Korean businesses highly appreciate the investment environment in Vietnam, stating that timely support policies and continuous improvements in procedures and infrastructure have created favorable conditions for expanding long-term cooperation.
This information was shared at the Dialogue Conference between the Ministry of Finance and Korean businesses on tax and customs policies for 2025, held on September 30 by the Ministry of Finance in coordination with the Embassy of the Republic of Korea in Vietnam.
Mr. Ko Tae Yeon, Chairman of the Korean Chamber of Commerce in Vietnam (Kocham), emphasized that tax incentives, simplified administrative procedures, along with the development of industrial park infrastructure and logistics, have laid a solid foundation for Korean businesses to invest and develop stably.
In particular, Korean businesses have focused on the textile and garment and footwear industries in recent years. However, investment fields have now expanded to many high-tech sectors such as semiconductors, electronics, energy, automotive, and construction.
These investments have created hundreds of thousands of jobs, significantly contributing to Vietnam's GDP growth and export turnover. Notably, Samsung alone contributed approximately 14% of the country's total export turnover last year, playing a crucial role in the 7% GDP growth.
Mr. Yeon stated that in the coming period, Korean businesses will continue to expand their interest in new areas such as semiconductors, artificial intelligence, green energy, smart cities, smart agriculture, and infrastructure. These are all fields aligned with Vietnam's sustainable development strategy and are also outstanding strengths of Korea.
Alongside the positive achievements, he also pointed out some difficulties that Korean businesses are facing in Vietnam. Many businesses reported lingering issues in tax and customs policies due to the complexity of regulations and differing interpretations in various localities.
Common problems include: slow VAT refunds, unclear cost standards, cumbersome procedures for liquidating old machinery, and strict regulations on certificates of origin.
According to him, it is important to limit situations where businesses unintentionally violate regulations due to lack of information. Therefore, enhancing consistency in laws and ensuring transparency in procedures will help Korean businesses gain more confidence to expand their investments in Vietnam, create more jobs, and contribute to the budget.
Mr. Yeon expressed his belief that the "three togethers" spirit – working together, succeeding together, developing together – emphasized by Vietnamese government leaders will continue to be a great driving force for deeper Vietnam-Korea cooperation in the future.
"Korean businesses consider Vietnam's development as their own and look forward to becoming long-term, reliable partners. The Korean Chamber of Commerce in Vietnam will continue to coordinate closely with the Ministry of Finance and other agencies to make practical contributions to Vietnam's economic development," he said.
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