To Bring Korea, Vietnam Together

"Vietnam Day"celebrated in Seoul with high-ranking gov't and private biz leaders attending

Korea-Vietnam Forum on Trade, Investment, and Tourism Cooperation took place May 23 hosted by the Korea Chamber of Commerce and Industry and the Vietnamese Chamber of Commerce and Industry at Lotte Hotel in downtown Seoul and attended by government officials and private business executives of both countries including Vietnamese Deputy Prime Minister Nguyen Sinh Hung and POSCO Chairman Lee Ku-taek - altogether some 500 business leaders from both countries. The event was part of "Vietnam Day"celebration held annually in Korea to promote close cooperation with the southeast Asian country with the participation of both Vietnamese government and private business leaders.
KCCI Chairman Sohn Kyung-shik and President of VCCI Vu Tien Loc both kicked-off the event with their opening speeches at 2 p.m. followed by welcoming speech by Vietnamese Finance Minister Nguyen Van Ninh.
The following plenary session included a speech by Vietnamese Finance Minister Vu Van Ninh on the subject entitled,"New Opportunities for Indirect Investment and Development of Vietnam's Financial Market." "Bringing Vietnam-Korea Trade Relations to a New Height,"the title of speech by Mdm. Nguyen Thi Kim Ngan, Vice Minister of Ministry of Trade.
"New Investment Opportunities after Vietnam's Entry into WTO,"was the subject of speech by Truong Van Doan, vice minister of Ministry of Planning and Investment.
Vu Tuan Canh, vice general director of Vietnam Tourism Agency, spoke on "New Policies on Attracting Tourists to Vietnam and Enhancing Tourism Cooperation between Vietnam and Korea."POSCO Chairman Lee Ku-taek made remarks on his steel company's on-going plan to build a steel mill in Vietnam. Senior Vice President Kim Seok-joong made a remark on Korean securities companies possible roles in Vietnamese stock market.
The center of attention to Korean business leaders was Deputy Prime Minister Nugyen Sinh Hung and many of them with deep interest in the southeastern Asian country had one-on-one meeting with the high government official from Vietnam.
The POSCO chairman Lee met with the Vietnamese Deputy Prime Minister as the steel maker has a plan to build a steel mill in Vietnam as the steel maker is doing in India. But unlike its Indian steel venture, the company signed a joint-venture agreement with the Vinhasin Group in Vietnam, a shipbuilding concern. POSCO signed an MOU in the presence of the Deputy Prime Minister at Lotte Hotel, a move that will firm up POSCO's plan to go ahead with the big project. POSCO announced that it will invest some $1.1 billion to build both cold and hot coil production plants, which will be followed by a bigger investment based on the results of the survey on the land acquisition, the conditions for building a harbor, securing technologies, facilities and raw material and market demand.
POSCO Chairman Lee said POSCO has enough resources to build an integrated steel mill in Vietnam, simultaneously with the one in India and the decision on the projected Vietnamese venture will be made by the end of this year.
Paek Seung-kwan, director of POSCO, said the projected steel mill will be capable of producing from four to five million tons annually at the beginning when it is completed and therefore, total investment would be around $5 billion, presuming that it takes $1,000 to produce a ton of steel.
SK Corp. was the first Korean firm that had a chance to meet with the high Vietnamese official as he arrived in Korea. The deputy prime minister visited the SK Telecom head office in downtown Seoul and had a meeting with Vice Chairman Cho Jeong-nam to take up such issues as mobile telecom and petrochemical businesses that the SK Group is engaged in his country.
SK Telecom is operating a mobile phone business in Vietnam under the name of "Yesphone,"while its affiliate SK Corp. is engaged in the petrochemical and lubrication oil business. Vice Chairman Cho asked for further help for his firm's operation from the high Vietnamese government official.
Chairman Park Sam-koo of the Kumho-Asiana Group also met with Deputy Prime Minister Nguyen Shinh Hung and let him know that his business group is ready to participate in the redevelopment of the information exhibition complex in Hanoi, which is projected to cost some $1 billion. The local authorities have a plan to rebuild the complex similar to the COEX in southern Seoul. nw

POSCO President Yoon Seok-man, right, signs an MOU with his Vietnamese counterpart of the Vina-Shin Group to build a steel plant in Vietnam in a joint venture. POSCO Chairman Lee Ku-taek and Vietnamese Deputy Prime Minister Nguyen Sinh Hung watch the signing event.