoul on December 4. South Korean investors are interested in infrastructure, logistics, manufacturing, automobile, agriculture, and food processing, said Kim Tae Soo, head of … [Read more...] about Better business environment could spur South Korea investment in Vietnam
Vietnam, South Korea seek ways to enhance strategic partnership
The Hanoitimes - The two countries have seen close economic ties with the rapidly increasing trade, expected to hit US$100 billion by 2020. Nguyen Thi Kim Ngan, chairwoman of the Vietnamese National Assembly, is on a four-day visit to South Korea this week as part of efforts to boost the multi-faceted relationship which has flourished over the past years. NA Chairwoman Nguyen Thi Kim Ngan met South Korean President Moon Jae-in in Hanoi in 2017. Photo: VNS The visit, between December 4 and December 7 at the invitation of her counterpart Moon Hee Sang, is expected to deepen the strategic cooperative partnership. Economic ties on the spotlight With the diplomatic relation set up in 1992, the two countries have seen closed economic ties with the rapidly increasing trade, mostly after the Free Trade Agreement between Vietnam and Korea (VKFTA) came into effect in December 2015. Currently, South Korea ranks Vietnam’s third biggest trade partner … [Read more...] about Vietnam, South Korea seek ways to enhance strategic partnership