An exchange meeting between about 50 of Da Nang’s businesses and 11 from South Korea took place in the city on Tuesday.  The main purpose of the meeting was to establish bilateral trading relations in industry and commerce.

The participants from South Korea were from businesses which specialise in many aspects such as manufacturing industrial equipment and household appliances, textiles, garments, and building materials.  Some of them were visiting Viet Nam for the first time to learn about its investment climate, whilst the remainder have representative offices in Ha Noi and Ho Chi Minh City, and are keen to expand their business into the central region.  The CNE Total Tex Company, a clothing, fabric and yarn provider, was a typical example.

Da Nang and South Korean businesspeople discussing hydraulic machines

During the 3-hour meeting, apart from introducing their brochures and catalogues, the South Korean enterprises displayed a number of their products to local businesses. 

Although some of the Da Nang companies have not yet had requests to become distributors and importers of South Korean products, mainly industrial machinery, both the local and visiting businesses showed their willingness to establish bilateral cooperation.

The Director of the Da Nang branch of the Viet Nam Chamber of Commerce and Industry (VCCI), Mr Nguyen Cuong, who acts as a bridge between VCCI and South Korea’s Hwaseong Chamber of Commerce and Industry, said that recent years have witnessed a significant growth in the import-export activities between Viet Nam and South Korea, especially in wooden products, textiles and garments.  In 2012, however, the two-way trade between Da Nang and South Korea only reached close to 40 million USD as compared to the 18.5 billion USD national total.  At present, South Korea is the second largest foreign investor in Da Nang, with about 30 investment projects worth a total of 700 million USD.  This proves that Da Nang and South Korean enterprises show great potential for bilateral cooperation in the future.