The Export-Import Bank of the Republic of Korea (Korea Eximbank) on May 4 opened a representative office in Hanoi , the second of its kind in Vietnam following another in Ho Chi Minh City .
The office will support RoK businesses operating in the Southeast Asian region while contributing to developing economic cooperation between Vietnam and the RoK through the effective use of the RoK Economic Development Cooperation Fund (EDCF).
With the two representative offices, Korea Eximbank plans to set up a credit support system between the north and south of Vietnam .
Addressing the opening ceremony, RoK Ambassador to Vietnam Ha Chan-ho said Vietnam and the RoK elevated their relations to comprehensive cooperative ties in 2001 and to a strategic cooperative partnership in 2009.
The ambassador also pointed out concrete outcomes of the bilateral cooperation in numerous areas such as politics, socio-economics, culture and education.
RoK direct investment in Vietnam is increasing and some 2,000 RoK businesses are investing in the Southeast Asian country, he said.
Since the establishment of diplomatic ties in 1992, the two countries’ trade has risen from 500 million USD to 16.1 billion USD, representing a 32-fold increase.
Vietnam has, to date, had the largest number of EDCF-funded projects. By 2010, more than 1.4 trillion KRW had been injected into 36 projects in Vietnam , focusing on a wide range of areas./.